The objective of establishing a financial center is to create a financial market, develop financial services, and related services to mobilize financial resources for the development of Ho Chi Minh City and Da Nang in particular, and the country as a whole.
On the afternoon of September 30, Prime Minister Pham Minh Chinh chaired a meeting of the Government Standing Committee and the Steering Committee for the Development of the Regional and International Financial Center Proposal in Vietnam.
Overview of the meeting.
At the meeting, participants received reports on the development of the Regional and International Financial Center Proposal in Vietnam. They discussed the international and domestic context, the demand, potential, requirements, and tasks involved in establishing an international financial center in Vietnam.
Acknowledging the insightful comments from the participants, Prime Minister Pham Minh Chinh concluded the meeting by emphasizing that the development of the international and regional financial center proposal is a new and challenging issue with no precedent, requiring thorough discussion to choose the best approach. Regarding the methodology, the Prime Minister highlighted the need to build on internal capacity, leverage Vietnam's unique potential, opportunities, and competitive advantages, especially in Ho Chi Minh City and Da Nang. He stressed the importance of determined, step-by-step progress, with appropriate mechanisms, policies, and measures, learning from experience and expanding gradually, avoiding perfectionism or haste.
The Prime Minister pointed out that the objective of establishing a financial center is to create a financial market, develop financial services, and related services to mobilize financial resources for the development of Ho Chi Minh City and Da Nang in particular, and the country as a whole.
Regarding the scope, the Prime Minister advised focusing on specific areas and identifying Vietnam's strengths to develop modern management mechanisms, policies, and leadership. For the target audience, he emphasized focusing on financial institutions, banks, related services, and capital markets. As for the model, he suggested researching and referencing global financial center models, incorporating elements that align with Vietnam's current and future conditions to create and develop a distinct Vietnamese model.
The Prime Minister also instructed that the proposal should clearly define the necessary conditions related to infrastructure, human resources, finance, and ecosystems; propose the structure, organizational model, functions, tasks, authority, and operational mechanisms of the regional and international financial center.
In addition, he called for the proposal to include a legal framework and special breakthrough policies, including visa, labor, tax, and high-quality human resource policies, to attract financial resources, especially for emerging sectors like the green economy, digital economy, circular economy, sharing economy, and climate change adaptation. The aim is to form a healthy, safe, integrated, and sustainable financial market. Prime Minister Pham Minh Chinh requested that the Steering Committee, relevant ministries, agencies, and the cities of Ho Chi Minh and Da Nang take into account the participants' feedback, uphold their sense of responsibility, and quickly complete the financial center proposal to ensure it is practical, effective, and suitable for submission to the relevant authorities for consideration.
Ngoc Mai