Golden opportunity for Vietnam to welcome shifting financial resources

On January 4, in Ho Chi Minh City, the Ministry of Planning and Investment , Ho Chi Minh City People's Committee, and Da Nang City People's Committee held a conference to announce the Government's Resolution promulgating the Action Plan to implement the Politburo's Conclusion on building a regional and international financial center in Vietnam.

At the Conference, Minister of Planning and Investment Nguyen Chi Dung announced the Government's Action Plan to implement the Politburo 's conclusion on building a regional and international financial center in Vietnam.

Creating the foundation for the country to enter a new era

According to the Minister, this is a very meaningful conference, marking an important step in implementing the country's development strategy. It creates a "push" and new momentum to promote development not only for Ho Chi Minh City and Da Nang but also for the whole country, contributing significantly to the successful implementation of the Resolution of the 13th National Party Congress, creating a foundation for the country to enter a new era, an era of national prosperity and wealth.

The conference took place in the context of the early days of 2025, a year of special significance, a year of acceleration and breakthrough to reach the finish line of the 5-year Plan 2021 - 2025, implementing half of the journey in the 10-year Socio-Economic Development Strategy 2021 - 2030. At the same time, it is also the year to celebrate the 50th anniversary of the liberation of the South and national reunification 1975 - 2025.

According to Minister Nguyen Chi Dung, the regional and global situation has recently undergone many changes, with complex and unpredictable developments. In particular, the global financial system is gradually reshaping; the world is in need of developing new financial centers, providing specific financial products and services, serving niche markets, different from traditional financial centers.

Through that, receiving financial resources to move, at the same time complementing and creating synergistic benefits, contributing to the common development of the global financial market.

Therefore, emerging financial centers like Vietnam have a golden opportunity to participate in this "game", through establishing an open legal corridor, issuing outstanding preferential policies, in accordance with international practices to become a "playground" for leading financial investors.

Minister of Planning and Investment Nguyen Chi Dung speaks at the conference. (Source: VGP)

In particular, Ho Chi Minh City and Da Nang have converged many fundamental factors to develop a regional and international financial center, which is considered one of the emerging financial centers, on the path of strong growth. This determination not only reflects Vietnam's aspiration, but also meets the requirements of deep integration with the global economy.

The construction of a regional and international financial center has been identified by the Party, State, National Assembly and Government as one of the institutional breakthroughs, a policy decision to liberate resources, promote the transformation of the growth model associated with economic restructuring, to improve productivity, efficiency and competitiveness; bringing the country into a new era, the era of the Vietnamese people's rise.

The Minister said that this is not a new problem in the world, but for Vietnam it is a difficult and unprecedented problem. Therefore, great opportunities will come with great challenges.

The successful construction of a regional and international financial center will play an important role in helping Vietnam achieve five opportunities, such as: connecting with the global financial market; attracting foreign financial institutions, creating new investment resources, promoting existing investment resources;

Providing high-quality financial services, meeting the needs of domestic and foreign enterprises; creating a new qualitative shift, helping the financial market in Vietnam become healthy and effective, catching up with international standards, promoting the process of economic restructuring;

Contribute to bringing Vietnam deeper into the global economic value chain, enhancing the role, prestige and influence of Vietnam in the international arena; affirming its position as a strong and sustainable economy. Thereby ensuring national defense and security, especially in the financial sector from early on and from afar.

Prime Minister as Head of Steering Committee

In Conclusion No. 47-TB/TW dated November 15, 2024 on the Project to build a regional and international financial center, the Politburo requested that "Agencies must determine high political determination, make great efforts, and take drastic actions in organizing the implementation of this important Project. This is not only the responsibility of Ho Chi Minh City and Da Nang City but also the responsibility of the whole country.

To implement the conclusion of the Politburo, on December 31, 2024, the Government issued Resolution No. 259/NQ-CP approving the Action Plan to implement the construction of a regional and international financial center in Vietnam.

Of which, 49 groups of tasks and specific solutions have been assigned to 12 ministries, branches, and localities to take the lead in implementing, associated with output products to form a legal framework and prepare the foundation conditions for the development of financial centers in Vietnam.

At the same time, the Prime Minister signed and issued Decisions to establish and approve the Operating Regulations of the Inter-sectoral Steering Committee on Regional and International Financial Centers to unify orientations, make major decisions, and coordinate to ensure smooth and consistent operation of Financial Centers in accordance with the direction of the Politburo.

The Steering Committee is headed by Prime Minister Pham Minh Chinh and Permanent Deputy Prime Minister Nguyen Hoa Binh as Permanent Deputy Head.

Other Deputy Heads of the Committee include: Mr. Nguyen Van Nen, Secretary of the Ho Chi Minh City Party Committee; Mr. Nguyen Chi Dung, Minister of Planning and Investment; Mr. Nguyen Van Thang, Minister of Finance; Ms. Nguyen Thi Hong, Governor of the State Bank of Vietnam; Mr. Nguyen Van Quang, Secretary of the Da Nang City Party Committee.

Other members include 14 leaders of agencies: Ministry of Planning and Investment, Ministry of Finance, Ministry of Industry and Trade; Ministry of Home Affairs, Ministry of National Defense, Ministry of Public Security, Ministry of Information and Communications, Ministry of Natural Resources and Environment, Ministry of Justice, State Bank of Vietnam, Government Office, Supreme People's Court; Chairman of Ho Chi Minh City People's Committee; Chairman of Da Nang City People's Committee.

At the conference, Minister Nguyen Chi Dung proposed a number of key tasks and solutions that need to be implemented immediately this year. For ministries, branches and central agencies, he suggested proactively coordinating with the Ministry of Planning and Investment and localities to soon complete the draft resolution of the National Assembly on developing a regional financial center in Vietnam, focusing on building a group of policies in the approved project, ensuring consistency with Vietnamese reality and international practices.

The Ministry of Planning and Investment, in its assigned role as the presiding agency, pledges to continue to closely coordinate with ministries, branches, localities and international partners, effectively performing its coordination responsibilities to complete the National Assembly Resolution, promoting the process of building and developing regional and international financial centers as directed.

Source: https://baoquocte.vn/co-hoi-vang-de-viet-nam-don-nguon-luc-tai-chinh-dich-chuyen-299844.html