Deputy Prime Minister Nguyen Hoa Binh introduced the role and significance of the International Financial Center at the National Assembly meeting on the morning of June 11, 2025. (Photo: DUY LINH)
Applying 13 specific policies in the International Financial Center
Continuing the 9th Session, on the morning of June 11, the National Assembly listened to the Presentation and Verification Report of the National Assembly's draft Resolution on the International Financial Center in Vietnam.
Previously, the National Assembly listened to Deputy Prime Minister Nguyen Hoa Binh introduce the role and significance of the International Financial Center.
The Deputy Prime Minister said that the goal in 2025 is to establish an international financial center, located in two locations: Ho Chi Minh City and Da Nang City. The two cities are actively preparing for this work.
Permanent Deputy Prime Minister Nguyen Hoa Binh speaks. (Photo: DUY LINH)
At the meeting, authorized by the Prime Minister, Minister of Finance Nguyen Van Thang presented the Draft Resolution of the National Assembly on the International Financial Center in Vietnam.
The Minister stated that Vietnam is a bright spot in economic development and growth, and macroeconomic stability. Promoting competitive advantages to form a financial center will help Vietnam connect to the global financial market; attract foreign financial institutions; and take advantage of opportunities to shift international investment capital flows.
In addition, this also helps promote the effective development of Vietnam's financial market, catching up with international standards; contributing to sustainable economic development, enhancing the role, position, prestige and influence of Vietnam in the international arena.
According to Mr. Thang, the purpose of building an international financial center is to attract international capital flows to serve three strategic breakthroughs, traditional growth drivers and new growth drivers; develop high-end financial services, test and manage new markets set by practice.
Along with that is the formation of high-quality human resources, connection with the world economy and raising Vietnam's position in the global financial market; contributing to promoting the country's economic development.
Minister of Finance Nguyen Van Thang presents the National Assembly's draft Resolution on the International Financial Center. (Photo: DUY LINH)
The Minister of Finance also said that there are 13 specific policies 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 and charges; dispute resolution in investment and business activities.
The draft resolution stipulates a number of administrative procedures necessary to implement specific mechanisms and policies in the operation and development of the International Financial Center. The content of administrative procedures is stipulated in a simple manner, creating maximum favorable conditions for organizations and individuals to participate in the development of the International Financial Center.
Based on the provisions of the draft, in the process of drafting detailed regulations and implementation instructions, the Government will continue to review, reduce and simplify administrative procedures, Mr. Thang stated.
The Minister also said that the draft resolution provides regulations to promote decentralization and delegation between central and local state agencies, such as allowing the Government to issue decrees to handle issues arising from legal documents of the National Assembly and the National Assembly Standing Committee; the agency managing the International Financial Center is allowed to decide to use development investment capital from local budgets to support the construction of housing for workers at the International Financial Center...
Decentralization ensures dynamic, flexible and creative
Chairman of the National Assembly's Economic and Financial Committee Phan Van Mai. (Photo: DUY LINH)
Examining the Government's proposal, 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, with sufficient political, legal and practical grounds, in line with the country's development process in the new era.
Mr. Mai suggested that the Drafting Agency clearly evaluate 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, whether the regulations are strong enough, attractive enough, and ensure competitiveness, and it is necessary to clarify which policies are considered to be superior and uniquely different in Vietnam.
Operating an international financial center is a new issue in Vietnam, so the resolution should only regulate general issues, principles and clear, highly stable contents.
The Government and the Prime Minister, within their authority, shall issue specific instructions to ensure flexibility and timeliness; decentralize to the two cities (Ho Chi Minh City and Da Nang) contents related to local functions, tasks and powers, ensuring the right to initiative, flexibility and creativity according to the law.
National Assembly delegates attending the meeting. (Photo: DUY LINH)
The Economic and Financial Committee also proposed to clarify the model, relationship, and independence between the two establishments located in two places; the State management agency for these two establishments; based on the specific characteristics of each city, it is proposed that the resolution can stipulate a general policy, but in sub-law documents, there should be corresponding regulations to promote the potential and unique strengths of each establishment; there should be regulations on coordination mechanisms to bring about overall efficiency; at the same time, improve management and control efficiency to ensure fair competition.
Regarding the permission for the two cities to increase their deficit, to ensure national financial security, it is proposed to stipulate in the following direction: In management, the city is requested to strive to increase revenue and proactively arrange resources for implementation. In case it is necessary to increase the deficit, when building the estimate of the local budget deficit, the city will report to the Government to submit to the National Assembly for consideration and decision.
Regarding dispute resolution, the Committee agrees that there should be a specific dispute resolution mechanism; a strong enough judicial institution, consistent with international practices, and at the same time strict enough to create a trustworthy environment for investment.
The Committee also proposed to soon study and establish a specialized court to resolve disputes in the International Financial Center according to the Politburo's Conclusion, ensuring synchronous implementation.
According to the recently adjusted program of the 9th Session, this morning, the National Assembly will discuss in groups the draft Resolution of the National Assembly on the International Financial Center in Vietnam.
Source: https://baotuyenquang.com.vn/lap-trung-tam-tai-chinh-quoc-te-de-thu-hut-dong-von-phuc-vu-3-dot-pha-chien-luoc-213291.html
Comment (0)