Signing a MOU on studying the plan of building an International Financial Hub of Vietnam in Ho Chi Minh City
10 - 02 - 2022
On February 8, at the headquarters of the People's Committee of Ho Chi Minh City, a Memorandum of Understanding was signed between the City People's Committee and IPP Group regarding on studying the plan of building an International Financial Hub of Vietnam in HCMC". Chairman of the HCMC People's Committee Phan Van Mai presided over the signing ceremony.
According to the signed agreement, IPP Group will sponsor the study plan of establishing an International Financial Hub in Ho Chi Minh City, hire world-class domestic and international consultant agencies and invite prestige foreign investors/ investment funds to propose a completed plan for build up an International Financial Hub in HCMC.
Speaking at the signing ceremony, Chairman of the HCMC People’s Committee Phan Van Mai acknowledged the great determination and effort of IPP Group in maintaining connections with partners and investors, wishing to contribute and accompany in the economic development of Ho Chi Minh City and the whole country, at the same time he said that the initiative of building HCMC to become a regional and international financial hub was an expectation and desire for many years supported by local and international economic experts. This is an important direction to help the city resolve to implement. In 2021, the city has carried out preparations such as establishing a steering committee, a specific working group to follow up with the project, and inviting consulting unit to initially study the model and mechanism of financial market, but due to the pandemic Covid-19 should more or less affect research and implementation process. And now is the right time to accelerate research, complete the project, and submit it to the competent authorities to develop the International Financial Hub of Vietnam in HCMC.
On behalf of IPP Group, Mr. Johnathan Hanh Nguyen, Chairman of IPP Group committed to hand over the research study plan to Ho Chi Minh City earlier than the signed 60-day period. The construction and development of regional and international financial markets is a recent trend of some countries, creating fierce competition to attract the top financial institutions in the world, at the same time International financial centers continue to innovate and adjust policies to increase competitiveness. The development of the International Financial Hub of Vietnam in HCMC is only the first step and there is still much work to be done in the coming time in order to have a highly competitive legal framework as well as effective implementation, bringing overall benefits to the economy of Vietnam and Ho Chi Minh City.
After the signing, the City People's Committee will set up an interdisciplinary team consisting of relevant departments and agencies and commit to direct and create favorable conditions for consulting units to access information to complete the study plan of building up an International Financial Hub of Vietnam and to accelerate the creation of an upcoming International Financial Hub in Ho Chi Minh City.