In November, Vietnam will put the International Financial Center into operation.

Politburo member and Prime Minister Pham Minh Chinh delivered a concluding speech at the conference on the establishment of an international financial center in Vietnam. Photo: VGP/Nhat Bac

On the morning of November 1, at the Government headquarters, Politburo member and Prime Minister Pham Minh Chinh chaired a conference on the establishment of an international financial center in Vietnam. The conference was connected online with connecting points in the UK, Czech Republic, Hong Kong (China), and Indonesia.

Concluding the conference, the Prime Minister stated that this is a difficult task that Vietnam has never done before, but 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", Vietnam will choose the best option to build and perfect the legal corridor for establishing and developing an international financial center in Vietnam.

Regarding a number of specific issues, the Government has established a Joint Steering Committee on the international financial center headed by the Prime Minister, with the participation of relevant Government members.

Regarding the agencies in the Center, the Prime Minister said the orientation is to establish two executive agencies belonging to two localities, but one general supervisory agency and one court 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 essence and international wisdom that has been summarized but nationalized to Vietnamese conditions.

Delegates attending the conference. Photo: VGP

The Prime Minister also stated that 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 of Da Nang and Ho Chi Minh City need to maximize and create favorable living conditions in terms of transportation, daily activities, education, health care, culture, sports, etc.

Linking 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 Prime Minister emphasized the requirement that international financial centers in Vietnam not create barriers for other centers, and not create barriers from members within the center to outsiders.

The center operates not only in finance but also in production, business, trade and investment, but ensures that these activities are smoothly combined and competitive with other financial centers.

Regarding administrative procedures, the Prime Minister clearly stated the spirit of one door, 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.

The head of the Government 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.

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 and agricultural supply chains.

It is expected that the Central area in Ho Chi Minh City will have an area of about 899 hectares; the area in Da Nang will have an area of about 300 hectares.

Source: https://laodong.vn/thoi-su/trong-thang-11-viet-nam-se-dua-trung-tam-tai-chinh-quoc-te-vao-hoat-dong-1601856.ldo