According to the Deputy Prime Minister, the International Financial Center (IFC) is not only a new growth engine for the economy but also a symbol of the aspiration for strong and prosperous development in the digital age. Therefore, he proposed that the National Assembly unanimously issue a Resolution on the IFC at the 9th Session, 15th tenure, creating a strong enough legal corridor to realize this important policy.
Vietnam meets the conditions to build an international financial center
Deputy Prime Minister Nguyen Hoa Binh emphasized that building an international financial center means forming a region with its own, superior, and specific policies and legal framework to attract investors to provide financial products and services and related non-financial services connected to international financial centers. This is a major policy of national strategic significance, aiming to turn Vietnam into an important financial gateway of the region and the world .
The level of development and competitiveness of the international financial market is assessed according to the Global Financial Market Index (GFCI) based on 5 pillars: Business environment; financial ecosystem; infrastructure; human resources; reputation and brand of the city.
The Deputy Prime Minister affirmed that Vietnam has all these conditions to build and develop the international financial market.
Specifically, the necessary conditions are: Political determination at the highest level; prestige, attractiveness to the international community; political and macroeconomic stability; transparent policy institutions; potential financial market; favorable business environment; large enough economic scale, stable growth; open legal framework, according to international standards; high connectivity.
And the sufficient conditions are high-quality human resources; synchronous infrastructure; a developed and competitive financial ecosystem and a full support service system.
There are currently 119 international financial centers in the world and Ho Chi Minh City is considered one of those centers.
Deputy Prime Minister Nguyen Hoa Binh. (Photo: National Assembly Media).
Making Vietnam the world's financial gateway
Affirming the necessity of building an international financial center in Vietnam, Permanent Deputy Prime Minister Nguyen Hoa Binh emphasized that this is to attract international capital flows, promote the economy to achieve double-digit growth in the new era - the era of strong, civilized and prosperous development of the nation.
At the same time, it creates momentum to make strategic breakthroughs in building a synchronous and modern infrastructure system, especially transport, energy and digital economy infrastructure.
TTTCQT also contributes to the development of science, technology, innovation and national digital transformation. Accelerate the process of building digital asset management solutions, developing new and modern financial technology (fintech) to meet the needs of the financial market in the new era.
Connecting Vietnam to the global financial market, enhancing the country's role, position and prestige; contributing to ensuring national security and defense "early and from afar"; making Vietnam an important financial gateway, anticipating international capital flows and taking advantage of opportunities from the trend of shifting global supply chains.
Strengthen social security, create jobs, attract high-quality human resources; form a network of experts, large financial investors and leading intellectuals to Vietnam.
In addition, it is to improve the quality of life in the locality through the development of modern utility services. Completing the legal framework in accordance with international standards in the field of finance and currency, creating confidence for investors.
On that basis, Deputy Prime Minister Nguyen Hoa Binh emphasized the goal of establishing an International Financial Center in 2025, located in two locations: Ho Chi Minh City and Da Nang City. By 2035, Vietnam's International Financial Center will be ranked among the 75 leading financial centers in the world according to GFCI rankings (including fintech criteria) and by 2045, it will rise to the top 20 financial centers.
13 special policies of TTTCQT
Also on the morning of June 12, Minister of Finance Nguyen Van Thang, authorized by the Prime Minister, presented the Draft Resolution of the National Assembly on International Financial Transparency in Vietnam.
Minister Nguyen Van Thang stated that Vietnam is a bright spot in economic development and growth, and macroeconomic stability. Promoting competitive advantages to form a financial market will help Vietnam connect to the global financial market; attract foreign financial institutions; and take advantage of opportunities to shift international investment capital flows.
Minister of Finance Nguyen Van Thang, authorized by the Prime Minister, submitted the draft Resolution of the National Assembly on the International Financial Center. (Photo: National Assembly Media).
This also promotes the development of Vietnam's financial market effectively, catching up with international standards; contributing to sustainable economic development, enhancing the role, position, prestige and influence of Vietnam in the international arena.
"The purpose of building the International Financial Center is to attract international capital flows to serve 3 strategic breakthroughs, traditional growth drivers and new growth drivers; develop high-end financial services, test and manage new markets as posed by practice.
Along with that is the formation of high-quality human resources, connection with the world economy and raising Vietnam's position in the global financial market; contributing to promoting the country's economic development," said Minister Thang.
Minister Nguyen Van Thang also said that there are 13 specific policies applied in the International Financial Center. These include: foreign exchange policy, banking activities; finance, capital market development; tax; entry, exit, residence, labor for experts, investors and employment policy, social security; land; construction, environment; controlled testing for fintech and innovation; incentives by sector and policies for strategic investors; development of technical infrastructure and social infrastructure; export, import and distribution of goods and services; fees and charges; dispute resolution in investment and business activities.
The Draft Resolution stipulates a number of administrative procedures necessary to implement specific mechanisms and policies in the operation and development of the International Financial Center. The contents of administrative procedures are stipulated in a simple manner, creating maximum favorable conditions for organizations and individuals to participate in the development of the International Financial Center.
Based on the provisions of the draft Resolution, in the process of drafting detailed regulations and implementation instructions, the Government will continue to review, reduce and simplify administrative procedures, the Minister of Finance reported to the National Assembly.
Source: https://vtcnews.vn/trung-tam-tai-chinh-quoc-te-dua-viet-nam-thanh-cua-ngo-tai-chinh-cua-the-gioi-ar948232.html
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