“There’s no better time to do it now,” said Nguyen Thien Nhan, secretary of the city’s Party Committee.
Contributing 45 per cent to Vietanm’s GDP, HCMC would enhance socio-economic growth locally, nationally and regionally.
A feasibility report on the plan would be submitted to the People’s Council in October, Nhan added.
HCMC is expected to start building a financial centre complex in the Thu Thiem new urban area in District 2 by June 2020.
The Southern city will also report to the Prime Minister by the end of the year on a special incentive policy for the project.
Dr. Vu Thanh Tu Anh from Fulbright University Vietnam, said the city must have a complete financial ecosystem that meets international standards.
He noted: “The international financial centre should conduct cross-border financial transactions and have diverse financial products.”
HCMC also accounts for 14.1 per cent of the country’s total foreign investment, however, it is still not listed among global financial centres.
The city should receive assistance from the Government and should not be expected to shoulder the burden alone, said economist Tran Du Lich.
Chairman of the city’s People’s Committee Nguyen Thanh Phong said a long-term strategy was needed to attract major investors, enterprises and financial institutions to develop the plan.
The city leader added that new policies were seriously needed, including measures to address the lack of high-skilled human resources.
