We have the advantage of being a latecomer in building and operating the International Financial Center.

(Chinhphu.vn) – Experts say we have the advantage of being a latecomer, learning from the experience of other countries in building and operating an international financial center. However, experts also say that if there are no outstanding mechanisms and policies, it should not be implemented, because it will certainly not be successful.

Permanent Deputy Prime Minister Nguyen Hoa Binh reports on a number of issues in the process of drafting decrees related to the International Financial Center in Vietnam - Photo: VGP/Nhat Bac

Implementing the National Assembly 's Resolution on the International Financial Center in Vietnam, the Prime Minister issued Decision No. 1646/QD-TTg dated August 1, 2025 to establish the Steering Committee on the International Financial Center in Vietnam and the Steering Committee issued an action plan, in which ministries and branches were assigned to develop 8 decrees.

Specifically, the 8 decrees are: Decree regulating the establishment of the International Financial Center in Vietnam; Decree guiding financial policies in the International Financial Center in Vietnam; Decree regulating the licensing of the establishment and operation of banks, foreign exchange management, anti-money laundering, anti-terrorism financing, anti-proliferation of weapons of mass destruction financing in the International Financial Center in Vietnam; Decree guiding policies on import and export, distribution of goods and services, trading floors, trading platforms in the International Financial Center; Decree guiding labor, employment and social security in the International Financial Center; Decree guiding land, construction and environmental policies in the International Financial Center; Decree regulating the International Arbitration Center under the International Financial Center and the application of laws, dispute resolution in the International Financial Center; Decree guiding policies on residence, entry and exit in the International Financial Center.

This morning (November 4), Prime Minister Pham Minh Chinh chaired a special Government meeting on decrees guiding Resolution No. 222/2025/QH15 of the National Assembly on the International Financial Center in Vietnam.

Reporting at the meeting on a number of issues in the process of drafting decrees related to the International Financial Center in Vietnam, Deputy Prime Minister Nguyen Hoa Binh said that the National Assembly has issued Resolution No. 222/2025/QH15 on the International Financial Center in Vietnam. Accordingly, the National Assembly empowers the Government to draft decrees to operate these centers.

Other countries in the world operate under the law on financial centers. However, our country is starting with the first steps; if we make laws, the process will take a long time and any adjustments will be very complicated. Therefore, the Politburo has directed the Government to report to the National Assembly and the National Assembly has agreed to allow the Government to regulate these issues as laws. After 5 years, or shorter, or longer, we will summarize, adjust and build the Law on International Financial Centers. The Prime Minister also emphasized the motto: "We are not perfectionists; we will explore and adjust as we go" to create the most openness.

The advisory bodies have determined that in order to implement Resolution 222 of the National Assembly, there are 8 important decrees that need to be developed. In the process of developing these 8 draft decrees, the assignment of implementation tasks and responsibilities to the ministries is very high.

The Government has organized two delegations to conduct surveys in the UK, Luxembourg, Germany, and the UAE. Ministries, sectors, and especially the two localities of Ho Chi Minh City and Da Nang have traveled more, including to learn from experiences in Singapore, Shanghai (China), and Kazakhstan. The State Bank has also traveled to many countries to learn about banking regulations.

During the process of drafting the Decrees, the units met many times, the Permanent Deputy Prime Minister personally listened to the reports three times and made adjustments. However, there are still some problems that need to be consulted with foreign experts, and recently, the Prime Minister chaired an international conference, and experts gave recommendations on the issues we are still concerned about. The Prime Minister has made conclusions and the ministries have accepted the Prime Minister's instructions to be reflected in the content presented at today's meeting.

Experts also said that we have the advantage of being a latecomer, learning from the experience of other countries in building and operating an international financial center. However, experts also said that if there are no outstanding mechanisms and policies, we should not implement it, because it will certainly not be successful.

"Therefore, at this meeting, you need to thoroughly grasp the Prime Minister's direction, raise issues that are considered breakthroughs, outstanding and remaining issues for the Government to decide. Report to the Prime Minister, out of 8 draft decrees, 4 draft decrees have been consulted with the Government; 4 draft decrees have not been consulted with the Government. At this meeting, we will always consult with the Government according to the Prime Minister's direction. After receiving the opinions of the Government members, you should express them by ballot and send them back to the Government Office before promulgation," Deputy Prime Minister Nguyen Hoa Binh emphasized.

Nguyen Hoang

Source: https://baochinhphu.vn/chung-ta-co-loi-the-cua-nguoi-di-sau-trong-xay-dung-va-van-hanh-trung-tam-tai-chinh-quoc-te-102251104095721312.htm