At the meeting, the Steering Committee reviewed the implementation of the Politburo 's conclusions and directives on the International Financial Center; the plan for the construction, operation, and development of the International Financial Center in Ho Chi Minh City and Da Nang; the specific policy mechanisms, the working regulations of the Executive Council, and the operating regulations of the International Financial Center in Vietnam.
Concluding the session, Prime Minister Pham Minh Chinh emphasized that the construction of an international financial center is a new undertaking, but with the motto "not striving for perfection, not rushing, not missing opportunities," and "learning from experience as we go, gradually expanding," the Government, ministries, sectors, and localities have made efforts to implement it, achieving some important initial results.
This includes submitting a report to the Politburo for conclusions and directives on the establishment of an international financial center in Vietnam; submitting to the National Assembly for approval Resolution No. 222/2025/QH15 on the international financial center in Vietnam; drafting and submitting to the Government for promulgation eight decrees guiding Resolution No. 222/2025/QH15 on the international financial center in Vietnam; consulting international best practices, developing an organizational and operational model, and initially forming the Central Executive Council for the international financial center and executive bodies in two cities.
Ho Chi Minh City and Da Nang have made efforts to prepare the personnel, facilities, headquarters, and other operating conditions for the International Financial Center.
In addition, the Prime Minister pointed out challenges such as: competition among financial centers in the region and internationally; high-quality human resources; mechanisms for attracting international experts and financial and technological personnel; urban infrastructure, services, and living and working spaces that meet international standards still need more specific plans and clearer resources; and some risk management, compliance control, data sharing, and monitoring mechanisms according to international standards need to be designed in a coordinated manner.
The head of government emphasized that the core issue for an international financial center to succeed is its credibility, trustworthiness, stability, and predictability. Therefore, all policies must be transparent and consistent; processes must be standardized; individual responsibilities must be clear; matters must be handled quickly but correctly; openness must be controlled; and innovation must be encouraged without compromising system security.
In the coming period, the Prime Minister requests the urgent development and submission to the Government of a Decree on the specific mechanisms and policies for the operation of the International Finance Center's Executive Council; and the development and promulgation of the International Finance Center's operational regulations and the working regulations of the International Finance Center's Executive Council.
The two cities must develop a Strategy for the Development of an International Financial Center by 2035, with a vision to 2045, ensuring it is consistent with current conditions and trends, feasible, and effective; continue preparing the planning, infrastructure, personnel, and facilities to support the operation of the International Financial Center's Executive Council; and organize activities to promote and exchange international experiences.
Setting the goal of launching the International Financial Center in Ho Chi Minh City no later than February 9th, along with the launch of the International Arbitration Center and specialized courts, the Prime Minister emphasized the principle of making institutional reform a breakthrough, considering it the core competitive advantage. Accordingly, the institutions must be superior, distinctive, and in line with international practices; while also being suitable for Vietnam's conditions, ensuring sovereignty, financial security, and data safety.
In the context of intense competition among regional and global financial centers, the Prime Minister emphasized that the mechanism must be sufficiently differentiated, attractive, and transparent; implementation must be decisive, disciplined, and professional; risk management must be rigorous, but procedures must be streamlined and efficient; ensuring the principle of harmonizing interests and sharing risks; and guaranteeing macroeconomic stability and the safety of the financial system, preventing the formation of "low-lying areas" in management or loopholes for money laundering and terrorist financing.
Emphasizing the importance of people as the central focus, the subject, the goal, and the driving force, the Prime Minister stated that to have an international financial center, it is essential to first have a team of qualified administrators, managers, experts, and financial, technological, legal, and auditing personnel with professional ethics and discipline; and to base it on infrastructure, including transportation, electricity, water, digital infrastructure, data, cybersecurity, data centers, trading platforms, identification, authentication, and information sharing.
Directing that markets and products should be the benchmarks, Prime Minister Pham Minh Chinh clearly stated that the International Financial Center must be able to answer questions such as: which institutions, products, markets, and customers it attracts; what value it creates for the economy; what contribution it makes to growth and employment; and what ripple effects it has on other sectors.
The Prime Minister emphasized the need for clear and complementary roles between the international financial centers in Ho Chi Minh City and Da Nang, avoiding internal competition, overlap, and fragmentation. Accordingly, the central government will unify the direction; the localities will proactively implement; and there will be close coordination, data sharing, resource sharing, and lesson sharing.
Ho Chi Minh City and Da Nang, along with urgently reviewing and arranging infrastructure, human resources, technological platforms, financial ecosystems, and support to attract large investors and corporations from around the world; strengthening exchanges, continuing to maintain and expand cooperation with domestic and international partners, including other financial centers; and promoting investment from corporations and investors in the financial sector towards developing new financial services and products with unique and superior strengths of Vietnam. Through this, we will build an ecosystem, transforming our financial centers into indispensable links in the global financial network.
Ministries, departments, and the two cities need to continue exchanging information, promoting, and attracting international partners such as financial organizations, institutions, investment funds, and large, reputable businesses with global influence to leverage financial resources, human resources, governance models, and financial experience; and connect large, potential investors to participate in the financial center in Vietnam.
Reiterating the motto "Breakthrough thinking - Decisive action - Substantive results," the Prime Minister requested the Steering Committee to continue its efforts to build a modern, transparent, and efficient international financial center in Vietnam – a place where Vietnam affirms its stature, capabilities, and role in the global financial network.
With high determination, great efforts, the concerted and decisive involvement of the entire political system, the support and participation of international friends, and the efforts of the Steering Committee, the Prime Minister is confident that Vietnam will achieve success in building and developing a financial center, gradually realizing the goal of becoming a global-class financial center; contributing to the goal of double-digit growth in the coming period, building a rich, strong, and prosperous country in the new era.
Source: https://hanoimoi.vn/thu-tuong-pham-minh-chinh-xay-dung-trung-tam-tai-chinh-quoc-te-voi-tu-duy-dot-pha-hanh-dong-quyet-liet-ket-qua-thuc-chat-730342.html
Comment (0)