Deputy Minister of Finance Nguyen Duc Chi has expressed his desire for the US-ASEAN Business Council (USABC) and its member companies to perpetually support Vietnam in the enhancement of its financial market and the attraction of foreign capital.
During a recent working session with Joseph Davidson, CEO of ClearOne, a company specializing in infrastructure and financial technology solutions, Chi spoke on the matter.
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Also present was Vu Tu Thanh, Acting Regional Managing Director for ASEAN at the USABC. He praised the significant role that the USABC has played in advancing economic, trade, and investment partnerships between Vietnam and the US, as well as throughout the ASEAN region in the recent past.
He observed that numerous programs and projects implemented by the council and American businesses have assisted Vietnamese regulatory bodies, such as the Ministry of Finance, in enhancing policies, promoting trade and investment, and bolstering commercial ties between the two parties.
The deputy minister conveyed his optimism about the potential for US businesses to play a pivotal role in the advancement of Vietnam's financial infrastructure and the implementation of technology solutions for the capital market, due to their technological expertise and global experience.
This collaboration is expected to establish a robust groundwork for attracting sustained investment inflows.
Davidson noted that the global community of investors has been observing Vietnam's advancements in economic growth and integration into the global economy. He underscored the fact that Vietnam is on the cusp of a favorable period of growth, with significant achievements anticipated in the near future, such as the nation's ambition to elevate its stock market classification to that of an emerging market.
He emphasized the strategic geopolitical and geoeconomic advantage of Viet Nam, highlighting its potential to become an appealing destination for global investors as a key entry point to the ASEAN market.
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Thanh mentioned that in order to attract more global institutional investors to Viet Nam's financial market, it is important to provide additional insights. He explained that international investors tend to prioritize markets that have transparent legal frameworks, stable operational systems, and modern financial infrastructure.
Hence, enhanced collaboration between governmental regulatory bodies and global investment entities has the potential to expedite market modifications in accordance with worldwide norms, thereby fostering trust among institutional investors looking to broaden their involvement in Viet Nam. Chi stated that the Ministry of Finance is receptive to collaboration proposals from the global business sector with the goal of fostering the sustainable growth of Viet Nam's financial market.
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It was assured that the ministry is committed to ongoing collaboration with local and international counterparts to optimize the performance of the capital market and secure substantial investments to bolster the nation's socio-economic progress in the foreseeable future.