Vietnam attaches great importance to learning from the UAE's experience in institutional reform and developing an international financial center.

(Chinhphu.vn) - During his working trip to the UAE, on September 25, Permanent Deputy Prime Minister Nguyen Hoa Binh had a working session with UAE Minister of Cabinet Affairs Mohammed bin Abdullah Al Gergawi - who plays a central role in planning national development strategies and implementing administrative reform and innovation initiatives of the UAE Government.

Permanent Deputy Prime Minister Nguyen Hoa Binh affirmed that Vietnam attaches great importance to learning from the UAE's experience in institutional reform and developing an international financial center - Photo: VGP/Nguyen Hoang

Minister Al Gergawi said that the Ministry of Cabinet Affairs is responsible for coordinating the activities of the Federal Government, ensuring effective public administration and implementing many strategic initiatives, such as smart government and future government. The UAE is considered a "giant policy laboratory" where new ideas are boldly tested, including policies that go beyond the traditional principles of national sovereignty , such as applying the common law system or international adjudication mechanisms to create confidence for investors.

Sharing his experience in establishing the Dubai International Financial Centre (DIFC), Minister Al Gergawi emphasized that the success comes from creating distinct advantages, establishing an independent regulatory body, building a unique legal framework and attracting the world's leading financial institutions. He said the most important factor is ensuring safety, transparency, along with the ability to respond quickly to policies to adapt to a volatile world.

Permanent Deputy Prime Minister Nguyen Hoa Binh expressed his impression of the UAE's modern and effective management methods, especially in applying innovation, technology and AI in state administration.

The First Deputy Prime Minister looks forward to hearing recommendations from the Minister on ways to innovate and key factors for Vietnam to successfully implement an international financial center.

The two sides agreed to continue to maintain policy exchanges, share management experiences and strengthen connections between the two countries' financial centers, contributing to making Vietnam - UAE a financial bridge between ASEAN, GCC and the world - Photo: VGP/Nguyen Hoang

Minister Al Gergawi said that Vietnam needs to clearly identify its development segment, competitors, as well as its position in the "global financial chessboard". At the same time, inviting the world's leading financial institutions to participate from the very beginning will be decisive. He affirmed that speed is the key to the UAE's success, because in a rapidly changing world, policies and mechanisms must also be flexible and timely.

The Permanent Deputy Prime Minister affirmed that Vietnam attaches great importance to learning from the UAE's experience in institutional reform and developing an international financial center.

The two sides agreed to continue to maintain policy exchanges, share management experiences and strengthen connectivity between the two countries' financial centers, contributing to making Vietnam - UAE a financial bridge between ASEAN, GCC and the world.

Nguyen Hoang

Source: https://baochinhphu.vn/viet-nam-rat-coi-trong-viec-hoc-hoi-kinh-nghiem-tu-uae-trong-cai-cach-the-che-va-phat-trien-trung-tam-tai-chinh-quoc-te-102250925152933293.htm