Ensuring a mechanism for a unique and outstanding international financial center

On May 20, at the Government Headquarters, Politburo member and Permanent Deputy Prime Minister Nguyen Hoa Binh chaired an online conference on building a National Assembly Resolution on an international financial center in Vietnam.

Attending the conference were leaders of central ministries, leaders of Ho Chi Minh City and Da Nang City where the financial center will be located, and representatives of international financial organizations, financial institutions, corporations, investors, and domestic and foreign law firms.

Speaking at the opening of the conference, Permanent Deputy Prime Minister Nguyen Hoa Binh said that as planned, in this 9th session, the National Assembly will discuss and approve the draft resolution on the International Financial Center in Vietnam. Since the development of the Project on the International Financial Center and the drafting of the National Assembly resolution, more than 10 national and international conferences have been held.

Permanent Deputy Prime Minister Nguyen Hoa Binh chaired the conference.

   

Building an international financial center is an important foundation for Vietnam to connect with the global economy and is a solution to accelerate in the next phase. To build an international financial center, one of the especially important conditions is that the legal corridor must meet 3 requirements: according to international standards; open, superior, attractive enough for investors and control risks.

At the Conference, domestic and international delegates discussed and shared common issues in the process of building and developing the International Financial Center; experience in managing and operating financial centers in a number of countries...

Many 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 taken advantage of at the right time and 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.

Speaking at the conference, Secretary of the Da Nang Party Committee Nguyen Van Quang said that the content of the international financial center is not a new issue for the international community but is a very new and difficult issue for Vietnam. The difficulty is because the activities are both in line with international practices and international standards, and at the same time, in relation to and in line with Vietnamese law.

As the locality implementing the policy and plan for building an international financial center, Secretary of the Da Nang Party Committee Nguyen Van Quang said that along with consulting and proposing the development of policies and mechanisms, Da Nang has also prepared conditions, ecosystems, and infrastructure, including both hard and soft infrastructure, to be ready to serve the operation of the international financial center.

Secretary of Da Nang City Party Committee Nguyen Van Quang speaks

Vice Chairman of the Ho Chi Minh City People's Committee Nguyen Van Dung also affirmed that the City is continuing to review and propose mechanisms and policies that are close to the actual conditions of the city as well as resolutely directing and preparing technical infrastructure, implementing plans on training human resources to serve the operations of the international financial center when the center officially comes into operation.

Concluding the Conference, Deputy Prime Minister Nguyen Hoa Binh concluded that, along with perfecting mechanisms and policies, Da Nang City and Ho Chi Minh City are resolutely preparing synchronous infrastructure, promoting human resource training; promoting, calling for, and attracting investment... to prepare for the operation of the international financial center as well as ensure readiness for global connectivity when the international financial center in Vietnam officially comes into operation.

Deputy Prime Minister Nguyen Hoa Binh stated that the Politburo's decision on the policy of establishing a Financial Center and the Government's plan to implement this policy received support and high appreciation from experts, consultants, businesses, and investors at home and abroad.

“Opinions all affirm that the decision to develop an international financial center is a strategic breakthrough, a very bold but extremely necessary decision. Although we are a latecomer, we have all the conditions for success. The attractiveness of the financial center we will implement here does not stop at the policies we will issue, but lies in the dynamic economy with great potential and room for development of Vietnam,” said Deputy Prime Minister Nguyen Hoa Binh.

Mr. Richard McClellan, Global Ambassador of Terne Holdings, former Director of the Tony Blair Institute, said

In building mechanisms, policies and legal frameworks for the development of international financial centers, there is a thorough understanding and study of international laws, practices and standards, with careful selection suitable to the characteristics and conditions of Vietnam. Regarding legal infrastructure, the Government will first focus on supplementing and perfecting the National Assembly's Resolution to submit to the National Assembly for consideration and approval.

On the basis of the National Assembly Resolution, the Government's system of decrees will be issued with outstanding, open policies, with many priorities, incentives, and support, especially incentives on tariffs; infrastructure; immigration, residence, labor;... for investors when participating in the international financial center in Vietnam.

Deputy Prime Minister Nguyen Hoa Binh said the policy will develop an international financial center in Vietnam, 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 policy mechanisms for the international financial center that are unique, outstanding, and attractive to investors as well as ensuring a balance of interests between the state, investors, and people; taking steps that are consistent with Vietnam's management and governance capacity.

Deputy Prime Minister Nguyen Hoa Binh emphasized: “In the speeches of the experts, all agreed on having a financial center located in two cities. This is a bold decision but can be implemented to attract investors to serve the growth breakthrough of our economy. There are opinions that we should not step on each other's toes, should not conflict with each other and we will pay attention to these directions on what Da Nang does, what Ho Chi Minh City does. These are two places that can support each other to create the common strength of the Vietnam Financial Center”.

Source: https://baohungyen.vn/bao-dam-co-che-cho-trung-tam-tai-chinh-quoc-te-mang-tinh-dac-thu-vuot-troi-3181310.html