Vietnam’s economic growth, strategic geographic location, and bold reform momentum are positioning it as a leading candidate to become a major financial center in Southeast Asia.
This message was shared at a workshop hosted by the French Embassy in Hanoi on September 18, aimed at supporting Vietnam in building a legal framework for international financial centers. The event also showcased France’s own experience in financial sector development.
French Ambassador to Vietnam Olivier Brochet emphasized Vietnam’s unique opportunity to turn Ho Chi Minh City and Da Nang into competitive, attractive, and secure financial hubs.
“France is a committed partner in Vietnam’s ambition - not only as an economic ally, but also in legal and institutional cooperation,” the ambassador stated.
Highlighting over 30 years of bilateral collaboration, he called this strong and longstanding partnership a valuable foundation for future exchanges, particularly in finance.
French Ambassador Olivier Brochet speaks at the workshop. Photo: Tran Thuong
Lessons from Paris and challenges for Vietnam
Ambassador Brochet noted that Paris has firmly established itself as one of the world’s leading financial centers, home to top financial institutions and supported by a robust legal ecosystem known for transparency and security.
He stressed that international cooperation is key to the success of financial centers and affirmed Vietnam has what it takes. “Economic growth, geographic advantages, and the dynamism of reforms make Vietnam a top candidate to become a leading financial hub in Southeast Asia,” Brochet remarked.
However, he also acknowledged that Vietnam faces significant challenges - many of which France also encountered. Chief among them is the need to build a strong and appealing legal framework.
“How do you create a financial ecosystem that meets international standards while honoring local characteristics? Paris did this after Brexit and emerged as the EU’s top financial center. We understand it’s not easy - it requires regulatory modernization, simplification of procedures, and investor reassurance,” he said.
Vietnamese lawmakers and government agencies are working to develop a legal and governance structure that sends a clear and positive signal to investors.
Brochet added that a thriving financial hub must also have mechanisms for resolving disputes quickly, transparently, and fairly. He cited France’s specialized Paris Court of Appeal, its arbitration laws, and partnerships with international arbitration institutions as models that could inspire Vietnam.
Financial centers thrive not only on infrastructure but also on expertise. Brochet emphasized the importance of partnerships, university exchanges, and specialized training to build a new generation of financial professionals in Vietnam.
A strategic breakthrough for economic transformation
Deputy Director Dao Thanh Huong of the Foreign Investment Agency. Photo: Tran Thuong
Deputy Director General of the Foreign Investment Agency under the Ministry of Finance, Dao Thanh Huong, reaffirmed the importance of Vietnam-France relations, elevated to a comprehensive strategic partnership last year and continuously expanding.
France is currently Vietnam’s fourth-largest EU trading partner, while Vietnam ranks as France’s second-largest trading partner in ASEAN. Bilateral trade exceeded USD 5 billion last year, up 13% from the previous year - proof of the growing potential in investment and finance cooperation.
Vietnam sees the establishment of international financial centers as a critical strategic breakthrough to mobilize resources for socio-economic development. The goal is to integrate deeply into global financial markets, forming hubs that attract capital, talent, technology, and legal innovation - guided by market principles while ensuring national governance and financial security.
Huong highlighted that creating such centers is a new endeavor in Vietnam. The National Assembly showed bold thinking by passing Resolution 222 on international financial centers on June 27.
The planned financial hubs in Ho Chi Minh City and Da Nang aim to develop modern, globally connected financial ecosystems that attract medium- and long-term capital for national development.
She expressed Vietnam’s desire for continued support from France in building, managing, and operating international financial centers, particularly in shaping legal mechanisms and policy frameworks. She also called on France to help connect Vietnam with major investors and financial flows, transforming the country into a gateway for capital and financial services from France and Europe.
“Vietnam is committed to supporting and facilitating successful, sustainable investment by French enterprises and international investors,” she concluded.
Vietnamnet.vn
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