Deputy Prime Minister: The international financial center must have specific deals from November

This request was made by Deputy Prime Minister Nguyen Van Thang at the third meeting of the Executive Council of the International Financial Center in Vietnam, September 7.

According to the Deputy Prime Minister, two executive agencies in Ho Chi Minh City and Da Nang have officially operated. Therefore, units do not wait for all conditions to be completed to deploy, but in parallel perfect institutions and choose products that already have supply and demand to work and negotiate with investors.

“The spirit is to run and queue, not wait anymore,” he said, asking the two executive agencies to proactively work with investment funds and businesses. Products that are ready and meet all conditions should be proposed for immediate deployment.

The Deputy Prime Minister requested that by November, the two executive agencies must have specific products and deals. Along with perfecting institutions, apparatus and human resources, units must negotiate to realize deals.

For each product, the necessary policy, drafting agency, promulgation authority and implementation deadline must be clearly defined to measure progress. The inspection, examination and supervision mechanism also needs to ensure feasibility and effectiveness without creating many additional procedures.

According to the Ministry of Finance, the institution and apparatus of the International Financial Center are now basically formed. The Center is organized in Ho Chi Minh City and Da Nang, including the Central Executive Council, two executive agencies in two cities and a general supervision agency.

The two executive agencies have issued a process for registration and recognition of members, applied uniformly from August 17. Many banks, securities companies, asset management organizations and investors have signed memoranda of understanding, certified commitments or submitted documents.

The Ministry of Finance proposed 6 groups of products and services for the Center, including investment funds and asset management; Cryptographic assets based on real assets; international carbon credits; commodity and derivatives trading infrastructure associated with trade and supply chain financing; financial technology; and bonds.

Due to varying levels of readiness, these products are expected to be deployed in phases, rather than all at once.

In the immediate future, the Ministry of Finance proposes to focus on selecting a number of energy, infrastructure, logistics and green transformation projects, associated with companion banks and strategic investors. The remaining two programs are developing the investment fund ecosystem, international asset management and commodity markets associated with trade and supply chain financing.

In Ho Chi Minh City, the executive agency is moving from the construction phase to “actual operation”, focusing on institutions, members, products and infrastructure. Of the 7 processes that need to be issued, the membership content was completed in August, the remaining 6 processes are expected in September-October.

The city expects that from now until early 2027, it will be able to license about 7-12 members, in the direction of selecting organizations associated with specific products and real projects of the economy.

Ho Chi Minh City is also working with investors to mobilize capital for infrastructure projects and prepare facilities to issue international and municipal bonds. The city has prepared a list of more than 21 projects, of which it is expected to select 5-7 highly feasible projects to prioritize promotion with strategic investors.

In Da Nang, the executive agency is focusing on implementing a number of specific projects through the Center.

The two cities also coordinated to perfect the process, criteria for selecting members and the legal framework, on the principle that the Center is a unified entity, promoting the advantages of each locality.

Regarding technological infrastructure, the Deputy Prime Minister assigned the executive agency in Ho Chi Minh City to research and hire consultants to build and design the architecture of the Center’s information technology system platform.