On June 11, continuing the 9th session, authorized by the Prime Minister, Minister of Finance Nguyen Van Thang submitted to the National Assembly a draft Resolution on the International Financial Center in Vietnam.
Minister of Finance Nguyen Van Thang. Photo: Pham Thang
According to Minister Nguyen Van Thang, Vietnam is a bright spot in economic development and growth, macroeconomic stability, investment attraction, and is gradually converging the necessary factors to develop a modern financial market, aiming to form a financial center, capable of connecting with financial centers in the region and the world.
The development of the National Assembly Resolution on the International Financial Center with specific and outstanding mechanisms and policies to attract international capital flows to serve 3 strategic breakthroughs, traditional growth drivers and new growth drivers (digital economy, green economy, innovation, etc.).
In addition, developing high-end financial services, testing and managing new markets posed by practice (digital assets, carbon credits, etc.); forming high-quality human resources; connecting with the world economy and raising Vietnam's position in the global financial market; contributing to promoting the country's economic development.
According to the draft resolution, the International Financial Center is a geographical area with defined boundaries established by the Government located in Ho Chi Minh City and Da Nang City, focusing on a diverse ecosystem of financial services and support services.
With the center located in Ho Chi Minh City, it will develop the capital market associated with asset management services, fund management, insurance, stock products, bonds, fund certificates, financial derivative products...; develop the banking system, money market products; develop a testing mechanism (sandbox) on Fintech, innovation in the financial sector; establish specialized trading floors, new trading platforms; develop the commodity market, build a Commodity Exchange, commodity derivatives, connect with domestic and international physical commodity markets; develop regional supply chain services, logistics centers, seaport transportation, associated with the Free Trade Zone in Ba Ria - Vung Tau...
Chairman of the Economic and Financial Committee Phan Van Mai presented the audit report. Photo: Pham Thang
The center located in Da Nang City will develop green finance, trade finance serving small and medium enterprises, innovative enterprises, non-resident organizations and individuals (offshore financial services), cross-border trade activities associated with Free Trade Zones, high-tech zones, open economic zones, industrial parks, etc.; conduct controlled testing of a number of new models such as digital assets, digital currencies, payments, digital money transfers; attract investment funds, remittance funds, small and medium-sized fund management companies; promote the development of startups providing financial solutions for consumption, tourism, trade, logistics;...
Minister Nguyen Van Thang also said that there are 13 specific policy groups applied in the International Financial Center. Including: foreign exchange policy, banking activities; finance, capital market development; tax; entry, exit, residence, labor for experts, investors and employment policy, social security; land; construction, environment; controlled testing for fintech and innovation; incentives by sector and policies for strategic investors; development of technical infrastructure and social infrastructure; export, import and distribution of goods and services; fees, charges; dispute resolution in investment and business activities.
On the side of the examining agency, Chairman of the National Assembly's Economic and Financial Committee Phan Van Mai stated that the construction and development of an international financial center in Vietnam is necessary, has sufficient political basis, legal basis, practical basis, and is consistent with the country's development process in the new era.
The Chairman of the Economic and Financial Committee suggested that the drafting agency clearly assess whether the policy groups as in the Draft are sufficient to create a legal framework for the formation and operation of the International Financial Center or not. The regulations are strong enough, attractive enough, ensuring competitiveness. At the same time, the drafting agency needs to clarify which policies are considered to be superior and uniquely different in Vietnam.
Source: https://nld.com.vn/de-xuat-thanh-lap-trung-tam-tai-chinh-quoc-te-dat-tai-tp-hcm-va-da-nang-196250611113028999.htm
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