This morning (May 20), Deputy Prime Minister Nguyen Hoa Binh chaired the Conference on building the National Assembly's Resolution on the International Financial Center in Vietnam.
This is the final conference to consult with experts to finalize the draft before submitting it to the National Assembly . The National Assembly is expected to discuss and approve this Resolution at the ongoing 9th session.
Deputy Prime Minister Nguyen Hoa Binh speaks at the conference. (Photo: Nguyen Hoang/VGP)
Proposal to build an international financial center operating at two economic locomotives
Regarding the design of an international financial center model for Vietnam, Mr. Richard McClellan, Global Ambassador of Terne Holding, former Director of the Tony Blair Institute, who worked for many years at McKinsey & Company, said that if Vietnam wants to build an international financial center with a global position, it needs to think of the financial center not as a separate geographical area, but as a unified operating system.
"In that model, Da Nang does not compete with Ho Chi Minh City and vice versa," Mr. Richard McClellan emphasized.
Terne Holding's global ambassador believes that Vietnam can completely research and build 2 centers or 1 international financial center but operate in 2 localities to make good use of the advantages of each locality, and the two sides will always complement and support each other to develop together.
Citing the experience and operating models of modern international financial centers in some countries, especially in Dubai, Mr. Andreas Baumgartner, CEO and founder of The Metis Institute, also recommended that Vietnam could build an international financial center but operate in both Da Nang and Ho Chi Minh City.
Mr. Andreas Baumgartner believes that this is important for unified management in an international financial center but also ensures the promotion of distinct advantages and independence in operations between the two locations of an international financial center.
Mr. Richard McClellan assessed that the idea of building a world-class international financial center in Vietnam is no longer just a theory. (Photo: Nguyen Hoang/VGP)
The Executive Director of the Alliance of International Financial Centers (WAIFC) said that in addition to hard technical infrastructure, Vietnam needs to pay special attention to building software and digital infrastructure to ensure the operation of international financial centers in Ho Chi Minh City and Da Nang when these centers come into operation.
At the same time, it is important that Vietnam also pay attention to having a plan to train and prepare human resources properly to be ready for the smooth operation of the international financial center as well as ensuring adequate resources for investment in the development of financial centers, avoiding unsynchronized, scattered and fragmented investment.
Ready to operate international financial center
Secretary of the Da Nang City Party Committee Nguyen Van Quang said that the content of the international financial center is not a new issue internationally, but is very new and very difficult for Vietnam.
The difficulty is that the activities must be consistent with international practices and standards, while also being in relation to and consistent with Vietnamese law.
As the locality implementing the policy and plan for building an international financial center, the Secretary of the Da Nang Party Committee said that all opinions agree that it is necessary to form an international financial center in Vietnam. It could be two separate international financial centers, or one international financial center but operating in two locations.
According to Mr. Quang, 2 separate international financial centers or 1 international financial center but operating in 2 separate locations, Da Nang and Ho Chi Minh City, are both important in diversifying the investment attraction environment of financial institutions and investors; limiting and better controlling risks...
At the same time, he said that along with consulting and proposing policy mechanisms, Da Nang has also prepared conditions, ecosystems, and infrastructure, including both hard and soft infrastructure, to be ready to serve the operation of the international financial center.
Secretary of the Da Nang City Party Committee Nguyen Van Quang speaks at the conference. (Photo: Nguyen Hoang/VGP)
Similar to Da Nang, Vice Chairman of the Ho Chi Minh City People's Committee Nguyen Van Dung also affirmed that the city is continuing to review and propose mechanisms and policies that are close to the actual conditions of the locality as well as resolutely directing and preparing technical infrastructure, implementing plans for training human resources to serve the operations of the international financial center when the center is officially decided to come into operation.
Ensuring a breakthrough legal framework and synchronous infrastructure
Concluding the conference, Deputy Prime Minister Nguyen Hoa Binh emphasized that Vietnam's economy is deeply integrating internationally, the investment and business environment is open and constantly improving; there are attractive policies in inviting and attracting investment; there is great potential in terms of labor resources...
If we can take advantage of the "golden" time and have an international financial center, this will be a strong boost to the economy, contributing to promoting Vietnam's growth and development; creating a breakthrough and transparent legal framework.
"The orientation and policy will be to develop an international financial center in Vietnam, but operating in two cities: Da Nang and Ho Chi Minh City," the Deputy Prime Minister emphasized.
The Government is committed to building a breakthrough legal corridor, while complying with international law and international standards; encouraging innovation; ensuring outstanding and attractive policy mechanisms for investors; and taking steps consistent with Vietnam's management and governance capacity.
In building mechanisms, policies and legal frameworks for the development of international financial centers, there is a thorough absorption and study of international laws, practices and standards, but it is not a simple copy, mechanical copy, but a careful selection, suitable to the characteristics and conditions of Vietnam.
Regarding legal infrastructure, the Government will first focus on supplementing and perfecting the National Assembly's Resolution to submit to the National Assembly for consideration and approval.
On the basis of the National Assembly Resolution, the Government's system of decrees will be issued with outstanding, open policies, with many priorities, incentives, and support, especially incentives on tariffs; infrastructure; immigration, residence, labor... for investors when participating in the international financial center in Vietnam.
Source: https://vtcnews.vn/du-kien-xay-1-trung-tam-tai-chinh-quoc-te-hoat-dong-o-2-thanh-pho-ar944243.html
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