Ha Noi to build financial, banking centre

Built on 25ha in the new urban area to the west of West Lake, the Ha Noi Financial and Banking Centre will be connected to political, administrative and commercial centres in the capital city and neighbouring provinces.
Once operational, the centre will help develop a comprehensive and modern financial infrastructure network and build a legal framework for the financial-banking sector, said Chairman of the Ha Noi People's Committee Nguyen Quoc Trieu.

It will also facilitate Ha Noi's nucleus role of the country's northern key economic region and the leading socio-economic engine, the mayor added.

Most foreign and domestic banks, investment funds, insurance and stock companies, finance consultant companies and finance organisations supported the construction of the centre, according to a survey conducted by the VIKOA Investment and Development Consultant Joint Venture Company.

The city's planning and investment service is speeding up the ground clearance work to ensure the pace for the project.

The Ha Noi People's Committee said it will present its proposed investment incentives for hi-tech services operating in the centre to authorised State agencies.

The city's financial and banking market has seen strong developments over recent years. The annual average growth of the city's total mobilised capital reached 24 percent in the 2001-05 period.

Ha Noi is currently home to 109 credit organisations involved in money transactions and banking services, eight fund management companies, 11 stock companies, 10 insurance companies, 10 investment consultant companies and around 20 real estate companies.

Source: VNA, 21/08/2006