(MPI) - Speaking at the Conference to announce Resolution 259 of the Government dated December 31, 2024 promulgating the Action Plan to implement the Conclusion of the Politburo on building a regional and international Financial Center in Ho Chi Minh City, Minister Nguyen Chi Dung emphasized that this is a meaningful event, marking an important step in implementing the country's development strategy; creating a "push" and new driving force to promote development not only for Ho Chi Minh City and Da Nang but also for the whole country, contributing significantly to the successful implementation of the Resolution of the 13th National Party Congress, creating a foundation for the country to enter a new era, an era of national prosperity and wealth.
The conference was chaired by Prime Minister Pham Minh Chinh. Attending the conference were Permanent Deputy Prime Minister Nguyen Hoa Binh, Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen, General Phan Van Giang, Minister of National Defense, General Luong Tam Quang, Minister of Public Security , and other members of the Party Central Committee, leaders of ministries, departments, branches, central and local agencies; representatives of enterprises, economic associations, diplomatic agencies, economic organizations, associations, investors, and international experts.
The conference took place in the context of the early days of 2025, a year of special significance, a year of acceleration and breakthrough to reach the finish line of the 5-year Plan 2021-2025, implementing half of the journey in the 10-year Socio -Economic Development Strategy 2021-2030. At the same time, it is also the year to celebrate the 50th anniversary of the liberation of the South and national reunification 1975-2025.
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| Minister Nguyen Chi Dung speaks at the Conference. Photo: MPI |
Minister Nguyen Chi Dung said that in recent times, the regional and global situation has had many fluctuations, complex and unpredictable developments. In particular, the global financial system is gradually reshaping; the world is in need of developing new financial centers, providing specific financial products and services, serving niche markets, different from traditional financial centers. Through that, receiving shifting financial resources, at the same time, also complementing and creating synergistic benefits, contributing to the overall development of the global financial market.
Therefore, emerging financial centers like Vietnam have a golden opportunity to participate in this "game", through establishing an open legal corridor, issuing outstanding preferential policies, in line with international practices to become a "playground" for leading financial investors. In particular, Ho Chi Minh City and Da Nang have converged many fundamental factors to develop a regional and international financial center, considered one of the emerging financial centers, on the path of strong growth. This determination not only reflects Vietnam's aspiration, but also meets the requirements of deep integration with the global economy.
According to Minister Nguyen Chi Dung, the construction of a regional and international financial center has been identified by the Party, State, National Assembly and Government as one of the institutional breakthroughs, a policy decision to liberate resources, promote the transformation of the growth model associated with economic restructuring, to improve productivity, efficiency and competitiveness; bringing the country into a new era, the era of the Vietnamese people's rise.
This is not a new issue in the world, but for Vietnam it is a difficult and unprecedented issue. Therefore, great opportunities will come with great challenges. However, the successful construction of a regional and international financial center will play an important role in helping Vietnam achieve 5 opportunities to connect with the global financial market; attract foreign financial institutions, create new investment resources, promote existing investment resources; provide high-quality financial services, meet the needs of domestic and foreign enterprises; create a new qualitative shift, help the financial market in Vietnam become healthy and effective, catch up with international standards, promote the process of economic restructuring; contribute to bringing Vietnam deeper into the global economic value chain, enhance the role, prestige and influence of Vietnam in the international arena; affirm its position as a strong and sustainable economy; thereby ensuring national defense and security, especially in the financial field from early on and from afar.
In Conclusion No. 47-TB/TW dated November 15, 2024 on the Project to build a regional and international financial center, the Politburo requested that “Agencies must determine high political determination, make great efforts, and take drastic actions in organizing the implementation of this important Project. This is not only the work of Ho Chi Minh City and Da Nang City but also the responsibility of the whole country; therefore, the entire political system must participate in the implementation. The contents of the Project need to be implemented drastically, synchronously, consistently, in the spirit of strong innovation to make a breakthrough; Agencies from the central to local levels must coordinate synchronously and closely; implement the assigned tasks on schedule and on schedule”.
Immediately afterwards, to implement the Politburo's conclusion, on December 31, 2024, the Government issued Resolution No. 259/NQ-CP approving the Action Plan for the implementation of the construction of a regional and international financial center in Vietnam. In which, 49 groups of tasks and specific solutions were assigned to 12 ministries, branches, and localities to take charge of implementation, associated with output products to form a legal framework and prepare the foundational conditions for the development of financial centers in Vietnam, focusing on 05 key points. First, developing a modern financial infrastructure, promoting the construction of a leading payment, depository, and financial transaction system.
Second, attract international talent, create a remuneration mechanism, and an attractive living and working environment to attract the world's leading financial experts.
Third, promote financial innovation, develop new financial instruments such as green finance, financial technology (fintech), and financial risk management.
Fourth, expand international integration, cooperate with global financial institutions, and participate in international financial standards.
Fifth, protect financial security, strengthen supervision and risk management, and ensure the stability of the financial system.
The Prime Minister has signed and issued Decisions to establish and approve the Operating Regulations of the Inter-sectoral Steering Committee on Regional and International Financial Centers to unify directions, make major decisions, and coordinate to ensure smooth and consistent operation of Financial Centers in accordance with the direction of the Politburo.
To continue implementing the Politburo's conclusions on developing regional and international financial centers in Vietnam, Minister Nguyen Chi Dung proposed a number of key tasks and solutions that need to be focused on immediately in 2025. Accordingly, for ministries, branches, and central agencies: Proactively coordinate with the Ministry of Planning and Investment and localities to promptly complete the draft Resolution of the National Assembly on developing regional and international financial centers in Vietnam. In particular, focus on completing policy groups in the Project approved by the Politburo, ensuring consistency with available conditions, practices of financial centers around the world and international commitments of Vietnam; Proactively propose necessary policies to ensure the competitiveness of financial centers in Vietnam; Proactively accompany localities in the process of developing and operating financial centers.
For Ho Chi Minh City and Da Nang City: it is necessary to focus on allocating resources, preparing basic conditions and creating favorable conditions for the development of Financial Centers, especially infrastructure resources (including hard infrastructure, soft infrastructure, digital infrastructure), human resources, institutions, business investment environment, living environment...; Focus on mobilizing, approaching and attracting strategic investors and financial institutions to invest in the Financial Centers of localities.
For international partners: Support ministries, branches and localities in researching and learning international experience in the process of building and operating Financial Centers; Support proposing and recommending specific policies and orientations for policy groups in the Project, contributing to helping the Vietnamese Government ensure the breakthrough of Financial Centers in Vietnam; Support mobilizing investment resources and developing Financial Centers in Vietnam.
Minister Nguyen Chi Dung affirmed that the Ministry of Planning and Investment, in its assigned role as the presiding agency, is committed to continuing to closely coordinate with ministries, branches, localities and international partners, effectively performing its coordination responsibilities to complete the National Assembly Resolution, promoting the process of building and developing regional and international financial centers as directed.
At the same time, he expressed his belief that, with the strong direction of the Party, State and Government leaders, the determination and consensus of ministries, branches, localities and the coordination of domestic and foreign partners, the Financial Centers in Ho Chi Minh City and Da Nang City will not only be symbols of Vietnam's prosperity but also contribute positively to the stability and development of the global financial system./.
Source: https://www.mpi.gov.vn/portal/Pages/2025-1-5/Bo-truong-Nguyen-Chi-Dung-xay-dung-Trung-tam-tai-cluesjk.aspx
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