The Prime Minister requested agencies to submit to the Government for promulgation a Government Decree in the coming days so that the International Financial Center can operate in November.
At the conference on establishing an International Financial Center in Vietnam, Prime Minister Pham Minh Chinh requested relevant agencies to continue updating and soon complete the draft Decree on International Financial Centers in Vietnam.
“This decree will be submitted to the Government meeting for approval in the coming days, to put the International Financial Center into operation in November,” he said.
Prime Minister Pham Minh Chinh spoke at the conference on the International Financial Center in Vietnam, November 1. Image: VGP
The international financial center in Vietnam was established according to the Resolution of the National Assembly on June 27. According to a report from the Ministry of Finance, the International Financial Center in Vietnam operates with a “one center, two destinations” model. Accordingly, the Government plans to establish an International Financial Center, located in Ho Chi Minh City and Da Nang.
In particular, Ho Chi Minh City will be a large-scale financial hub, strongly developing the stock market, bonds, banking, fund management, and listing services. Da Nang focuses on developing financial services related to logistics, maritime, free trade and industrial-agricultural supply chains. It is expected that the Central area in Ho Chi Minh City will have a scale of 899 hectares, Da Nang 300 hectares.
According to Finance Minister Nguyen Van Thang, Vietnam selectively learns and inherits experience from previous models while still ensuring independence, sovereignty and national characteristics. In particular, the Ministry of Finance is researching the organizational model of executive agencies and supervisory agencies.
At the conference, delegates proposed mechanisms, policies and solutions to promptly put the International Financial Center into effective operation. They also mentioned issues such as the legal status of operating agencies and supervisory agencies, points to note in the risk management operating mechanism, transaction infrastructure market product framework, training solutions, attracting human resources…
Minister of Finance Nguyen Van Thang spoke at the conference, November 1. Image: VGP
Concluding the conference, Prime Minister Pham Minh Chinh stated that forming an international financial center is “difficult work that Vietnam has never done”. However, he affirmed that the operator will do it with the spirit of “when you go far, you will come”.
“Vietnam is not a perfectionist or hasty, but also does not miss opportunities. If it says something, it does it. There must be results that can be weighed, measured, measured, and counted,” he said.
Government leaders said Vietnam will choose the optimal option to build a legal corridor for the International Financial Center. This is based on consulting the experience of major centers in the world, while inheriting tradition, promoting creativity and adjusting to suit domestic conditions.
According to the Prime Minister, the formation of the center must ensure close coordination between domestic and international affairs, combining finance with trade and investment, linking national strength with the world. The center will operate based on digital technology and artificial intelligence (AI), be highly competitive and attract domestic and foreign experts and investors.
The Prime Minister requested to develop the most favorable and competitive policies and mechanisms, creating a convenient living and working environment in terms of transportation, education, health, culture, and sports, especially in two large urban areas, Ho Chi Minh City and Da Nang.
Regarding procedures, he noted the spirit of “one door, one sign, one person”, minimizing intermediaries and shifting strongly to a post-inspection mechanism. The legal framework must be transparent, autonomous, have reasonable preferential policies, and be associated with technology transfer and high-quality human resource development.
“The international financial center in Vietnam does not create barriers with other centers, or barriers between members of the center and outside,” he requested. In addition, according to the Prime Minister, the Center operates in both finance and production, business, trade and investment. Therefore, operators need to ensure that these activities integrate seamlessly and compete with other financial centers.