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| A corner of Ho Chi Minh City where an international financial center will be located__Photo: VNA |
Beyond a hub for capital flows, an international financial center should serve as a breeding ground for innovation and entrepreneurship, where Vietnamese firms could flourish on the home ground through open mechanisms and innovative spirit, heard a workshop held by the Ho Chi Minh City Institute for Development Studies on October 24.
The story of Sky Mavis, the tech unicorn behind the Axie Infinity project, offers vivid proof of this aspiration. Despite being regarded as one of Vietnam's most prominent Web3 ventures, many people are surprised to discover that Sky Mavis is registered as a business entity in Singapore.
Nguyen Thanh Trung, co-founder of Sky Mavis, said many Vietnamese startups register in Singapore to access flexible financial systems and international funding, calling it a lifeboat for startups during their development.
If Vietnam becomes a more open and fintech-friendly financial center, it will be a launchpad for local companies to go global, he stressed, adding that operating in a familiar environment with clear legal corridors and being valued appropriately are what startups desires for.
Sky Mavis expects that once the financial center is put into operation, Web3, fintech, and blockchain businesses will have clearer legal space to operate transparently, legally, and creatively. Its Non-Fungible Token (NFT) marketplace, with total transactions exceeding USD 4.3 billion, shows that Vietnamese fintech can compete globally if given the right ecosystem.
Kyber Network CEO Tran Huy Vu echoed this view, saying Kyber wants to contribute to the nation’s digital economy yet still lack clarity about operational scope, specifically services they are permitted to offer, their legal responsibilities, and the degree of openness toward international capital flows, particularly money flowing from Vietnam abroad.
Experts from the Tony Blair Institute said the planned international financial center must first create a playing field for domestic enterprises while ensuring transparency and safety, as key lessons from the Dubai International Financial Centre showed.
From investors’ perspective, Qin En Looi from Onigiri Capital highlighted Vietnam’s tech talent pool and potential to become an international financial center, calling them as a major attraction for international investors.
HIDS Deputy Director Vu Chi Kien laid stress on Ho Chi Minh City’s goals to establish the international financial center to lure investment, expand a modern financial market, promote international connectivity, and apply advanced digital financial models.
The Government is now completing eight decrees guiding the operation of the center, with fintech and innovation identified as priority sectors, he said, adding the center is expected to become a symbol of international financial integration and a launchpad for Vietnamese enterprises’ innovation and creativity.- (VNA/VLLF)
