Prime Minister Pham Minh Chinh: Need special, outstanding policies to build an international financial center in Vietnam

The first meeting of the Steering Committee on Regional and International Financial Centers. Photo: Duong Giang/VNA

Attending the meeting were: Permanent Deputy Prime Minister Nguyen Hoa Binh; Deputy Prime Ministers Ho Duc Phoc and Nguyen Chi Dung; leaders of relevant ministries and branches and leaders of Da Nang City and Ho Chi Minh City who are members of the Steering Committee.

Immediately after its establishment, the Steering Committee conducted research; coordinated with agencies of the National Assembly to develop and promulgate legal documents on the International Financial Center to submit to the National Assembly; developed guiding decrees and action plans to implement the construction of the International Financial Center.

Prime Minister Pham Minh Chinh chairs the first meeting of the Steering Committee on Regional and International Financial Centers. Photo: Duong Giang/VNA

The Steering Committee has developed a project framework; sought opinions from ministries, branches and localities; organized workshops, consulted with experts, international organizations, financial institutions, law firms, consulting and auditing companies... and organized a working group to learn from the experience of developing financial centers in a number of countries. On that basis, the dossiers and documents were completed and submitted to competent authorities for consideration.

Ho Chi Minh City and Da Nang actively and proactively prepare resources for infrastructure development investment, allocate land area and resources, promote work with investors and large and potential financial institutions to consult on policies as well as call for investment.

At the meeting, the Steering Committee discussed and gave opinions on the development of the National Assembly's Resolution on the international financial center in Vietnam. In particular, delegates discussed the strategic positioning of Vietnam's international financial center compared to financial centers in the region; the issue of capital account and foreign exchange liberalization; the common law system in the international financial center; the legal system, conditions, and international standards in the international financial center; the management structure of the financial center, etc.

Prime Minister Pham Minh Chinh chairs the first meeting of the Steering Committee on Regional and International Financial Centers. Photo: Duong Giang/VNA

Concluding the conference, stating that the construction of an international financial center is a difficult and new issue for Vietnam, the Prime Minister requested the Steering Committee and relevant ministries, branches and localities to closely follow the conclusions of the Politburo and the instructions of General Secretary To Lam on this issue; continue to complete documents and projects, and at the same time provide further explanations on the contents that need to be clarified.

In that spirit, the Prime Minister requested to propose building an international financial center model suitable to the situation and development conditions of Vietnam; building independent, specific, special, outstanding, and competitive policy mechanisms; strengthening public-private cooperation, attracting and using resources from businesses and people; building an advanced and modern financial center, enhancing digitalization; organizing operations and managing intelligently, with scientific and technological solutions; having high-quality human resources...

Specifying the roadmap for piloting an international financial center with a duration of 5 years or more, the Prime Minister requested consideration of building 1-2 financial centers that operate in accordance with Vietnamese law, conditions, standards, and international law; ensuring open policies, smooth infrastructure, smart governance, security, and safety; having an independent monitoring mechanism, with a reasonable and effective structure; clearly defining the resolution of disputes, if any...

Prime Minister Pham Minh Chinh assigned Deputy Prime Minister Nguyen Hoa Binh to direct the construction of an international financial center in Vietnam, while noting that the competent authorities must clearly define the authority in the implementation, especially in handling arising issues that are not yet covered by law or have been overcome in practice during the pilot period; along with completing documents to submit to the Politburo, the National Assembly, ministries, branches, and relevant agencies according to their functions, tasks, and powers to draft decrees guiding the implementation.

VNA

Source: https://daibieunhandan.vn/thu-tuong-pham-minh-chinh-can-chinh-sach-dac-thu-vuot-troi-xay-dung-trung-tam-tai-chinh-quoc-te-tai-viet-nam-post409249.html