Prime Minister: Building an international financial center 'must be sure and successful'

Prime Minister Pham Minh Chinh stated that to achieve double-digit growth, capital is needed, while we are lacking capital, so we must build and develop an international financial center to supplement financial resources for the two 100-year goals - Photo: VGP/Nhat Bac

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

At the meeting, delegates continued to give their opinions on the draft Resolution of the National Assembly - this is the 29th draft after many amendments and supplements.

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.

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

The Prime Minister stated that to achieve the set goals of building an international financial center, the legal environment must be competitive, transparent, progressive, and open; infrastructure must be modern, advanced, and smooth; human resources must be professional and of high quality; and governance must be smart, modern, and appropriate - Photo: VGP/Nhat Bac

At the meeting, delegates discussed related issues, such as: The goal of building an international financial center; the 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; the application of international institutions and practices; the issue of liberalizing foreign exchange and banking activities; dispute resolution according to international standards, etc.

In his concluding remarks, Prime Minister Pham Minh Chinh highly appreciated the preparation of the agency in charge of drafting the draft, the dedicated, responsible and quality opinions; requested to absorb the maximum opinions, continue to perfect the draft Resolution one step further.

The spirit is to learn from experience while doing, gradually expand, not be too perfectionist, not hasty, look far and wide, think deeply and do big things; if you do something, you must succeed, you must win, do it with certainty, if you do something, you must be certain, if you are certain, you must win, if you win, you must be sustainable, bringing benefits to the nation, people, happiness and prosperity to the people.

The Prime Minister stated that it is especially necessary to ensure property rights, freedom and creativity in business, freedom of movement, convenient entry and exit, favorable visa policies for those who need encouragement, and create a superior, convenient and safe living environment - Photo: VGP/Nhat Bac

The Prime Minister stated that we have set two 100-year goals (by 2030, to be a developing country with modern industry and high average income; by 2045, to become a developed country with high income); to achieve these, we must have double-digit economic growth, create a favorable environment, internal and external stability, create momentum, create force, create conditions for rapid, sustainable, stable development to develop, develop to stabilize.

To achieve double-digit growth, capital is needed, while we are lacking capital, so we must build and develop an international financial center to supplement financial resources for the two 100-year goals.

The Prime Minister stated that in order to achieve the set goals of building an international financial center, the legal environment must be competitive, transparent, progressive, and open; the infrastructure must be modern, advanced, and smooth, meeting development requirements, in line with world trends and specific conditions and circumstances in Vietnam; human resources must be professional and of high quality; there must be necessary conditions to operate the center; and management must be smart, modern, and appropriate.

The Prime Minister stated that all of these points must be superior to existing financial centers in the region and the world; especially ensuring property rights, ensuring freedom and creativity in business, freedom of movement, convenient entry and exit, having favorable visa policies for those who need encouragement, creating a superior, convenient and safe living environment.

The goals are to attract capital for rapid, green, and sustainable national development, especially medium- and long-term capital; create a business environment for investors, establish and provide modern financial services to the world; develop digital currencies in line with the general development trend and Vietnam's conditions; ensure free circulation of capital flows and legal profits in accordance with international practices and Vietnam's conditions, and at the same time prevent exploitation and manipulation of Vietnam's resources abroad in violation of regulations.

The Prime Minister noted that liberalizing business activities must have a roadmap suitable for the economy - Photo: VGP/Nhat Bac

The Prime Minister emphasized that this is a free and beneficial playground, but with harmonious benefits and shared risks among related entities; attracting both direct and indirect capital, both in the State and private sectors.

The Prime Minister noted that business activities should be liberalized but with a roadmap suitable for the economy; all types of licenses should be eliminated after planning, standards, and regulations have been established and post-inspection should be strengthened; the center should be operated according to market mechanisms, respecting the laws of competition, supply and demand, and the law of value, with unified management by the State under the leadership of the Party; and a specialized court should be established at the center.

Ha Van

Source: https://baochinhphu.vn/thu-tuong-xay-dung-trung-tam-tai-chinh-quoc-te-da-lam-phai-chac-phai-thang-102250522200809674.htm