Maximize the absorption of comments related to the construction and development of an international financial center.

(Chinhphu.vn) - Deputy Prime Minister Nguyen Hoa Binh requested the Ministry of Finance and relevant ministries and branches to fully absorb the comments and recommendations of delegates attending the conference to supplement and perfect the draft Resolution of the National Assembly as well as absorb them in the process of building a system of Government decrees related to the construction and development of international financial centers in Vietnam.

Deputy Prime Minister Nguyen Hoa Binh chairs a meeting on building an international financial center in Vietnam - Photo: VGP/Nguyen Hoang

This morning (April 28), at the Government Headquarters, Permanent Deputy Prime Minister Nguyen Hoa Binh chaired a meeting with leaders of a number of ministries, branches, functional units; financial institutions, banks, investment funds, international investors... on building an international financial center in Vietnam.

Following a series of events, conferences, workshops, and consultation activities with international financial organizations and experts in building a breakthrough policy mechanism for an international financial center in Vietnam, this Conference aims to continue to exchange, listen and receive consultation opinions and recommendations from international organizations, financial institutions, investors, and prestigious domestic and foreign experts on the draft Resolution of the National Assembly on an international financial center in Vietnam.

Speaking at the opening of the Conference, Deputy Prime Minister Nguyen Hoa Binh said that the Party and State of Vietnam have made an important decision on the implementation of the construction and development of an international financial center in Vietnam. Implementing this direction and policy, in recent times, the Government has made great efforts and resolutely implemented the task, conducted many research activities, developed reports, projects and drafts, including the draft Resolution of the National Assembly on the international financial center in Vietnam. If there are no changes, this Resolution will be considered by the National Assembly at the 9th session opening in early May to create a legal corridor for the construction and development of an international financial center in Vietnam.

Deputy Prime Minister Nguyen Hoa Binh proposed to fully absorb comments and suggestions related to the construction and development of an international financial center - Photo: VGP/Nguyen Hoang

During the process of building and perfecting, the draft Resolution of the National Assembly has received very practical and enthusiastic support and contributions from many experts, scientists, financial institutions, international organizations, domestic and foreign investors... through many conferences and seminars... and has extensively consulted international experience from the world's leading international financial centers. And to continue perfecting the draft Resolution to be submitted to the National Assembly, the Government hopes to continue receiving comments from experts, scientists, financial institutions, investment funds, domestic and foreign investors... at this Conference, ensuring that the draft Resolution of the National Assembly is completed with the best quality, creating an important legal basis for the construction and development of an international financial center in Vietnam approaching the level and common practices of the world.

At the Conference, experts, scientists, financial institutions, international investment funds, domestic and foreign investors, etc. made comments and assessments of the policies in the draft Resolution of the National Assembly compared to policies on international financial centers in other countries; made many comments on specific policy mechanisms; financial products provided in international financial centers; foreign exchange policies, land policies, dispute settlement, etc.

Opinions affirmed that, after many additions and improvements, the draft Resolution of the National Assembly on the international financial center in Vietnam has made great strides up to now, in line with international practices and standards on the construction, operation and development of a modern international financial center such as issues of language used, applicable subjects, preferential tariff policies, foreign exchange management, labor, supervision mechanism, principles of organization of activities, responsibilities of authorities at all levels towards the international financial center, etc.

"The Draft Resolution has really made great strides in accordance with international practices, approaching international practices. This is an important legal framework for the process of forming, operating and developing an international financial center in Vietnam according to international standards and practices with outstanding and breakthrough policies, using English, having its own arbitration mechanism, attractive tax incentives, modern asset management...", the representative of Temasek Investment Fund assessed and suggested that the draft should continue to supplement stricter regulations on information security of organizations and individual investors as well as regulations on international dispute resolution at the financial center.

Representatives of Standard Chartered Bank, ADB, HSBC, SSI Fund, JICA representative... hope that the draft Resolution needs to clarify more regulations on anti-money laundering, the application of laws at international financial centers (Article 6) in the correlation between Vietnamese law and foreign law according to international practice; have more flexibility in regulations on registration, recognition and termination of membership (Article 11); develop high-quality human resources in the management and operation of international financial centers; organize the activities of international arbitration in handling and resolving international disputes; mechanisms to promote and call for investment, risk management, especially risks related to: Market, insurance, commodity derivatives, information; the application of international accounting standards; investment consulting work at international financial centers;...

Photo: VGP/Nguyen Hoang

Thanking the enthusiastic and good-willed comments of international organizations, financial institutions, investors, and prestigious domestic and foreign experts, Deputy Prime Minister Nguyen Hoa Binh said that the contents discussed at the Conference were extremely practical and useful.

The delegates have carefully studied the documents; especially many delegates are representatives of foreign enterprises and international organizations that have been operating, working, investing and doing business in Vietnam for a long time, so they are very knowledgeable about the law and the investment and business environment in Vietnam.

The opinions of the delegates highly appreciated the preparation process for building an international financial center in Vietnam in general and the Resolution of the National Assembly on this content in particular; expressed basic agreement with the contents stipulated in the draft Resolution and had very positive assessments of the proposed policies and groups of policies, saying that they are both consistent with Vietnam's policies and approaching international standards, highly attractive to international investors, such as tax issues, other outstanding and outstanding policies in attracting investment, accounting regime, investment procedures, etc.

However, Permanent Deputy Prime Minister Nguyen Hoa Binh also emphasized that in the process of building, supplementing and perfecting the draft Resolution, although efforts were made to achieve outstanding and maximally attractive policies, there were still contents that needed to be further perfected. These issues were also mentioned quite clearly by the delegates and there were specific recommendations; many issues that needed further perfection could not be fully regulated in the Resolution of the National Assembly.

According to the Permanent Deputy Prime Minister, the National Assembly Resolution on the international financial center in Vietnam has the legal status of a law, but amending and supplementing a National Assembly resolution is simpler than a law; the provisions in the Resolution are framework issues, issues of principle. From the Resolution, it is expected that more than 20 groups of issues will be specified and specifically regulated in the Government's decrees issued after the Resolution is passed by the National Assembly.

Deputy Prime Minister Nguyen Hoa Binh hopes that international organizations, financial institutions, investors, and prestigious experts at home and abroad will continue to contribute opinions on policy issues regarding the construction of an international financial center in Vietnam.

"Your comments are not only for the process of building the National Assembly's draft Resolution but also for the process of building the system of Government decrees so that Vietnam not only has a good Resolution but also a good system of decrees on international financial centers," the First Deputy Prime Minister emphasized and requested the Ministry of Finance and relevant ministries and branches to fully absorb the comments and recommendations of the delegates attending the conference to supplement and perfect the National Assembly's draft Resolution as well as absorb them in the process of building the system of Government decrees related to the construction and development of international financial centers in Vietnam.

"You have invested and done business very successfully in Vietnam. I hope that foreign investors will continue to expand their scope of operations and hope that with the establishment of an international financial center in Vietnam, you will be the first members present in this market to invest. The Vietnamese Government is committed to always accompanying businesses, creating the most favorable conditions for businesses to expand their investment in international financial centers in Vietnam as well as invest in other ecosystems that businesses are interested in," said Deputy Prime Minister Nguyen Hoa Binh.

Nguyen Hoang

Source: https://baochinhphu.vn/tiep-thu-toi-da-cac-y-kien-gop-y-lien-quan-den-xay-dung-va-phat-trien-trung-tam-tai-chinh-quoc-te-102250428120439632.htm