Permanent Deputy Prime Minister Nguyen Hoa Binh speaks. Photo: Pham Kien/VNA

Strategic institutional breakthrough

In his opening speech, Permanent Deputy Prime Minister Nguyen Hoa Binh welcomed and thanked members of the Prime Minister's Policy Advisory Council, experts, scientists , representatives of international financial institutions, law firms, and banks from both domestic and foreign countries for taking the time to attend the Conference; saying that this Conference continues a series of events that Vietnam has conducted in recent times.

According to the Deputy Prime Minister, since the development of the Project on the International Financial Center and the drafting of this Resolution, more than 10 national and international conferences have been held in Vietnam ( Hanoi , Da Nang, Ho Chi Minh City), as well as in European countries with which the Vietnamese Government has relations. These consultation conferences have provided a lot of useful information, helping the Vietnamese Government to develop a relatively complete draft Resolution based on the opinions of experts.

As planned, in this 9th Session, the National Assembly will discuss and approve the draft Resolution on the International Financial Center in Vietnam. Today's conference is the final conference to consult with experts to complete the draft Resolution before submitting the official version to the National Assembly. The approved Resolution will be an important step in creating a legal corridor for the construction of a Financial Center in Vietnam.

"When the Politburo decided to build a financial center, we brought the draft to London (UK), Luxembourg, Frankfurt (Germany) for consultation. Experts from these three countries and several other countries attending the consultation conferences we organized all assessed this as a wise decision in the current situation of Vietnam. This is also an important foundation for Vietnam to connect with the global economy and a solution to accelerate in the next phase," said the Deputy Prime Minister.

To do that, the Permanent Deputy Prime Minister said that one of the especially important conditions is that the legal corridor must meet three requirements: According to international standards; open, outstanding, attractive enough for investors; and control risks.

Deputy Minister of Finance Nguyen Thi Bich Ngoc speaks. Photo: Pham Kien/VNA

At the Conference, domestic and international delegates discussed and shared about the legal corridor, common issues in the process of building and developing the International Financial Center; management, operation and supervision mechanisms, connections between International Financial Centers of several countries; competitive financial fields and services and recommendations for Vietnam; building an International Financial Center model in accordance with international practices and Vietnam's conditions; training human resources for International Financial Centers, etc.

Opinions affirm that the decision to build an international financial center is not simply an economic development policy but a strategic institutional breakthrough for Vietnam. This is the time and opportunity for Vietnam to break through and participate more deeply in the global financial chain. If taking advantage of the right time and going in the right direction, Vietnam's international financial center will become a solid foundation to mobilize high-quality financial resources for national development, contributing to improving state governance capacity, increasing national competitiveness and integrating deeply and effectively with the world financial system.

Regarding the issue of designing an international financial center model for Vietnam, Mr. Richard McClellan, Global Ambassador of Terne Holding, former Director of the Tony Blair Institute, who worked for many years at McKinsey & Company, assessed that the orientations and goals set out in the draft Resolution are very consistent with global trends, while still closely linked to Vietnam's specific development roadmap.

The idea of ​​building a world-class international financial center in Vietnam has become an initiative that has received strong support at the national level and direct guidance from the Politburo, officially launched in both Da Nang and Ho Chi Minh City, and is steadily moving towards being submitted to the National Assembly for consideration and approval.

Mr. Richard McClellan said that Vietnam wants to build an international financial center with a global position, it needs to think of the financial center not as a separate geographical area, but as a unified operating system. In that model, Da Nang does not compete with Ho Chi Minh City and vice versa. Vietnam can build 2 international financial centers in 2 localities to make good use of the advantages of each locality, and the two centers will always support each other to develop together.

Meanwhile, citing the experience and operating model of modern international financial centers in some countries, especially in Dubai (UAE), Mr. Andreas Baumgartner, CEO and founder of The Metis Institute, recommended that Vietnam could build an international financial center but operate in both Da Nang and Ho Chi Minh City. This is important in unified management of an international financial center but also ensures independence in operations between the two locations of a center.

Many opinions also believe that, in addition to hard technical infrastructure, Vietnam needs to pay special attention to building software infrastructure and digital infrastructure to ensure the operation of the International Financial Centers in Ho Chi Minh City and Da Nang when these centers come into operation. At the same time, it is necessary to have a plan to train and prepare human resources in a systematic way to be ready for smooth operation, as well as to ensure adequate resources for investment in the development of the Financial Centers, avoiding unsynchronized, scattered and fragmented investment.

Leaders and representatives of international financial organizations, institutions, businesses, investors, partners, etc. affirmed their commitment to always support and accompany Vietnam in the process of building, developing and operating the Financial Center through specific cooperation, support and connection activities...

Bold but necessary decision

Secretary of the Da Nang City Party Committee Nguyen Van Quang said that 2 separate international financial centers or 1 international financial center but operating in 2 separate locations, Da Nang and Ho Chi Minh City, are both important in diversifying the investment attraction environment of financial institutions and investors; limiting and better controlling risks... Da Nang has prepared conditions, ecosystems, infrastructure, including both hard and soft infrastructure to be ready to serve the operation of the international financial center.

According to Vice Chairman of Ho Chi Minh City People's Committee Nguyen Van Dung, the City is continuing to review and propose mechanisms and policies that are close to the actual conditions of the locality, as well as resolutely directing and preparing technical infrastructure, implementing plans for training human resources to serve the operations of the International Financial Center when the center is officially decided to come into operation.

Permanent Deputy Prime Minister Nguyen Hoa Binh speaks. Photo: Pham Kien/VNA

Thanking the valuable and practical comments, Deputy Prime Minister Nguyen Hoa Binh said that the comments are not only suggestive in building and perfecting the system of mechanisms and policies, but also very practical contributions to the operation and development of the International Financial Center.

Through their speeches, the delegates all affirmed that the development of an international financial center is a bold decision of Vietnam but very necessary, strategic and groundbreaking. Vietnam is a latecomer but has all the elements and conditions to develop a modern international financial center.

"With an economy deeply integrated into the international community, an open and constantly improving investment and business environment; attractive policies in inviting and attracting investment; great potential in labor resources..., if we can take advantage of the "golden" time and have an international financial center, this will be a strong boost to the economy, contributing to promoting Vietnam's growth and development; creating a breakthrough and transparent legal framework," according to the Deputy Prime Minister.

He also informed that the Politburo's decision on the policy of establishing an international financial center and the Government's plan to implement this policy received support and high appreciation from experts, consultants, businesses, and domestic and foreign investors... Vietnam has a policy of developing an international financial center, but operating in two cities: Da Nang and Ho Chi Minh City.

"The Vietnamese Government is committed to building a breakthrough legal corridor to maximize Vietnam's advantages, while complying with international law and international standards; encouraging innovation; ensuring unique, outstanding and attractive policy mechanisms for the International Financial Center for investors, as well as ensuring a balance of interests between the State, investors and people; taking steps consistent with Vietnam's management and governance capacity," the Deputy Prime Minister emphasized.

According to baotintuc.vn

Source: https://huengaynay.vn/chinh-tri-xa-hoi/bao-dam-co-che-chinh-sach-cho-trung-tam-tai-chinh-quoc-te-mang-tinh-dac-thu-vuot-troi-hap-dan-153786.html