Standard Chartered Vietnam CEO: International financial center creates opportunities for businesses

Vietnam's development potential if it successfully builds an international financial center, especially in the fields of capital management, international payments and cash flow management.

That was the comment of Ms. Nguyen Thuy Hanh, General Director and Director of Corporate and Investment Banking Division of Standard Chartered Bank Vietnam at the 3rd Annual Capital Management Forum organized by this Bank in Ho Chi Minh City on June 18.

Ms. Nguyen Thuy Hanh, General Director and Director of Corporate and Investment Banking, Standard Chartered Bank Vietnam.

According to Ms. Hanh, Vietnam building an international financial center will create great opportunities for domestic and foreign businesses and financial institutions. Because international financial centers often bring low operating costs, clear and flexible legal mechanisms and favorable business environments.

At the same time, investors who expect to set up headquarters or transaction offices in the international financial center in Vietnam will enjoy preferential tax policies, simpler legal compliance and more efficient business operations. In addition, financial products and services will also be more diverse.

These include digital banking transactions, digital currencies, commodity index transactions, greater freedom in foreign exchange trading and trading, centralized cash flow management mechanisms that are not yet popular in traditional banks, and commodity transactions with more complex risk management tools.

In terms of legal compliance costs, Ms. Hanh believes that if the international financial center is run by a unified management agency, the costs and compliance processes will be simple and consistent, helping businesses shorten transaction processing time. In addition, the flow of money into and out of this financial center can also be freer than in the normal economic system.

According to Ms. Hanh, investors are currently interested in the possibility of applying ESG (environmental, social, governance) standards and regulations such as IFRS (international financial reporting standards). Banks in Vietnam have not yet fully applied these standards. Therefore, if the international financial center applies international practices, it will create great opportunities for businesses to mobilize green capital from both domestic and foreign sources to finance sustainable projects in Vietnam and the region.

Source: https://baodautu.vn/ceo-standard-chartered-viet-nam-trung-tam-tai-chinh-quoc-te-tao-co-hoi-cho-doanh-nghiep-d307532.html