The country can achieve this goal by opening its market to global financial institutions to develop digital assets while fostering collaboration with local private banks, said Roger Leitner, Chairman and CEO of the Swiss Asian Chamber of Commerce, on Tuesday.
The comment was made during a discussion on high-tech investment in Vietnam held in Davos, Switzerland, as part of the ongoing World Economic Forum. The discussion gathered over 30 representatives of global companies.
Roger Leitner, Chairman and CEO of the Swiss Asian Chamber of Commerce, speaks at a meeting Tuesday in Davos, Switzerland, as part of the World Economic Forum. Photo by Read/Anh Tu |
One of the topics discussed was Vietnam’s plan to to establish international financial centers in HCMC and Da Nang by 2025, aiming to position the country as a leading financial destination in the region and globally.
Minister of Planning and Investment Nguyen Chi Dung, at the meeting, emphasized Vietnam’s commitment to creating financial centers aligned with global standards with even more competitive criteria.
“We aim to provide what investors need, not just what Vietnam has,” he said, calling for policy recommendations and experience-sharing from international businesses.
The ministry has proposed controlled trials for fintech activities, including digital asset and cryptocurrency exchanges, in financial hubs like HCMC and Da Nang.
The Vietnamese government has identified science and technology as critical drivers of Vietnam’s double-digit economic growth target in the coming years.
Truong Gia Binh, chairman of Vietnam’s tech giant FPT, said that the country will achieve the goal by leveraging AI, digital transformation, semiconductors, and education.
“This government has mandated that these areas be prioritized,” he said.
Binh added that Vietnam is well-positioned in technology advancement, citing Nvidia’s recent decision to invest in the country as an example.
Following its acquisition of VinBrain – Vingroup’s AI subsidiary, Nvidia plans to establish an AI research and development center and a data center in Vietnam, creating a foundation for advanced AI solutions.
Schneider Electric, a French company specialized in digital automation, also expressed interest in collaborating with Nvidia to develop data centers in Vietnam.
Participants of the meeting said that Vietnam is at an opportune moment to shape its AI future, with a strong talent pool of one million IT engineers, programs to train 50,000 semiconductor engineers, and a robust education system in technology.
Kim Fejer, CEO of A.P. Moller Capital, underscored the importance of increasing foreign investment in Vietnam’s airport and seaport infrastructure.
The company, which manages a $2 billion portfolio including shares of shipping giant Maersk, is exploring investment opportunities in Vietnam’s infrastructure, transportation, and logistics sectors.
Fejer urged the government to relax ownership restrictions to attract greater foreign investment.
“We seek more influence and opportunities in Vietnam and hope the government will consider raising these limits,” he said.
Foreign ownership is currently capped at 30% for airports and 49% for seaports.
Schneider Electric’s representatives echoed this sentiment, advocating for more aggressive development of transportation, airport, and seaport infrastructure with foreign investor participation to support Vietnam’s growth goals.
Sanjay Gupta, Google’s Asia-Pacific president, said: “Vietnam has a unique position to become a developed nation in the region.”
“The government should enhance connectivity and open AI data centers to drive stronger growth.”
Minister Dung acknowledged the proposals, promising to consider raising foreign ownership caps in critical infrastructure sectors.
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Minister of Planning and Investment Nguyen Chi Dung speaks at a meeting Tuesday in Davos, Switzerland, as part of the World Economic Forum. Photo by Read/Anh Tu |
The minister also highlighted Vietnam’s ongoing reforms to streamline investment procedures and create a safer, more competitive environment.
For high-tech projects in industrial zones, foreign investors can now launch operations immediately after registration, eliminating the years-long approval processes previously required for environmental, fire safety, and other certifications, he added.
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