Creating a groundbreaking legal framework to operate an international financial center

(Dan Tri) - The Prime Minister noted the principle of acceleration, breakthrough, creativity, and efficiency with the goal of creating a breakthrough, competitive, stable, consistent legal framework capable of successfully operating the Development Center.

On the morning of November 4, Prime Minister Pham Minh Chinh chaired a special Government meeting on decrees guiding the implementation of Resolution No. 222 of the National Assembly on the international financial center in Vietnam.

Prime Minister Pham Minh Chinh emphasized that Vietnam is building an independent and self-reliant economy associated with deep, substantive and effective international integration according to the Resolution of the 13th National Party Congress.

In particular, building an international financial center is an issue identified by the Party and State as one of the institutional breakthroughs, an important policy decision to liberate resources, promote growth model transformation associated with economic restructuring, attract foreign resources, and contribute to improving national productivity, efficiency and competitiveness.

After a period of preparation, at the 9th Session, the 15th National Assembly passed Resolution No. 222 on the International Financial Center in Vietnam with many specific mechanisms and policies. The Prime Minister established a Steering Committee to focus on leadership, direction, time, resources, and create the best conditions to put the International Financial Center in Vietnam into operation.

The Government and the Prime Minister have organized many meetings and directed the consultation of international experiences. In particular, recently the Government organized a Conference on the establishment of an International Financial Center in Vietnam to listen to the opinions of domestic and foreign experts, scientists, and representatives of international organizations on the improvement of institutions, mechanisms, and policies, especially to directly contribute to the draft Decree on the establishment of an International Financial Center in Vietnam.

The Prime Minister requested that at the meeting, delegates focus on reviewing the contents with different opinions and new issues that need more detailed discussion to facilitate the implementation process (Photo: VGP).

The Head of Government commended the ministries and branches for their efforts in drafting the Decrees according to their assigned tasks to guide the National Assembly's Resolution No. 222. The Prime Minister requested that at the meeting, delegates focus on reviewing the contents with different opinions and new issues that need further discussion to facilitate the implementation process.

Accordingly, an international financial center will be established in Vietnam following the model of "1 center, 2 destinations"; the management, operation, supervision apparatus and the functions and powers of the agencies in the center will be organized to ensure streamlining, effectiveness and efficiency.

Along with that are preferential and superior mechanisms and policies on finance, currency, banking, labor, employment, social security, land, environment, and trade to operate the International Financial Center according to international practices; the institution must be open, truly a national competitive advantage to attract investors and human resources.

The Prime Minister pointed out that building mechanisms and policies, establishing and operating an international financial center in Vietnam is a new and difficult task.

Therefore, the Government leader requires "not to be perfectionist, not to be hasty but not to miss opportunities"; to carry out with high determination, great effort, drastic action, work with focus, key points, and complete each task with the spirit of "Party leadership, Government unity, National Assembly consensus, people support, international friends help; then only discuss action, not retreat".

The Head of Government noted that the principle is to accelerate, break through, be creative, and be effective. Urgent work should not be delayed, with the goal of creating a breakthrough, competitive, stable, consistent legal framework capable of operating the Center for successful and sustainable development; creating solid confidence for investors and international financial institutions right from the start.

The Prime Minister requested that Government members focus their intelligence, continue the spirit of innovation in thinking about law-making; present reports and speeches concisely, clearly, and directly to the point; focus on discussing important and major issues with different opinions in the decrees; and ensure the progress, quality, and effectiveness of the Session.

Source: https://dantri.com.vn/kinh-doanh/tao-khung-kho-phap-ly-dot-pha-de-van-hanh-trung-tam-tai-chinh-quoc-te-20251104112323966.htm