Appropriate mechanisms and policies are needed for the International Financial Center in Vietnam to operate effectively.

On the morning of November 1, at the Government Headquarters, Prime Minister Pham Minh Chinh chaired a conference on the establishment of an international financial center in Vietnam. Also attending were Deputy Prime Ministers Nguyen Hoa Binh and Ho Duc Phoc; leaders of ministries, branches; experts, organizations and international financial institutions.

Prime Minister Pham Minh Chinh chaired the Conference on establishing an international financial center in Vietnam. (Photo: TRAN HAI)

In his opening speech at the conference, Prime Minister Pham Minh Chinh stated that in the digital age and deep integration, the flow of capital, technology and knowledge between countries, regions and on a global scale is increasingly promoted at an unprecedented speed.

International financial centers have a particularly important role to play in this process, connecting markets, promoting innovation, governance standards and transparency standards.

For Vietnam, building an international financial center is not only to attract investment resources, keep pace and connect with the world, but also to build new and effective mechanisms, policies and governance models; contribute to creating momentum to promote socio- economic development, especially economic growth of 8% or more in 2025 and double digits in the coming years, successfully implementing two 100-year strategic goals, becoming a high-income developed country; ensuring high and sustainable growth; in which focusing on attracting both foreign direct and indirect investment.

Prime Minister Pham Minh Chinh speaks at the conference.

By accelerating the construction and early operation of the International Financial Center, it will contribute to clearly positioning and connecting Vietnam with the global financial network; promoting future financial models; and at the same time contributing to the effective implementation of strategic breakthroughs in institutions, human resources, infrastructure as well as recent policies of the Politburo.

Deputy Prime Minister Nguyen Hoa Binh spoke at the conference.

At this conference, the Prime Minister asked delegates to focus on contributing ideas and supplementing international and domestic experiences in building an international financial center; at the same time, giving specific opinions on the content of the draft Decree, noting the following contents: What mechanisms, policies and solutions are needed to promptly put the international financial center into effective operation? What is the legal status of the executive agency and the supervisory agency (standards, rules, etc.) according to what model, specifically? What should be noted about the operating-risk management mechanism? What specific solutions are needed for the product-market-transaction infrastructure framework? To attract elite human resources, what is the incentive framework, legal protection, and ensuring the harmony of benefits and risk sharing?

Conference scene.

The Prime Minister pointed out that in recent times, Vietnam's macro-economy has been stable, growth has been promoted, inflation has been controlled, major balances have been ensured; energy has been sufficient for production and business; budget deficit, public debt, government debt, and foreign debt have been under control, so there is still a lot of room for fiscal policy management; labor has met the requirements of transformation, politics has been stable, and social order and safety have been ensured; Vietnam is making efforts to build an independent, self-reliant economy, with deep, substantial, and effective international integration, including promoting the establishment of an international financial center.

The Government is ready to listen to the opinions of experts, investors, and businesses, and on that basis continue to improve the institutions and promote national development. We look forward to receiving the attention and support of the international community in the spirit of "sharing the vision; working together, winning together, and developing together"; the Government always protects the legitimate rights and interests of the people, businesses, and investors.

National and international delegates attended the conference.

According to the draft Resolution of the Government on the establishment of an international financial center in Vietnam, on the development orientation of the Vietnam International Financial Center in Ho Chi Minh City: to become an international financial center with a diverse and modern financial ecosystem, providing specialized financial services, exploiting the synergistic and mutual effects of various financial services and support services such as: capital mobilization, investment, savings, payment, issuance of financial products.

Delegates attending the conference.

Developing the capital market associated with financial products, financial derivatives, asset management services, fund management, insurance, green financial products and services; banking system, money market products; developing financial service sectors applying technology (fintech) and innovation; providing digital technology products and services; developing digital asset development and management services...; establishing new trading floors and trading platforms connecting with domestic and international physical commodity markets; regional supply chain services, logistics centers, seaport transportation; financial services associated with free trade zone operations; promoting the development of professional support activities and services such as accounting, auditing, credit rating services, legal services, asset management consulting; and other services according to the development needs of the financial market.

Online networking conference with some international financial experts abroad.

The development orientation of the Vietnam International Financial Center in Da Nang city is to become an international financial center associated with an innovation ecosystem and the application of strategic technologies, developing on the basis of technology infrastructure and innovation, operating stably, transparently, in accordance with international practices and in line with development trends; providing market and financial organization services, attracting international capital, large investors, developers, startups, technology experts with global thinking and talents in the financial sector to work and create outstanding value based on a friendly living and working environment, with identity, high-quality services, security and transparent governance.

Minister of Finance Nguyen Van Thang spoke at the conference.

Developing fields and organizing green financial markets, trade finance to serve small and medium enterprises, innovative enterprises, non-resident organizations and individuals; cross-border trade activities associated with seaports, international airports, free trade zones, high-tech zones, open economic zones, industrial zones, digital industrial urban areas; establishing new trading floors and trading platforms, conducting controlled trials of a number of new models such as digital assets, digital currencies, digital payments; attracting and providing international capital, asset and investment management services, investment funds, remittance funds, fund management companies, developing family office models; risk management and financial insurance; developing start-up businesses providing financial solutions for consumption, tourism, trade, logistics and associated with services in free trade zones; managing digital transformation and big data; activities to support, consult, develop international and transnational legal services; and other services according to the development needs of the financial market...

Ha Thanh Giang

Source: https://nhandan.vn/can-co-che-chinh-sach-phu-hop-de-trung-tam-tai-chinh-quoc-te-tai-viet-nam-hoat-dong-hieu-qua-post919772.html