Amid the rise of artificial intelligence (AI) and the implementation of Resolution 98, which grants special mechanisms for Ho Chi Minh City, Dr. Philipp Rösler, former Vice-Chancellor of Germany and current Vietnam’s honorary consul in Switzerland, sees this as the opportune moment to establish an international financial center in the city. In an interview with Tuoi Tre (Youth) newspaper, Rösler, who also chairs the Vietnam-Switzerland Economic Forum, mentioned his involvement in a team tasked with studying and proposing plans for the financial center’s development.
He highlighted arranging a meeting between a Vietnamese delegation led by Prime Minister Pham Minh Chinh and the Swiss banking and financial community during the 54th Annual Meeting of the World Economic Forum in Davos, Switzerland, earlier this year. This meeting aimed to foster connections as Vietnam had already committed to establishing an international financial hub in Ho Chi Minh City. Rösler returned to Vietnam to engage with local banks and financial firms to formulate a comprehensive master plan for this initiative.
Discussing the potential benefits, he emphasized the advantages an international financial center would bring to Vietnam’s banking and financial sectors, particularly in providing crucial credit support to small and medium-sized enterprises and household businesses. Rösler believed that the establishment of such a center would not only benefit Ho Chi Minh City and the southern region but also extend its positive impact to the entire country and even the ASEAN region.
Drawing parallels with established financial hubs like Hong Kong, Shanghai, Dubai, and Singapore, Rösler suggested that aligning Vietnam’s legal framework with these models would facilitate international investors’ understanding and encourage investment. He also emphasized the importance of developing robust IT infrastructure, including large data centers, to attract leading fintech companies to Ho Chi Minh City.