Policy needs to be innovative, not stereotypical
Before the discussion, Vice Chairman of the National Assembly Vu Hong Thanh said that the National Assembly's Economic and Financial Committee had sent to the delegates a summary report on the review of the draft Resolution as well as received comments from the National Assembly delegates discussing in the Group on the establishment of an international financial center in Vietnam.
The Committee recommends that the drafting agency ensure the constitutionality and proper institutionalization of the Resolution and Conclusion of the Politburo. In particular, policies need to be innovative, not stereotyped; it is necessary to take advantage of the advantages of later countries to select successful experiences, avoid failures, and create international competitiveness.
At the same time, there needs to be a reasonable state management, monitoring and inspection mechanism, which is on the one hand open but must ensure risk management, maintain financial security, political stability, order and social safety.
Regarding the authority to establish and the establishment of an international financial center located in two cities (Da Nang, Ho Chi Minh City), the Committee requested the drafting agency to clarify the model, relationship, and independence between the two facilities located in two places; and the state management agency for these two facilities.
In particular, based on the specific characteristics of each city, the Committee proposes that the Resolution may stipulate a general policy, but sub-law documents should have corresponding regulations to promote the potential and unique strengths of each facility. In particular, it is necessary to stipulate a coordination mechanism to bring about overall efficiency; improve management and control efficiency to ensure healthy competition.
The draft also contains many contents related to foreign exchange management policies, banking activities, and credit policies assigned to the Government to issue. The Committee proposed to add to the Resolution regulations on the responsibilities of agencies, ensuring financial safety, safety of the banking system, and avoiding abuse of the law.
5 conditions required to establish a Center
Discussing at the conference hall, delegate Nguyen Quang Huan (Binh Duong delegation) expressed the need to establish an international financial center for Vietnam to "take off" in the coming time. The delegate said that establishing a center in Hanoi and Ho Chi Minh City is very convenient, but choosing Da Nang is also an opportunity to reduce the burden on Hanoi.
From practical experience in the world, delegate Nguyen Quang Huan stated 5 necessary conditions for Vietnam to establish an international financial center, including: synchronous infrastructure; creating a financial ecosystem; specific legal framework (resolutions, mechanisms, specific policies); high-quality human resources; sustainable development (green finance, green buildings).
“Considering the geographical conditions and the above-mentioned specific factors is very important for us to calculate the amount of capital that can be spent to build an international financial center. If we establish the center in a new place without adequate infrastructure, it will be difficult to attract international experts to work,” the delegate suggested.
Delegate Trinh Thi Tu Anh (Lam Dong delegation) presented experiences from many countries around the world and proposed establishing an international financial center based on the following pillars: a financial center connecting digital transformation and green finance in Southeast Asia; services supporting small and medium enterprises; global supply chain and innovation.
In particular, delegates recommended that there should be mechanisms and policies to support the development of modern digital infrastructure and network security. This is a vital condition for international financial centers to develop in a modern and long-term manner.
“Compared to leading financial centers in the region, we still need to invest more in information technology infrastructure so that the financial center can develop stably and avoid transaction interruptions,” the delegate suggested.
Meanwhile, delegate Hoang Van Cuong (Hanoi Delegation) shared 3 typical current models including: Traditional, reformed and specialized with different regulations and characteristics.
“We are behind, so we must build a Center with many outstanding advantages to attract investors around the world. Specifically, a superior mechanism of open laws, a process of issuing decrees for the Prime Minister to directly sign…”, the delegate suggested.
At the discussion session, Minister of Finance Nguyen Van Thang spoke to explain and clarify a number of issues raised by National Assembly deputies. Minister Nguyen Van Thang thanked the deputies for their dedication, intelligence and valuable comments to the drafting agency (the group discussion session had 54 opinions and today there were 17 opinions in the hall), demonstrating the dedication and responsibility of National Assembly deputies to the important issues of the nation and people.
Affirming the importance of issuing the National Assembly's Resolution on the International Financial Center in Vietnam, Minister Nguyen Van Thang said that before the Government submitted it to the National Assembly, the drafting agency organized many seminars, conferences, international surveys, and met with domestic and foreign investors to see whether our model and products meet the market's needs. The Minister also emphasized the need to clarify further regulations to create a legal basis for the formation and operation of the International Financial Center to ensure superiority and competitiveness compared to other centers in the world.
On the same afternoon, Minister of Construction Tran Hong Minh, authorized by the Prime Minister, presented the Report on the investment policy of the Ho Chi Minh City Ring Road 4 construction investment project. Chairman of the National Assembly's Economic and Financial Committee Phan Van Mai presented the Report on the appraisal of the investment policy of the Ho Chi Minh City Ring Road 4 construction investment project.
Source: https://hanoimoi.vn/xay-dung-co-che-dac-thu-de-phat-trien-trung-tam-tai-chinh-quoc-te-tai-viet-nam-705370.html
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