Developing an international financial center to supplement financial resources for the two 100-year goals

Also attending the meeting were Deputy Prime Minister Nguyen Hoa Binh and leaders of ministries, departments, branches and localities. On the Da Nang side, there were Party Central Committee member, City Party Secretary, Head of the City National Assembly Delegation Nguyen Van Quang; Chairman of the City People's Committee Le Trung Chinh.

Meeting scene. Photo: PV

Contribute ideas to build an effective financial center

Implementing the direction of the Politburo , recently the Government and the Prime Minister have directed ministries, branches and localities to actively and resolutely carry out the tasks of building an international financial center in Vietnam.

In particular, actively develop a draft resolution of the National Assembly on building an international financial center in Vietnam to submit to the Politburo for consideration and submit to the National Assembly for consideration and approval during the ongoing 9th session; at the same time, develop specialized decrees to soon build and put the center into operation.

At the meeting, delegates discussed related issues such as: the goal of building an international financial center; the model of an international financial center in Vietnam; development orientations and key areas; members, main products of the financial center; specific policies and mechanisms; infrastructure, human resources and visas; the application of international institutions and practices; the issue of liberalization of foreign exchange and banking activities; dispute resolution according to international standards, etc.

Secretary of the City Party Committee Nguyen Van Quang speaks at the meeting. Photo: PV

According to Secretary of the City Party Committee Nguyen Van Quang, 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.

The city has allocated clean land funds in coastal areas with the best connectivity and infrastructure in Vietnam, aiming to establish complexes, offices and financial technology service areas. In the long term, Da Nang will study the creation of new land funds to increase the attractiveness to strategic investors and attract other investors to the financial center.

Minister of Finance Nguyen Van Thang said that the establishment of an international financial center aims to help raise Vietnam's position in the global financial market, contributing to promoting economic growth. Products of the international financial center include: stocks, bonds, foreign exchange, green finance, carbon credits, financial technology, digital assets...

Vietnam will establish an international financial center located in two locations, Ho Chi Minh City and Da Nang City, with clear division of functions and orientation, ensuring harmonious development.

Within the scope of the international financial center, a controlled Sandbox testing mechanism will be implemented, encouraging fintech financial technology, allowing fintech businesses to test new initiatives such as artificial intelligence, blockchain technology...

Prime Minister Pham Minh Chinh delivered a concluding speech at the meeting. Photo: PV

Generating resources for the country from the financial center

In his concluding remarks, Prime Minister Pham Minh Chinh highly appreciated the preparation work of the agency in charge of drafting the draft, the dedicated, responsible and quality opinions; requested to absorb the maximum opinions, continue to perfect the draft resolution one step further.

The spirit is to learn from experience while doing, gradually expand, not be too perfectionist but not hasty, look far and wide, think deeply and do big; if you do something, you must succeed, you must win, and do it with certainty.

The Prime Minister stated that we have set two 100-year goals: by 2030, to be a developing country with modern industry and high average income; by 2045, to become a developed country with high income.

To achieve the goals, we must have double-digit economic growth, create a favorable environment, internal and external stability, create momentum, force, and position for rapid, sustainable, and stable development to develop, develop to stabilize.

To achieve double-digit growth, capital is needed, while we are lacking capital, so we must build and develop an international financial center to supplement financial resources for the two 100-year goals.

The Prime Minister stated that in order to achieve the set goals of building an international financial center, the legal environment must be competitive, transparent, progressive, and open; the infrastructure must be modern, advanced, and smooth, meeting development requirements, suitable for the world and specific conditions and circumstances of Vietnam; human resources must be professional, high-quality, and have the necessary conditions to operate the center; management must be smart, modern, and appropriate.

In particular, it ensures property rights, freedom and creativity in business, freedom of movement, convenient entry and exit, favorable visa policies for those who need encouragement, and creates a superior, convenient and safe living environment.

The goal is to attract capital for rapid, green, sustainable national development, especially medium and long-term capital; create a business environment for investors, establish and provide modern financial services to the world; develop digital currency in line with the general development trend and conditions of Vietnam.

Ensuring the free movement of capital and legal profits in accordance with international practices and Vietnam's conditions, while preventing exploitation and manipulation of Vietnam's resources abroad in violation of regulations. The Prime Minister emphasized that this is a free and beneficial playground, but with harmonious benefits and shared risks among related entities; attracting both direct and indirect capital, both in the State and private sectors.

The Prime Minister noted that business activities should be liberalized but with a roadmap suitable for the economy; all types of licenses should be eliminated after planning, standards, and regulations have been established and post-inspection should be strengthened; the center should be operated according to market mechanisms, respecting the laws of competition, supply and demand, and the law of value, with unified management by the State under the leadership of the Party; and a specialized court should be established at the center.

CINNAMON

Source: https://baodanang.vn/kinhte/202505/phat-trien-trung-tam-tai-chinh-quoc-te-de-bo-sung-nguon-luc-tai-chinh-cho-hai-muc-tieu-100-nam-4006845/