Mr. Nguyen Chi Dung said that because the resources, model, necessary and sufficient conditions are still unclear, building an international financial center in Ho Chi Minh City is a very difficult problem.
The idea of building Ho Chi Minh City into an international financial center was mentioned 20 years ago. Recently, Ho Chi Minh City continued to propose to the Prime Minister, but so far this idea remains on paper. In the draft Resolution on piloting some special mechanisms for the city's development, it is stated that the Government will submit to the National Assembly a number of breakthrough policies to pilot to build an international financial center in Ho Chi Minh City.
However, many opinions at the meeting of the National Assembly Standing Committee on the afternoon of May 12 said that there was not enough basis to include this content in the draft resolution. "We should not include issues with unclear basis or unclear policy content in the resolution," said Ms. Vu Thi Luu Mai, Deputy Head of the Finance and Budget Committee.
Chairman of the Ethnic Council Y Thanh Ha Nie Kdam also said that Ho Chi Minh City needs to develop a separate project on building a financial center because this is a big issue, and not include general regulations in the draft resolution.
Explaining later, Minister of Planning and Investment Nguyen Chi Dung said that Ho Chi Minh City and Da Nang have initially studied the establishment of a financial center and that the Ministry is currently working with the two localities to conduct careful research. However, he acknowledged that building an international financial center in Ho Chi Minh City is a "very big and difficult" problem.
"We are currently confused and unclear about the concept, scope, resources, model, and necessary and sufficient conditions to form an international financial center in Ho Chi Minh City. The Ministry will study carefully and report to the National Assembly in the near future," said Minister Dung. He also agreed to remove the content about the international financial center from this draft resolution.
Minister of Planning and Investment Nguyen Chi Dung speaks at the meeting of the National Assembly Standing Committee on the afternoon of May 12. Photo: Hoang Phong
Previously, Resolution 31 of the Politburo also provided directions for building a special mechanism to develop Ho Chi Minh City into an international financial center. According to National Assembly Chairman Vuong Dinh Hue, the Government and the city should build a separate project according to Resolution 31, not including it in the draft Resolution to pilot the special mechanism this time.
He analyzed that the world has two approaches to building financial centers. With Ho Chi Minh City, it is currently unclear whether the city will be built into a financial center or a financial center within the city.
"If the policy is already in place, then we should just do it. It is not necessary to stipulate it in a resolution to avoid legal conflicts later, because if there are problems, we cannot resolve them," said the National Assembly Chairman.
According to the draft proposed by Ho Chi Minh City early last year, the international financial center model includes three components: the monetary market and banking system; the capital market; and the derivatives market.
To implement this, the city has developed four specific action programs, including: developing Fintech, digital banking and digital financial transactions; regional integration for the financial center; developing the Thu Thiem Financial - Commercial Zone; and developing the commodity market.
These programs include proposals to allow the formation of a 100% independent digital bank and the establishment of a derivatives exchange. The draft Ho Chi Minh City Financial Center will have an entertainment area and casino, but this is not the focus, but is only considered a factor to increase investor attractiveness. The city has proposed a roadmap to develop an international financial center in 3 phases until 2030.
Also according to the draft resolution on special mechanisms, the Government proposed to establish the Ho Chi Minh City Department of Food Safety on the basis of separating from 3 Departments: Health, Agriculture & Rural Development and Industry and Trade.
Head of the Delegation Affairs Committee (under the National Assembly Standing Committee) Nguyen Thi Thanh agreed with the establishment of this department. However, she noted that because it was separated from three existing agencies, Ho Chi Minh City needs to carefully assess the impact, mechanism and operation of the Food Safety Department.
Commenting on this content, National Assembly Chairman Vuong Dinh Hue said that if a Food Safety Department is established like some other departments, according to the Government's authority, it is necessary to report to the Politburo, not necessarily to the National Assembly.
However, the National Assembly Chairman said that the establishment of this department is different from some current regulations in related laws, so it must be included in the National Assembly's resolution.
Concluding the meeting, Vice Chairman of the National Assembly Nguyen Duc Hai asked the Government to clearly report on the model and operational efficiency of financial investment companies, and consider studying the model of converting them into investment funds for city development. He noted that new policies need to be carefully assessed for impact, avoiding spreading and lacking focus.
Accepting the comments, Minister Nguyen Chi Dung said he will work with Ho Chi Minh City and National Assembly agencies to review and adjust the draft Resolution to submit to the National Assembly at the May session, scheduled to open on May 23.
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