Establish a Steering Committee to build an international financial center project

The Steering Committee for the development of a regional and international financial center project has just been established, with Deputy Prime Minister Le Minh Khai as its Head.

This committee was established under the decision of Prime Minister Pham Minh Chinh dated October 6, and will advise the Government and the Prime Minister to research and coordinate the resolution of tasks in the process of building a regional and international financial center project.

In addition to the Head of the Steering Committee, the Deputy Head is Minister of Planning and Investment Nguyen Chi Dung. Members are leaders of the Ministries of Finance, Industry and Trade, National Defense, Public Security, Information and Communications, Natural Resources and Environment, State Bank, Government Office and People's Committees of Ho Chi Minh City and Da Nang.

Ho Chi Minh City and Da Nang have conducted initial research on establishing financial centers. The Ministry of Planning and Investment said in May that it was conducting careful research with the two localities. However, according to the Ministry's leaders, building an international financial center in Ho Chi Minh City is a "very big and difficult" problem.

The construction of the regional and international financial center project this time must ensure maximum exploitation of the potential and advantages of Vietnam, as well as Ho Chi Minh City and Da Nang.

Ho Chi Minh City center, July 2023. Photo: Quynh Tran — Ho Chi Minh City center, July 2023. Photo: *Quynh Tran*

According to the draft proposed by Ho Chi Minh City in early 2022, the international financial center model includes three components: monetary market and banking system; capital market; derivatives market.

To implement this, the city has developed four specific action programs, including: developing Fintech, digital banking and digital financial transactions; regional integration for the financial center; developing the Thu Thiem Financial - Commercial Zone; and developing the commodity market.

The draft of the Ho Chi Minh City Financial Center will include an entertainment area and a casino, but this will not be the focus, but will only be considered as a factor to increase the attractiveness of investors. The city has proposed a roadmap to develop the international financial center in 3 phases until 2030.

Mr. Minh

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