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Ho Chi Minh City’s Fintech Hub Ambitions

According to the Director of Ho Chi Minh City’s Department of Information and Communications, Lam Dinh Thang, the city plans to transform into a financial technology hub, following a similar model to that of Wall Street in the United States.

Resolution No. 31-NQ/TW, issued by Politburo, outlines HCMC’s aspirations to lead the way in fostering a robust digital economy and promoting the growth of a digital society. For instance, it aims for the digital economy to account for 40% of its gross regional domestic product (GRDP) by 2030.

To this end, the city has implemented numerous policies that prioritise the advancement of science and technology and innovation, which have been recognised as the two primary catalysts to help the locality excel in the future.

Authorities are working to develop key industries and issue policies to support business development activities. HCMC will continue investing in and leverage technology incubation centres located at universities, hi-tech parks, and the Quang Trung Software Park, aiming to establish a vibrant and sustainable startup ecosystem.

Moreover, the city has initiated several supportive projects, including the digital transformation programme, the smart city project, and the programme dedicated to supporting the development of businesses and information technology and communication products from 2020 to 2030.

At a recent seminar on digital transformation in financial-banking-fintech-personal databases, Director Thang defined 2023 as the “year of digital data.” He highlighted that the city’s focus will revolve around connecting, sharing, using, and analysing data to facilitate digital transformation efforts. In line with this objective, a data governance strategy has been formulated, with particular emphasis on three categories of data: land and urban areas, individuals’ information, and financial-business development. Through effective management practices, authorities aim to optimise the potential of data.

The strategy will enhance the quality of services provided to residents by making them more user-friendly and efficient. It will also boost labour productivity and promote innovation toward the comprehensive and sustainable development of the digital economy.

Digital transformation is gaining popularity across various provinces, cities, ministries, and agencies. It is widely acknowledged that digitisation is crucial for the development process as it helps stay competitive, enhance efficiency, and address the evolving needs and expectations of citizens and businesses.

Vietnam has witnessed significant progress in the digitisation of databases, which has emerged as a new source of energy for businesses, particularly in the financial and banking sectors. Experts predict that the wave of digital transformation will persist and thrive in the sector. Most banks have already initiated digital transformation programmes to adapt. While the development of technology presents challenges, particularly in meeting customer experience expectations, it also serves as a driving force for the banking industry.

According to projections from the beginning of the month, the city’s GRDP in the second quarter of this year could expand by 5.87% year-on-year. Deputy Director of the municipal Statistical Office, Tran Phuoc Tuong, noted that from the start of this year to 20 May, HCMC has licensed 18,630 enterprises, up 7.9% in the number of licences but down 21.2% in capital volume year-on-year.

To achieve stronger economic growth in the remaining months of the year, Tuong said that the city should create favorable conditions for businesses to access economic stimulus programmes. It should explore potential export markets to expand opportunities for businesses and continue administrative procedure reforms and accelerate the disbursement of public investment capital.


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