On the morning of June 27, the National Assembly passed a Resolution on developing an international financial center in Vietnam with 438/447 delegates in favor. The Resolution consists of 35 articles and will take effect from September 1.
With the passage of this resolution, Vietnam will develop an international financial center, but located in two locations, Ho Chi Minh City and Da Nang , on the basis of unified operations, management and supervision.
This international financial center is oriented to develop separate products, promoting the strengths of each city.
Minister of Finance Nguyen Van Thang. (Photo: National Assembly Media).
Specifically, the Financial Center in Ho Chi Minh City will focus on developing capital markets, banking, currency markets, fintech sandboxes, innovation in the financial sector, as well as establishing specialized trading floors, new trading platforms will also be formed here...
With Da Nang, this local international financial center will develop green finance, apply financial technology, digital services... Da Nang City will also conduct controlled testing of digital assets, digital currencies, payments and attract investment funds, remittance funds, small and medium-sized fund management companies...
Ho Chi Minh City and Da Nang have also focused on preparing work to build, develop and operate financial centers such as arranging human resources, building training programs for highly specialized human resources and management teams; preparing facilities and infrastructure for construction and development; promoting investment, contacting strategic and potential investors.
The National Assembly passed a Resolution on developing an international financial center in Vietnam with 438/447 delegates in favor. (Photo: National Assembly Media).
In his report explaining and accepting the draft resolution before the National Assembly voted, Finance Minister Nguyen Van Thang said that in the process of drafting the Resolution, the Government anticipated that the establishment of trading floors and platforms would pose some risks such as speculation, price inflation, and asset bubbles. Accordingly, the legal framework needs to be built synchronously, with strict and transparent monitoring institutions... to control transactions on the floor. The Government will continue to study specific regulations to include in the guiding Decree.
Source: https://vtcnews.vn/chinh-thuc-lap-trung-tam-tai-chinh-quoc-te-dat-tai-tp-hcm-va-da-nang-ar951292.html
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