IPPG CEO hopes to have a financial center in Ho Chi Minh City

20 - 09 - 2023

To help businesses overcome difficulties, Ms. Le Hong Thuy Tien - CEO of IPPG proposed a series of economic methods, including a financial center in Ho Chi Minh City.

"We hope the National Assembly and the Government will pay attention and soon issue policies for Ho Chi Minh City to deploy a financial center, both easing capital flows, strengthening internal resources for businesses, and marking a step forward in Vietnam's development. in the world financial market," CEO Thuy Tien spoke at the Vietnam Socio-Economic Forum 2023, on September 19.

According to Ms. Thuy Tien, since 2016, IPPG Group has hired Sheerman company (UK) to develop a project to establish financial centers in Ho Chi Minh City and Da Nang.

Resolution No. 31 of the Politburo on the direction and tasks of developing Ho Chi Minh City with a vision to 2045 also clearly states: Ho Chi Minh City will be the economic and financial center of Asia.

Through this organization, Vietnamese businesses can access capital at reasonable costs, improve competitiveness and receive training and transfer of high-quality financial human resources. "The financial center also promotes the development of related industries such as real estate and entertainment, creating a strong driving force for Ho Chi Minh City's economy to skyrocket," said CEO Le Hong Thuy Tien.

The businesswoman cited that in 2021-2022, many domestic businesses will face difficulties due to supply chain disruptions, social distancing, Russia-Ukraine tensions, inflation, gasoline prices, escalating transportation costs...

Earlier this year, because global trade growth decreased, many companies fell into a passive position, canceled orders, and lost sales. Regardless of large or small scale, the Vietnamese business community still faces "dangerous waves" from inflation and tightening consumer spending.

"In that difficult context, businesses urgently need breakthrough mechanisms and policies to strengthen internal resources and overcome difficulties," Ms. Thuy Tien said.

At the Awen Award 2023, on September 2, Ms. Thuy Tien was honored as "ASEAN Businesswoman". She is also in the top 50 most influential women in Vietnam 2018-2019 by Forbes. In July 2021, she was awarded the Knight title by the President of Italy thanks to her active social activities and dynamism in business.

Recently, a series of recommendations and solutions have been implemented promptly, but businesses still have difficulty accessing capital, and interest rates after four reductions are still high. According to Ms. Thuy Tien, it is necessary to apply specific methods for each group of businesses and there should be an independent agency to evaluate and adjust upcoming support packages in a more practical and effective way.

IPPG CEO also proposed reviewing unrealistic regulations, not setting higher standards than the region, the world or more than necessary, to avoid wasting business resources. "In the context that countries in the region are racing to stimulate tourism, competent authorities need to consider and issue special policies to stimulate this smokeless economic sector," Ms. Thuy Tien added.