Prime Minister Pham Minh Chinh: Building an international financial center in Vietnam with outstanding conditions

Prime Minister Pham Minh Chinh chairs a meeting on the International Financial Center in Vietnam. Photo: Duong Giang/VNA

Attending the meeting were Politburo members: Permanent Deputy Prime Minister Nguyen Hoa Binh; Chairman of the Central Theoretical Council, Director of the Ho Chi Minh National Academy of Politics Nguyen Xuan Thang; Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen. Also attending were: Leaders of ministries and central agencies; leaders of Ho Chi Minh City and Da Nang City; members of the Policy Advisory Council, experts and scientists.

Implementing the direction of the Politburo, recently, the Government and the Prime Minister have directed ministries, branches and localities to actively and resolutely carry out the tasks of building an international financial center in Vietnam.

These include establishing a Steering Committee for the Regional and International Financial Center in Vietnam; developing a legal system for international financial centers; building an international financial center model suitable for Vietnam's conditions, meeting the requirements of national development in the new period; preparing hard and soft infrastructure; organizing the management and operation apparatus and human resources working in the international financial center...

In particular, ministries, branches and localities actively develop a draft Resolution of the National Assembly on the construction of an international financial center in Vietnam to submit to the Politburo for consideration and submit to the National Assembly for consideration and approval immediately at the 9th Session; at the same time, develop specialized decrees to soon build and put into operation an international financial center in Vietnam.

At the meeting, delegates discussed in depth related issues such as: Objectives of building an international financial center; model of an international financial center in Vietnam; development orientations and key areas; members, main products of the financial center; specific policies and mechanisms; infrastructure, human resources and visas; application of international institutions and practices; liberalization of foreign exchange and banking activities; dispute resolution according to international standards, etc.

Concluding the meeting, Prime Minister Pham Minh Chinh, Head of the Steering Committee, highly appreciated the enthusiastic, responsible and high-quality opinions of the delegates; requested the drafting team to fully absorb the opinions, further perfecting the draft Resolution, in the spirit of "learning from experience while doing, gradually expanding, not being perfectionist, not being hasty", "if you do something, you must be sure, if you are sure, you must win, if you win, you must be sustainable, bringing benefits to the nation, people, and businesses".

The Prime Minister emphasized that Vietnam is promoting rapid and sustainable development, striving to achieve double-digit growth in the coming time to achieve the two 100-year goals, therefore, it is necessary to maintain internal and external stability, creating a favorable environment for development. In particular, it is necessary to mobilize all resources for development, including financial resources from the International Financial Center.

On that basis, the Prime Minister requested to build an international financial center in Vietnam with a transparent and open legal environment; modern and smooth infrastructure, meeting development requirements, in line with world trends and specific conditions of Vietnam; human resources must ensure high quality and professionalism; management must be smart and modern.

“The mechanisms, policies, infrastructure, human resources, governance, etc. of the International Financial Center in Vietnam must be superior to other international financial centers,” the Prime Minister emphasized.

Specifying that the goal of building an international financial center in Vietnam is to attract medium and long-term capital, both direct and indirect, from both the public and private sectors... to serve the country's rapid and sustainable development, Prime Minister Pham Minh Chinh requested that policies must ensure property rights, freedom of business, freedom of movement of entities participating in the financial center; the living environment serving the entities must be civilized and modern.

With the view that the International Financial Center in Vietnam must be a “free, equal playground, with harmonious benefits and shared risks”, the Prime Minister said that the operation of the Financial Center must ensure respect for market institutions; capital in the Financial Center must be freely circulated; related procedures must be simple, eliminating all unnecessary sub-licenses.

Agreeing to build the Vietnam International Financial Center in Ho Chi Minh City and Da Nang, with common management but with specific characteristics, the Prime Minister requested to urgently complete reports, submissions, draft resolutions, and action programs on building the International Financial Center in Vietnam to submit to competent authorities to ensure progress and quality.

Source: https://hanoimoi.vn/thu-tuong-pham-minh-chinh-xay-dung-trung-tam-tai-chinh-quoc-te-tai-viet-nam-voi-cac-dieu-kien-vuot-troi-703188.html