Early formation of regional and international financial center in Vietnam

Deputy Prime Minister Nguyen Hoa Binh emphasized that the construction of regional and international financial centers in Vietnam has a very important meaning and role, and is one of the major political decisions to prepare for a new era, an era of national development - Photo: VGP/Nguyen Hoang

This morning (December 17), Deputy Prime Minister Nguyen Hoa Binh chaired a meeting with leaders of ministries, functional agencies, and localities (Ho Chi Minh City and Da Nang ) on ​​the action plan to implement the Politburo's Conclusion on building a regional and international financial center (TTTC) in Vietnam.

Reporting at the meeting, Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc said that, implementing the direction of the Politburo (Notice No. 47-TB/TW dated November 15, 2024 of the Central Party Office on the conclusion of the Politburo on the construction of regional and international financial centers in Vietnam) and the Government leadership, on the basis of the content of the Project on the establishment of regional and international financial centers in Vietnam approved by the Politburo, the Ministry of Planning and Investment has coordinated with relevant agencies, localities and partners to implement a number of tasks as directed, including submitting to the Government leadership: Draft Action Plan on the construction of regional and international financial centers in Vietnam; draft Decision of the Prime Minister to establish the Steering Committee on regional and international financial centers and the Working Regulations of the Steering Committee.

At the same time, continue to study international experience, consult with domestic and foreign experts and organizations with experience in consulting on TTTC development (Tony Blair Institute, TheCityUK...) to connect organizations and potential investors to prepare to implement assigned tasks.

The Deputy Prime Minister stated: We must do a good job of preparing human resources for the IT sector. Domestic human resources must have a specific training plan, be sent to study and practice; foreign human resources must have a mechanism to attract and invite; we must ensure that when they start working, we have an immediate apparatus - Photo: VGP/Nguyen Hoang

There must be superior mechanisms and policies.

According to the plan, the international financial center will be established in Ho Chi Minh City and the regional financial center will be established in Da Nang.

Speaking at the meeting, leaders of ministries and branches contributed specific opinions on the tasks of preparing and implementing the Politburo's Conclusion on building regional and international financial centers in Vietnam; affirming that the requirement is to ensure drastic, effective, synchronous, comprehensive and consistent implementation of the guiding viewpoints, goals and contents of the Project on building regional and international financial centers in Vietnam, which was approved by the Politburo in principle in Notice No. 47 in the spirit of strong innovation for breakthroughs.

At the same time, it is necessary to clearly identify the tasks, solutions, key activities, presiding agencies, coordinating agencies associated with expected output products and specific completion time; request the leaders of the People's Committees of Ho Chi Minh City and Da Nang to develop an action plan, focusing on institutionalizing solutions, models, and policies applied to build regional and international financial centers in Vietnam.

Chairman of the Ho Chi Minh City People's Committee Phan Van Mai and Secretary of the Da Nang City Party Committee Nguyen Van Quang expressed their high agreement with the draft action plan to implement the Politburo's Conclusion on building regional and international financial centers in Vietnam; affirmed that the two cities have been preparing conditions and are ready for the establishment of regional and international financial centers, including careful preparation, focusing on research on policy mechanisms; researching the establishment of related organizations; determining infrastructure investment tasks; developing human resource training plans; organizing international experience study groups...

Minister of Planning and Investment Nguyen Chi Dung emphasized that in our country, the construction of regional and international financial markets is a new, difficult and unprecedented issue, but local ministries and branches have been very proactive, determined and made efforts to implement it; clearly stating that the implementation of the construction of regional and international financial markets needs to be carried out in the spirit of not being perfectionist, not hasty but very drastic and urgent; there must be outstanding mechanisms and policies; clearly stating that "mechanisms and policies must be what people need, not what we have" so it is necessary to go through consulting and connection activities to know what information investors need, thereby building appropriate and feasible mechanisms and policies.

Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc reports at the meeting – Photo: VGP/Nguyen Hoang

A strong 'boost' for the economy

Concluding the meeting, Deputy Prime Minister Nguyen Hoa Binh emphasized that the establishment of a regional and international financial market in Vietnam is of great significance and importance, and is one of the major political decisions to prepare for a new era, an era of national development; creating new mechanisms and resources, which is a strong "push" for the economy. Therefore, the spirit is that we must work urgently, resolutely, substantially and effectively to soon form a regional and international financial market in Vietnam.

Welcoming the Ministry of Planning and Investment for actively implementing the Politburo's Conclusion on building regional and international financial markets in Vietnam with a system of carefully prepared, thoughtful and high-quality draft documents, and welcoming the ministries, branches and localities attending the meeting for speaking out and clearly expressing their opinions and responsibilities for the important tasks of the country, the Permanent Deputy Prime Minister requested the Ministry of Planning and Investment to absorb the comments to complete the Plan and related documents in implementing the Politburo's Conclusion on building regional and international financial markets in Vietnam.

“We must seriously implement the Politburo’s Conclusion, this is our responsibility and duty; we must be very quick, decisive, urgent, not perfectionist but as mature as possible. We have the advantage of being a latecomer, what we do not have experience with, we can learn and understand from major financial centers in the region and the world,” said the Deputy Prime Minister.

Leaders of ministries and branches have contributed specific opinions on the tasks of preparing and implementing the Politburo's Conclusion on building regional and international financial centers in Vietnam - Photo: VGP/Nguyen Hoang

Regarding tasks and solutions, Deputy Prime Minister Nguyen Hoa Binh agreed with the proposal to establish an inter-sectoral Steering Committee on TTTC to direct orientation, strategy, and coordination to ensure smooth and consistent operation in accordance with the direction of the Politburo, especially in the stage of building mechanisms and policies; at the same time, he also agreed with the proposal to establish a Working Group on building TTTC in Ho Chi Minh City and Da Nang City to lead and direct the establishment and operation of TTTC.

It is recommended to focus on building and perfecting institutions and policies on financial information, including draft Resolutions of the National Assembly on financial information, draft documents regulating and guiding the implementation of Resolutions of the National Assembly on financial information...

Pay attention to arranging and mobilizing resources to build infrastructure and develop TTTC; prepare and train human resources in the state apparatus to serve the management and operation of TTTC.

The Deputy Prime Minister requested to prepare and carry out well the communication and promotion work to call for investment, create social consensus among all levels, sectors and agencies on the establishment of TTTC; step up communication, promotion and introduction of TTTC in calling for and attracting investment - Photo: VGP/Nguyen Hoang

Deputy Prime Minister Nguyen Hoa Binh stated: “We must do a good job of preparing human resources for the IT sector. Domestic human resources must have a specific training plan, sending them to study and practice; foreign human resources must have a mechanism to attract and invite them; we must ensure that when they start working, we have an immediate apparatus.”

At the same time, it is necessary to prepare and carry out well the communication and promotion work to call for investment, create social consensus among all levels, sectors and agencies on the establishment of regional and international financial centers in Vietnam; promote communication, promotion and introduction of regional and international financial centers in Vietnam in calling for and attracting investment.

At the meeting, Deputy Prime Minister Nguyen Hoa Binh also gave specific comments on the draft Action Plan on tasks and solutions for building a digital economy in Vietnam, the implementation roadmap, and assignment of tasks to relevant ministries, branches, and agencies; and commented on the draft Decisions of the Prime Minister on the establishment of the Steering Committee on Digital Economy and the Steering Committee's operating regulations.

Source: https://baotainguyenmoitruong.vn/som-hinh-thanh-trung-tam-tai-chinh-khu-vuc-va-quoc-te-tai-viet-nam-384615.html