HANOI, Dec. 21 (Xinhua) -- Vietnam announced on Sunday the establishment of an international financial center, which will be located in the southern hub of Ho Chi Minh City and the central city of Da Nang, Vietnam News Agency reported.

Addressing a conference held to announce the move, Prime Minister Pham Minh Chinh said the establishment marks Vietnam's opening up to deeper integration into financial technology and the greening of the economy.

The prime minister affirmed that Vietnam will apply distinctive and breakthrough mechanisms and policies to develop a complementary and interconnected international financial center model, with the aim of forming a unified, effective and sustainable financial ecosystem.

Vietnam also launched on Sunday the operation of the center's executive council.