Urgently operate the Financial Center

Forming a financial center executive agency in each locality

Ho Chi Minh City and Da Nang are preparing the necessary conditions to put the International Financial Center into operation this month. This is the request of Prime Minister Pham Minh Chinh at the Conference on the establishment of the International Financial Center in Vietnam held last weekend. Thus, the time to operate this model in Vietnam is only a matter of days. The cities are sprinting to urgently complete the financial center model.

At the meeting last weekend, delegates agreed on the plan to establish two executive agencies located in two localities (Ho Chi Minh City and Da Nang ), but there would only be one common supervisory agency and one common court to resolve disputes. This is an important basis for localities to perfect their apparatus.

Mr. Richard D. Mcclellan - Vice Chairman of the Advisory Council of the Vietnam International Financial Center (Da Nang City) said: "The formation of two executive agencies in Ho Chi Minh City and Da Nang not only clarifies the model of "1 financial center, 2 destinations" of Vietnam, but also empowers each locality to take the initiative".

Mr. Arnaud Ginolin - Member of the Board of Members of Boston Consulting Group shared: "Each locality also needs to have a certain autonomy in attracting investment, partners, building preferential policies and planning suitable for each city. Therefore, we support the model of a central-level supervisory agency".

Ho Chi Minh City is making thorough preparations in many aspects, from facilities, resources to promoting international cooperation.

Ho Chi Minh City: Ready resources to operate international financial center

On the chart showing the rankings of some financial centers in Southeast Asia through the assessment periods from 2022 onwards, the presence in the rankings shows that Ho Chi Minh City is already a financial center and the speed of ranking improvement is faster than other countries in the region, from position 102 to position 95 in the September assessment period. To further accelerate and operate at the right time as required by the Prime Minister , the City is making thorough preparations in many aspects, from facilities, resources to promoting international cooperation.

The 6th floor of the Ho Chi Minh City Innovation and Startup Center building will be the temporary location of the first important agencies of the International Financial Center in Ho Chi Minh City such as the supervisory management agency, court and arbitration. It can be said that currently, all the most basic facilities have been fully equipped to ensure the smooth operation of the Center in the coming time.

In addition, the human resources for the operation of the International Financial Center have also been carefully prepared by the City from three main sources. First is the rotation and secondment of suitable talented personnel from the system. Second, recruiting talented people from international financial institutions. Third is long-term cooperation in human resource training between domestic and foreign universities. With strategic solutions, the City now has a specific human resource plan for the upcoming operation.

Dr. Truong Minh Huy Vu - Director of the Ho Chi Minh City Institute for Development Studies commented: "We have made a very specific list and will submit it to the competent authorities for comments at the right time when the Prime Minister presses the button to approve the Decrees. Here we will advise and propose to the corresponding agencies. And from those corresponding agencies, we will select the leaders."

Regarding technology infrastructure, the City has also worked with large corporations such as Nvidia, Intel... to operate trading floor models. And the most important milestone is that the City has officially signed a cooperation agreement with Nasdaq to build a capital market.

Associate Professor Dr. Nguyen Huu Huan - Member of the Advisory Group for the Establishment of the International Financial Center in Ho Chi Minh City commented: "When we take advantage of Nasdaq's technology and infrastructure, I believe that in the coming time, the capital market in the International Financial Center will develop very strongly. In addition, Nasdaq also commits to supporting us in attracting foreign investors and market makers to increase liquidity for the market and trading floor in Ho Chi Minh City".

The city has received many investment proposals from major domestic and foreign financial institutions, which are expected to create a large investment wave, helping Ho Chi Minh City mobilize more resources for infrastructure development. The priority development models include the stock exchange, foreign currency bond exchange and agricultural commodity exchange.

Associate Professor Dr. Tran Hoang Ngan - Ho Chi Minh City National Assembly Delegation said: "The first thing is that the international stock exchange and commodity exchange are in our hands and it is very necessary for us to do it first and step by step we follow green finance, digital finance... Only then will we have sustainable steps".

Ho Chi Minh City is already a ranked financial center, ranking 95th out of 120 global financial centers, and is home to large domestic and foreign financial institutions... Therefore, the Government's upcoming approval of clear legal frameworks for the International Financial Center model will be a solid legal foundation, creating more confidence for investors when becoming members of the Vietnam International Financial Center.

Da Nang has completed the Steering Committee for the construction and development of the City's Financial Center and announced the advisory council.

Da Nang City: Ready human resources to operate the International Financial Center

For Da Nang City, in the immediate future, a 22-storey building in Software Park No. 2 with a construction floor area of over 27,000 m² is ready to welcome investors and units. In the long term, Da Nang proposes to supplement the planning and arrange over 300 hectares of land right in the city center. In addition, there is a plan to build a financial district reclaimed from the sea in Da Nang Bay. In just a short time, a series of procedures and many training activities have been vigorously implemented by the Da Nang City government, preparing for the time of operating the financial center.

Up to now, Da Nang has completed the Steering Committee for the construction and development of the City's Financial Center and announced the advisory council. At the end of September, the City also issued a plan to second and assign personnel to deploy the trial operation of its affiliated agencies.

Mr. Pham Duc An - Chairman of the People's Committee of Da Nang City said: "Da Nang is mobilizing officials, who were former international students and are currently working at Da Nang agencies, to come here to focus full-time, to research and build related mechanisms such as criteria, procedures for member units, build a website to apply for registration of work permits, visas, and connect the database with the Ministry of Public Security and the Ministry of Finance".

Da Nang has also organized many direct and online training and development programs for officials. Many of them were sent to study in major financial centers such as Singapore.

Associate Professor Dr. Dang Huu Man - Head of Training Department, University of Economics, University of Danang shared: "We also organized the first training session for nearly 200 civil servants of the City related to the ecosystem of the International Financial Center in Danang City and the free trade zone. The results were very good. We are also coordinating with the Department of Finance to deploy the second in-depth training session".

The demand for human resources is so great that the City is implementing training right from the school benches. In a finance-related class of students of the Faculty of International Business, University of Economics, University of Danang, the curriculum is constantly updated and completely in English, according to international standards.

Associate Professor Dr. Doan Ngoc Phi Anh - Vice Principal of the University of Economics, Danang University confided: "We design programs with unique characteristics for the International Financial Center located in Danang. These are services related to green finance, sustainable finance, Fintech and digital asset services, encrypted assets, the strengths of Danang or assets related to resort real estate".

In addition, Da Nang is building a special financial mechanism to recruit high-quality personnel from major financial centers such as Singapore, Dubai, London or New York.

Continuous meetings and conferences at high levels are held, along with specific steps and careful preparation by each city, showing Vietnam's great determination in realizing this model successfully and sustainably.

Source: https://vtv.vn/khan-truong-van-hanh-trung-tam-tai-chinh-100251104061244113.htm