Building a breakthrough mechanism for an international financial center in Vietnam

Also attending the conference were leaders of ministries, departments, branches and localities. On the Da Nang side, there were Central Party Committee member, City Party Secretary, Head of the City National Assembly Delegation Nguyen Van Quang; Permanent Vice Chairman of the City People's Committee Ho Ky Minh.

Secretary of the City Party Committee Nguyen Van Quang speaks at the conference. Photo: PV

Da Nang City and Ho Chi Minh City are ready to operate financial centers.

Speaking at the conference, Secretary of the City Party Committee Nguyen Van Quang said that the content of the international financial center is not a new issue for the international community but is very new and very difficult for Vietnam. The difficulty is because the activities are both in line with international practices and international standards, and at the same time, in relation to and in line with Vietnamese law.

As the locality implementing the policy and plan on building an international financial center, the Secretary of the Da Nang City Party Committee expressed his gratitude and accepted the opinions of domestic and international delegates at the conference.

All opinions expressed from different perspectives, but all agreed on the need to form an international financial center in Vietnam. It could be two separate international financial centers, or one international financial center operating in two locations.

This is of great significance, helping to diversify the investment attraction environment of financial institutions and investors; limit and better control risks... Secretary of the City Party Committee Nguyen Van Quang also said that, along with consulting and proposing the development of policy mechanisms, Da Nang has also prepared conditions, ecosystems, and infrastructure, including both hard and soft infrastructure to be ready to serve the operation of the international financial center.

According to Vice Chairman of Ho Chi Minh City People's Committee Nguyen Van Dung, the city is continuing to review and propose mechanisms and policies that are close to the actual conditions of the locality as well as resolutely directing and preparing technical infrastructure, implementing plans for training human resources to serve the operations of the international financial center when the center is officially decided to come into operation.

Overview of the conference on building a resolution of the National Assembly on an international financial center in Vietnam. Photo: PV

Lots of experience from international experts

At the conference, domestic and international delegates discussed and shared common issues in the process of building and developing international financial centers; management, operation and supervision mechanisms, and connections between international financial centers of several countries;

Competitive financial services and fields and recommendations for Vietnam; building an international financial center model in accordance with international practices and Vietnam's conditions; experience in managing and operating financial centers in some countries; training human resources for international financial centers...

Many opinions affirm that the decision to build an international financial center is not simply an economic development policy but a strategic institutional breakthrough for Vietnam.

This is the time and opportunity for Vietnam to break through and participate more deeply in the global financial chain. If we take advantage of the right time and go in the right direction, Vietnam's international financial center will become a solid foundation to mobilize high-quality financial resources for national development, contributing to improving state governance capacity, increasing national competitiveness and integrating deeply and effectively with the world financial system.

Mr. Richard McClellan, Global Ambassador of Terne Holdings Group (Singapore), former Director of the Tony Blair Institute, said that the idea of ​​building a world-class international financial center in Vietnam is no longer just a theory.

This has become an initiative that has received strong support at the national level and direct direction from the Politburo, officially launched in both Da Nang and Ho Chi Minh City, and is steadily moving towards being submitted to the National Assembly for consideration and approval.

Referring to the specific issue of building a financial center in Da Nang, Mr. Richard McClellan commented that Da Nang has many strengths and unique advantages to develop an international financial center.

Specifically, the strategic geographical location, technical infrastructure, human resources and education; space and control capacity; the ability to connect with the central region, especially the analysis of the specialized and complementary roles with the international financial center of Ho Chi Minh City.

"If Vietnam wants to build an international financial center with global status, we need to think of the financial center not as a separate geographical area, but as a unified operating system.

In that model, Da Nang does not compete with Ho Chi Minh City and vice versa. Vietnam can completely study the construction of 2 centers or 1 international financial center but operating in 2 localities to make good use of the benefits of each locality and the two sides will always complement and support each other to develop together," said Mr. Richard McClellan.

Similarly, Mr. Andreas Baumgartner, CEO and founder of The Metis Institute, recommended that Vietnam could build an international financial center but operate in both Da Nang and Ho Chi Minh City. He said that this is important for unified management in an international financial center but also ensures the promotion of distinct advantages and independence in operations between the two locations of an international financial center.

Permanent Deputy Prime Minister Nguyen Hoa Binh speaks at the conference. Photo: PV

Financial center will be a "boost" for the economy

Concluding the conference, Deputy Prime Minister Nguyen Hoa Binh said that along with perfecting mechanisms and policies, the two cities of Da Nang and Ho Chi Minh City are resolutely preparing very synchronous hard and soft infrastructure.

Along with that is promoting human resource training; promoting, promoting, calling for, attracting investment... to be ready for the operation of the international financial center as well as ensuring readiness for global connection when the international financial center in Vietnam officially comes into operation.

Through their speeches, the delegates all affirmed that the development of an international financial center is a bold decision of Vietnam but very necessary, strategic and groundbreaking. Vietnam is a latecomer but has all the factors and conditions to develop a modern international financial center.

With an economy deeply integrated into the international community, an open and constantly improving investment and business environment; attractive policies in inviting and attracting investment; great potential in labor resources... If we can take advantage of the "golden" time and have an international financial center, this will be a strong boost to the economy, contributing to promoting the growth and development of Vietnam.

According to the Central Government's direction, an international financial center will be developed in Vietnam, but operating in two cities: Da Nang and Ho Chi Minh City. The Vietnamese Government is committed to building a breakthrough legal corridor to maximize Vietnam's advantages, while complying with international law and international standards.

Encourage innovation activities; ensure policy mechanisms for the international financial center to be unique, outstanding, and attractive to investors as well as ensure a balance of interests between the State, investors, and people; take steps appropriate to Vietnam's management and governance capacity.

In building mechanisms, policies, and legal frameworks for the development of international financial centers, there is a thorough understanding and study of international laws, practices, and standards, but there is a careful selection, suitable to the characteristics and conditions of Vietnam. This is also the content that has been recommended by many delegates at this conference as well as in previous conferences and seminars.

Regarding legal infrastructure, the Government will first focus on supplementing and perfecting the National Assembly's resolution to submit to the National Assembly for consideration and approval. Based on the National Assembly's resolution, a system of Government decrees will be issued with outstanding policies, many priorities, incentives, and support, especially incentives on tariffs; infrastructure; immigration, residence, labor, etc. for investors when participating in the international financial center in Vietnam.

CINNAMON

Source: https://baodanang.vn/kinhte/202505/xay-dung-co-che-dot-pha-cho-trung-tam-tai-chinh-quoc-te-tai-viet-nam-4006715/