Presenting the draft Resolution of the National Assembly on the International Financial Center in Vietnam at the ninth session held on the morning of June 11, Minister of Finance Nguyen Van Thang said that based on the viewpoint of building an international financial center in Vietnam to connect and complement the global and regional network of international financial centers, international financial centers were established in Ho Chi Minh City and Da Nang.
These centers will develop harmoniously, with a clear division of functions based on the advantages of each city and region, and at the same time closely linked with major financial centers in the region such as Singapore, Hong Kong (China)...
Minister of Finance Nguyen Van Thang presents the draft resolution. Photo quochoi.vn
Accordingly, the Ho Chi Minh City International Financial Center will develop the capital market associated with asset management services, fund management, insurance, stock products, bonds, fund certificates, financial derivative products...; develop the banking system, money market products... Along with that, develop a testing mechanism (sandbox) on Fintech, innovation in the financial sector; establish specialized trading floors, new trading platforms; develop regional supply chain services, logistics centers, seaport transportation, associated with the Free Trade Zone in Ba Ria - Vung Tau...
Da Nang International Financial Center focuses on developing green finance, trade finance serving small and medium enterprises, innovative enterprises, non-resident organizations and individuals (offshore financial services), cross-border trade activities associated with free trade zones, high-tech zones, open economic zones, industrial parks, etc. In addition, this is a place for controlled testing of a number of new models such as digital assets, digital currency, payment, digital money transfer; attracting investment funds, remittance funds, small and medium-sized fund management companies; promoting the development of startups providing financial solutions for consumption, tourism, trade, logistics, etc.
The draft resolution also clearly states specific policies applicable to international financial centers such as: Foreign exchange policy, banking activities; finance, capital market development; tax and financial incentives; entry, exit, residence, labor for experts, managers and investors, employment, social security; land; construction, environment; controlled testing for Fintech and innovation; incentives by sector and policies for strategic investors...
Reporting on the review of the draft resolution, Chairman of the National Assembly's Economic and Financial Committee Phan Van Mai noted a number of issues, such as the need to take advantage of the advantages of later-coming countries to select successful experiences, avoid failures, and create international competitiveness; have a reasonable and open state management mechanism, monitoring and inspection mechanism, but must ensure risk management, maintain financial security, political stability, social order and safety.
Chairman of the National Assembly's Economic and Financial Committee Phan Van Mai presents the inspection report. Photo quochoi.vn
Mr. Phan Van Mai also proposed to add to the Resolution provisions on the responsibilities of agencies, ensuring financial safety, safety of the banking system, avoiding legal abuse. In addition, the drafting committee needs to more clearly assess the effectiveness and appropriateness of tax incentives for members of the international financial center with the OECD's Global Minimum Tax regulations (as stipulated in Resolution 107/2023/QH15)...
Source: https://hanoimoi.vn/se-thanh-lap-trung-tam-tai-chinh-quoc-te-tai-thanh-pho-ho-chi-minh-va-da-nang-705207.html
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