Prime Minister: The International Financial Center must be put into operation in November.

trung tâm tài chính - Ảnh 1. — The conference was connected online with connecting points in the UK, Czech Republic, Hong Kong (China), and Indonesia - Photo: VGP

According to the report of the Ministry of Finance , with the model of "one center, two destinations", the Government plans to establish an international financial center, located in Ho Chi Minh City and Da Nang.

Ho Chi Minh City will be a large-scale financial hub, strongly developing the stock market, bonds, banking, fund management, and listing services.

Da Nang will focus on developing financial services related to logistics, maritime, free trade and industrial- agricultural supply chains.

Establishment of two executive bodies

According to Minister of Finance Nguyen Van Thang, the decree creates a legal framework that is both innovative and competitive, yet stable and consistent, capable of establishing and operating an international financial center successfully and sustainably.

Vietnam wishes to selectively learn and inherit experiences from previous models while still ensuring the independence, sovereignty and uniqueness of the country. Regarding the organizational model of the executive agency and the supervisory agency of the International Financial Center, the Ministry of Finance is studying and proposing four options.

Considering this a difficult task that Vietnam has never done before, the Prime Minister said that with the spirit of "no matter how close, if you don't go, you won't get there, no matter how far, if you go, you will get there", we need to make every effort, work with focus, key points, and determination to do it.

From the opinions, Vietnam will choose the best option to build and perfect the legal corridor.

It is necessary to closely coordinate domestically and internationally, strengthen effective cooperation between domestic enterprises, international financial institutions and Vietnamese state agencies; combine finance, trade and investment, link national strength with the world; comply with international laws and practices, and apply them flexibly and creatively.

Giving specific directions, the Prime Minister said that two executive agencies will be established in two localities, but one will be a joint supervisory agency, and one court will be established to resolve disputes.

The center operates on the basis of digitalization, artificial intelligence (AI), is highly competitive and attracts development resources. People must be professional, including domestic and foreign experts to absorb the quintessence and international intelligence but be nationalized.

To attract experts, it is necessary to have the most favorable and competitive mechanisms and policies, creating a harmonious ecosystem between people, society and nature; the two cities need to maximize and create favorable living conditions in terms of transportation, living, education, healthcare, culture, sports, etc.

trung tâm tài chính - Ảnh 2. — Prime Minister Pham Minh Chinh - Photo: VGP

Flexible licensing for financial and non-financial services

Along with that, linking between banking, financial and other agencies to contribute to promoting these centers. Financial and non-financial service agencies need to grant flexible licenses, mainly post-control, reducing pre-control.

The legal framework must be transparent, autonomous, with certain preferential mechanisms and policies. In the process of forming and developing the center, technology must be transferred, and people must be considered the decisive factor. One-stop administrative procedures, one stamp, one person, removing unnecessary barriers and administrative procedures.

Ho Chi Minh City and Da Nang need to prepare necessary conditions, issue and publicly announce specific policies and regulations within their authority; must be urgent, public and transparent to create momentum, force and spirit; promote the strength of the two cities in combination with the strength of the whole country.

With the foundation of science and technology, innovation must be the main foundations; must dare to think, dare to do, dare to rise up and must have resources with the spirit of "resources originate from thinking and vision, motivation originates from innovation and creativity, strength originates from people and businesses".

The Prime Minister requested the agencies assigned to draft the decree to continue updating and soon complete the draft decree on the International Financial Center in Vietnam, submit it to the Government for approval in the coming days, and make efforts to put the International Financial Center into operation this November.

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Source: https://tuoitre.vn/thu-tuong-trong-thang-11-phai-dua-trung-tam-tai-chinh-quoc-te-vao-hoat-dong-20251101131931867.htm