There are few major financial centers in the world that emerged from finance alone. History offers a clear pattern: behind London stood global trade; behind Singapore stood its port and logistics ecosystem; and behind Hong Kong stood its role as China’s gateway for international commerce. Against this backdrop, Vietnam’s decision to begin with maritime finance and aviation finance may reflect a more pragmatic approach to its ambition of building an international financial center. In recent months, alongside the development of the Vietnam International Financial Center (VIFC), several new initiatives have attracted attention from observers, particularly proposals related to maritime finance and aviation finance. Rather than focusing immediately on traditional financial sectors such as asset management, investment banking, or international securities trading, Vietnam appears to be pursuing a different path—one that begins with real economic activities in which the country already possesses certain advantages. This approach echoes a familiar principle in international economic history: trade often comes first, and finance follows. Today, London is widely recognized as one of the world’s leading financial centers. Yet London did not become a financial powerhouse because it already had a highly developed financial sector. Its original foundation was maritime trade and Britain’s global trading […]
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