South Korean investors express interest in developing IFC in Ho Chi Minh City.
At a meeting between Ho Chi Minh City leaders and South Korean enterprises held in Ho Chi Minh City on March 25, Michael Jaewuk Chin, independent director of Vingroup, shared South Korea’s experience in building an IFC in South Korea.
“We would like to emphasize three factors: building financial infrastructure, reforming regulations, and innovating technology (digital banking, mobile finance, blockchain),” Chin said.
To promote Vietnam-Korea cooperation in the financial sector, Chin proposed implementing a green bond system, a joint carbon credit trading project, and cooperation in renewable energy development.
Do Dang Ai, deputy director of Ho Chi Minh City Department of Finance, said that as of January 31, South Korea was the third-largest foreign investor in Ho Chi Minh City with more than 2,280 projects worth of $5.5 billion.
Towards the future, the city will focus on developing high-tech industries, support services, and building an IFC and Digital Technology Centre.
Nguyen Truc Van, director of Ho Chi Minh City Centre for Socio-Economic Simulation and Forecasting, shared that the plan to establish an International Financial Centre in Ho Chi Minh City includes three phases: national financial centre (2025-2030), regional financial centre (2031-2035), and international and global financial centre (after 2035).
Source: VIR
