Germany’s Hessen backs Vietnam’s financial center plan
During his visit to Hanoi, Hessen Minister Timon Gremmels expressed the German state’s commitment to sharing expertise from Frankfurt’s financial hub to help Vietnam develop international financial centers and expand broader cooperation in education, labor and investment.
THE HANOI TIMES — Germany’s Hessen State, with its experience managing one of the world’s top financial hubs in Frankfurt am Main, has pledged to support Vietnam in developing international financial centers (IFCs), said Hessen’s Minister of Science, Research and Arts Timon Gremmels.
Permanent Deputy Prime Minister Nguyen Hoa Binh receives State Minister for Science, Research and the Arts of Hessen, Germany. Photo: VGP.
Speaking at a meeting with Permanent Deputy Prime Minister Nguyen Hoa Binh in Hanoi on October 21, Gremmels said Hessen is ready to assist Vietnam through expert training, technical consulting and investment promotion.
German companies increasingly see Vietnam as a promising partner in financial and technological cooperation, he noted.
For his part, Binh said Vietnam wants to learn from Hessen’s experience to attract global investors, strengthen domestic capital markets and train a competitive financial workforce.
The deputy prime minister and the Hessen official agreed to expand cooperation, focusing on developing IFCs that meet international standards.
Vietnam is accelerating plans to establish international financial centers with two headquarters in Ho Chi Minh City and Danang, aiming to become a new gateway for global capital in Asia.
The National Assembly approved the IFC development plan in June 2025, envisioning a dual-location model under one legal framework.
In Ho Chi Minh City, the IFC will be located in the Thu Thiem urban area, covering nearly 800 hectares. Danang has already signed an MoU with Frankfurt Main Finance to cooperate on legal frameworks and investor attraction.
The Vietnamese government is also consulting major international financial institutions, especially those in Frankfurt, on tax policies, dispute resolution, and financial liberalization.
Beyond finance, the two officials discussed expanding cooperation in education, labor, and healthcare.
Hessen and Vietnam have long-standing educational ties, most notably through the Vietnamese German University (VGU) in Ho Chi Minh City, established in 2008 with support from leading Hessen institutions. The university has trained multiple cohorts in international finance, contributing to Vietnam’s future financial workforce.
Binh also proposed enhanced cooperation in training nurses and technical workers to meet Germany’s rising labor demand.
He thanked Hessen for its continued support in culture and education, highlighting recent performances by the Hessen State Symphony Orchestra in Hanoi and Ho Chi Minh City to mark 50 years of Vietnam–Germany diplomatic relations.
Gremmels expressed hope that Vietnam will continue improving conditions for German investors and organizations, further deepening bilateral ties.
The Vietnam–Hessen partnership has evolved from education-focused cooperation into a strategic economic alliance. With Vietnam’s rapid growth and Hessen’s financial expertise, both sides aim to build a lasting bridge between Europe and Asia’s financial landscapes.
