ECB stands ready to help Viet Nam develop international financial centers

The working is part of the Vietnamese official's on-going working visit to three European nations.

Nguyen hailed the role of the ECB in controlling inflation, maintaining economic stability, and promoting sustainable growth—an exemplary model that Viet Nam wishes to learn from.

Since the signing of the EU-Viet Nam Free Trade Agreement (EVFTA), cooperation pillars between Viet Nam and the EU have been strengthened, he said, adding that the upcoming visit of the EU President to Viet Nam will be an opportunity for the two sides to upgrade the relationship into a comprehensive strategic partnership.

Currently, the EU has invested more than US$31 billion in over 2,600 projects in Viet Nam, while the Southeast Asian nation poured around US$500 million in 114 projects in the union. The EU is now Viet Nam's second-largest export market, following only the U.S.

Viet Nam wishes to learn experience from advanced countries to improve its financial market, strengthen cash flow control, and manage macroeconomic policies, shared the Deputy Prime Minister.

The Southeast Asian country is developing a legal framework to attract investment in building international financial centers. The Vietnamese National Assembly is expected to issue a resolution on the establishment of the thế centers this year, told Nguyen.

The international financial centers will be developed towards providing modern financial services such as green finance, derivatives, and fintech, with a particular focus on meeting financial needs for large-scale infrastructure and energy projects, he said.

The Deputy Prime Minister suggested ECB, with its extensive experience, provide support for Viet Nam in developing management policies, attracting investment, controlling risk, and launching anti-money laundering measures.

ECB President Christine Lagarde, for her part, acknowledged and highly appreciated Viet Nam's direction in developing the international financial centers.

The ECB would assign its legal department to support Viet Nam in building a suitable legal framework for the operation of the financial centers, she said, adding that the bank also shared insights on its independent supervisory mechanism, which meets global standards and is applied across Europe.

Lagarde welcomed the proposal for Vietnamese officials to intern at the ECB to learn about the operational model of the international financial centers.

Last year, the Politburo gave the green light for a project to develop a comprehensive international financial hub in Ho Chi Minh City and a regional financial center in Da Nang, central Viet Nam./.