Vietnam approves plans for international financial centre amid US trade pressure
HANOI, June 27 (Reuters) - Vietnam's lawmakers approved a plan on Friday to establish international financial centres in Ho Chi Minh City and Danang to attract investment and strengthen its global financial standing as economic uncertainties rise.
The centres will operate under unified management, with Ho Chi Minh City focusing on capital, banking, and currency markets, and Danang on sustainable and green finance, leveraging its strategic location near East-West economic corridors, the government said in a statement.
Finance Minister Nguyen Van Thang called the policies "innovative and competitive," noting their alignment with international standards, the statement added.
A key feature will allow members of the centres to secure international financing and use foreign currency for transactions.
Vietnam's foreign investment inflows rose 7.9% to $8.9 billion in the first five months of the year, while pledges surged 51.1% to $18.4 billion, the government said.
However, the United States has threatened to impose 46% tariffs on Vietnamese exports unless concessions are made, which could slow the momentum.
Prime Minister Pham Minh Chinh said earlier this week that Vietnam expects to reach a trade deal with the United States within two weeks.
The financial centres will adopt international accounting and financial standards, including capital adequacy and liquidity ratios for both domestic and foreign-owned banks, the government added.
Vietnam remains a key manufacturing hub for global firms such as Samsung Electronics, Foxconn, Intel, Nike, and Adidas.
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Reuters
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India's IndusInd Bank sends CEO shortlist to central bank for approval, sources say
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Times
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The National
30 minutes ago
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'I spoke to one gentleman when I was on a visit who was too frightened to come forward [to DWP] when his disability worsened because he thought he might get the money he had taken away from him,' Somerville told The National. 'We know of people that didn't come forward because they found that system inhumane and degrading and what we've done is demonstrated we have a system that is based on dignity, fairness and respect and you have people who now feel they can come forward for the first time.' Asked how she felt about the welfare state in 2025, Somerville added the least society should expect from a government is that they are supported to get money they are entitled to. 'Every single one of us may need the support of a social security system at any point. The social security system is there for all of us and it's important we see that as a right and an investment in people and that has to be the core foundation of how we develop social security,' she said. 'If you're eligible, it is your right to get that benefit and it is our obligation to support you to get you what you're entitled to. That doesn't mean our system is soft-touch, but we go out of our way to make sure those people who are entitled to benefits get that money and they're supported to do so. 'That's the very least society should expect from their government.'
