Prime Minister: Policy on financial centers must closely follow international practices but be more competitive

(Chinhphu.vn) - On the morning of November 4, Prime Minister Pham Minh Chinh chaired a special Government meeting on Decrees guiding the implementation of Resolution No. 222/2025/QH15 of the National Assembly on the International Financial Center in Vietnam.

The Prime Minister stated that the decrees need to closely follow the situation in Vietnam to build appropriate and effective policies; closely follow the resolutions, conclusions and directions of the Central Committee, the Politburo and the National Assembly - Photo: VGP/Nhat Bac

Also attending were Deputy Prime Ministers; Ministers, Heads of ministerial-level agencies, Government agencies; leaders of ministries, branches, central agencies; leaders of Ho Chi Minh City and Da Nang.

At the 9th Session, the National Assembly passed Resolution No. 222 on the International Financial Center in Vietnam. Subsequently, the Government established a Steering Committee; organized many meetings, and directed the consultation of international experience on the establishment of an International Financial Center in Vietnam. Ministries and branches have drafted 8 Government decrees guiding the implementation of Resolution No. 222.

Permanent Deputy Prime Minister Nguyen Hoa Binh speaks at the meeting - Photo: VGP/Nhat Bac

Deputy Prime Minister Ho Duc Phoc speaks at the meeting - Photo: VGP/Nhat Bac

After a morning of urgent, serious and responsible work, the Government reviewed and commented on 8 Decrees guiding the implementation of Resolution No. 222/2025/QH15 of the National Assembly on the International Financial Center in Vietnam, including: (1) Decree regulating labor, employment and social security in the International Financial Center in Vietnam; (2) Decree regulating land and environmental policies in the International Financial Center in Vietnam; (3) Decree regulating the International Arbitration Center under the International Financial Center in Vietnam; (4) Decree on the establishment of the International Financial Center in Vietnam; (5) Decree on financial policies in the International Financial Center in Vietnam; (6) Decree regulating the licensing of the establishment and operation of banks, foreign exchange management, anti-money laundering, anti-terrorism financing, anti-proliferation of weapons of mass destruction at the International Financial Center in Vietnam; (7) Decree regulating the establishment and operation of Commodity Exchanges and the purchase and sale of goods and services in the International Financial Center in Vietnam; (8) Decree regulating the entry, exit and residence policies of foreigners at the International Financial Center in Vietnam.

Deputy Prime Minister Tran Hong Ha speaks at the meeting - Photo: VGP/Nhat Bac

Deputy Prime Minister Nguyen Chi Dung speaks at the meeting - Photo: VGP/Nhat Bac

After discussing and giving specific opinions on each content, in his concluding remarks, Prime Minister Pham Minh Chinh welcomed and commended the Deputy Prime Ministers in charge of the field, the Ministers, and the Heads of ministerial-level agencies for their efforts, spending a lot of time and effort in directing and developing the decrees, basically completing the decrees after 4 months of the National Assembly issuing Resolution 222.

Deputy Prime Ministers attending the meeting (from left to right): Pham Thi Thanh Tra, Mai Van Chinh, Bui Thanh Son, Ho Duc Phoc, Nguyen Hoa Binh - Photo: VGP/Nhat Bac

After discussion, the Government members basically agreed with the contents of the decrees. In particular, the Decree on the establishment of the International Financial Center in Vietnam only stipulates the functions, tasks, powers, apparatus and personnel work.

The Prime Minister emphasized a number of important orientations such as a joint Steering Committee established by the Prime Minister, a joint executive board with two branches in two cities, a joint supervisory agency, a joint agency to resolve disputes. People and staff at the center are recruited according to international principles and practices, including both domestic and foreign human resources but with the highest quality, meeting the requirements for effective operation of the center.

Minister and Chairman of the Government Office Tran Van Son speaks at the meeting - Photo: VGP/Nhat Bac

Minister of Finance Nguyen Van Thang speaks at the meeting - Photo: VGP/Nhat Bac

Minister of Agriculture and Environment Tran Duc Thang speaks at the meeting - Photo: VGP/Nhat Bac

Regarding a number of principles, the Prime Minister stated that the decrees need to closely follow the situation in Vietnam to build appropriate and effective policies; closely follow the resolutions, conclusions and directions of the Central Committee, the Politburo and the National Assembly, concretize the Party's policies and guidelines, ensure high principles but be open, appropriate, feasible and effective; closely follow international practices but innovate to build more competitive mechanisms and policies to attract resources.

Along with that is the principle of assigning one person to be responsible and make decisions on one task; maximum decentralization and delegation of authority, coupled with resource allocation, improving implementation capacity and designing monitoring and inspection tools. Strengthening post-inspection and reducing pre-inspection, so that procedures are quick and convenient for investors. Policies must ensure breakthroughs, excellence and follow the principles of being open, public, transparent, easy to understand, easy to access, easy to do, easy to check, easy to monitor.

The Prime Minister requested Deputy Prime Ministers and Government members to carry out their work proactively, positively, creatively, and responsibly within their authority - Photo: VGP/Nhat Bac

Appreciating the enthusiastic, intelligent, responsible, practical and quality comments of the Government members, the Prime Minister assigned the Ministers and heads of ministerial-level agencies to absorb the comments at the meeting, continue to perfect the draft Decrees, and the Deputy Prime Ministers in charge of the fields to continue to direct and submit the Decrees for promulgation before November 15.

The Prime Minister requested that Cities must immediately issue mechanisms and policies within their authority, proactively prepare relevant locations and apparatus... and strive to complete by November 15 - Photo: VGP/Nhat Bac

Cities must immediately issue mechanisms and policies within their authority, proactively prepare relevant locations and apparatus, and strive to complete them by November 15. After the decrees are issued, whoever has the authority, function, and responsibility must do the work, make decisions within their authority, and report immediately if they exceed their authority.

The Prime Minister requested Deputy Prime Ministers and Government members to carry out their work proactively, positively, creatively, and responsibly within their authority, with a spirit of acceleration, breakthrough, creativity, and efficiency in the organization and implementation process.

Ha Van

Source: https://baochinhphu.vn/thu-tuong-chinh-sach-voi-trung-tam-tai-chinh-phai-bam-sat-thong-le-quoc-te-nhung-canh-tranh-hon-10225110415121533.htm