The view was shared by officials and experts at a forum held in the central city of Vietnam on September 18 by the Executive Agency of the Vietnam International Financial Centre in Da Nang (VIFC-DN), in collaboration with the Association of Chartered Certified Accountants (ACCA).

The forum focused on the legal framework governing financial activities at VIFC-DN, priority sectors and products, and investment opportunities, with green finance, Environmental, Social and Governance (ESG), the carbon market and human resources among the issues discussed.

Confidence in the legal framework as a foundation

Ho Ky Minh, standing vice chairman of the Da Nang People’s Committee and chairman of the VIFC-DN Executive Board, said the establishment of an international financial centre in Vietnam is intended to strengthen competitiveness, enhance connectivity with international capital markets and create new momentum for economic growth.

For Da Nang, VIFC-DN is envisioned not only as a hub for financial institutions but also as a platform connecting international capital with investment opportunities in Vietnam, developing new financial products and building an ecosystem linking finance with technology, innovation and sustainable development.

According to the official, the competitiveness of an international financial centre does not depend solely on incentives. More important are confidence in the legal framework, market transparency, quality of governance and the ability to meet investors’ practical needs.

On this basis, VIFC-DN is focusing on areas including fund management, asset management, green finance, the carbon market, commodity exchanges, financial technology and innovative financial platforms and products.

In green finance, Da Nang expects the centre to help connect green projects with international capital, while promoting green financial products and supporting the development of a transparent and effective carbon market.

International standards to strengthen investor appeal

From an international perspective, Helen Brand, OBE, Chief Executive of ACCA, said that as trade and finance become increasingly globalised, demand for flexible, mobile financial skills and services suited to international environments will continue to grow.

She highlighted the role of sustainability and ESG in international investment decisions. According to Brand, long-term sustainability commitments are becoming an increasingly important factor in a market’s attractiveness.

Sustainable development, she said, requires standards that are widely understood and applied globally. Such standards enable investors, governments, regulators and consumers to access accurate, reliable and comparable information when making decisions.

ACCA also supports the adoption of international financial reporting standards to improve consistency, clarity and comparability across financial statements worldwide.

Brand affirmed that ACCA and its partners are ready to support the development of VIFC Da Nang and help build a sustainable business model, thereby creating greater development opportunities for people in Vietnam.

At the forum, two discussion sessions examined the legal framework for financial activities and priority sectors at VIFC-DN, followed by discussions on green finance, the carbon credit market and opportunities to develop sustainable financial products.

From the need for a transparent legal framework to access to international standards, VIFC-DN is being developed towards a financial ecosystem designed not only to attract capital but also to connect capital flows with technology, innovation and sustainable development.

VIFC-HCMC, ACCA partner to develop financial services ecosystem

VOV.VN - The International Financial Centre in Vietnam at Ho Chi Minh City (VIFC-HCMC) has signed a memorandum of understanding with the Association of Chartered Certified Accountants (ACCA) to develop the financial services ecosystem.