IPPG CEO emphasizes the need for financial center in HCMC

Speaking at the Vietnam Socio-Economic Forum 2023 on Tuesday, the female leader said she hoped that the National Assembly and the government pay attention and soon issue policies for HCMC to deploy a financial center to ease capital flows, strengthen businesses' resources, and mark a step forward in Vietnam's development in the world financial market.

Le Hong Thuy Tien, CEO of IPPG. Photo courtesy of Le Hong Thuy Tien

Since 2016, IPP Group has hired the Sheerman Company (UK) to develop a project to establish financial centers in HCMC and Da Nang.

Resolution No. 31 of the Politburo on the direction and tasks of developing HCMC with a vision to 2045 also sets the target to turn the city into an economic and financial center of Asia.

Tien said through a financial center, Vietnamese businesses can access capital at reasonable costs, improve competitiveness, and receive training and transfers of high-quality financial human resources.

The center also promotes the development of related industries such as real estate and entertainment, creating a strong driving force for the city's economy, she said.

The businesswoman said that many Vietnamese businesses faced difficulties the past years due to supply chain disruptions, Covid-19 social distancing, Russia-Ukraine tensions, inflation, gasoline price hikes, escalating transportation costs.

Many companies have suffered revenues drops due to drops in orders this year. They also face challenges from inflation and tightening consumer spending.

"In that difficult context, businesses urgently need breakthrough mechanisms and policies to strengthen internal resources and overcome difficulties," Tien said.

Le Hong Thuy Tien, CEO of IPPG, speaks to the press at the Vietnam Socio-Economic Forum 2023. Photo courtesy of Le Hong Thuy Tien

According to IPPG's CEO, it is necessary to apply specific methods for each group of businesses, and there should be an independent agency to evaluate and adjust support packages in a more practical and effective way.

She also proposed reviewing unrealistic regulations that are setting higher standards than the global norms, to avoid wasting business resources.

"In the context that countries in the region are racing to stimulate tourism, competent authorities need to consider and issue special policies to stimulate this smokeless economic sector," Tien said.

Tien was among the top 50 most influential women in Vietnam in 2018–2019, according to Forbes. In July 2021, she was awarded the Knight title by the President of Italy thanks to her active social activities and dynamism in business.