The international financial center is an area with defined geographical boundaries established by the Government located in Ho Chi Minh City and Da Nang City...
This Resolution provides for the establishment, operation, management, supervision and specific mechanisms and policies applicable to the International Financial Center in Vietnam (International Financial Center).
According to the Resolution, the International Financial Center is an area with defined geographical boundaries established by the Government located in Ho Chi Minh City and Da Nang City, focusing on a diverse ecosystem of financial services and support services, applying the mechanisms and policies prescribed in this Resolution.
Development goals of the International Financial Center
The international financial center located in Ho Chi Minh City and Da Nang City is built on the basis of unified operations, management and supervision; has a separate product development orientation, promotes the strengths of each city; ensures fairness and mutual support, aiming to become a leading international financial center, raising Vietnam's position in the global financial network associated with economic growth momentum.
Promote sustainable finance, encourage the development of green financial products and mobilize resources for energy transition and green transition projects, contributing to sustainable socio-economic development.
The international financial center operates according to advanced international standards, connects with major markets and financial centers in the world, facilitates the connection of domestic and international exchanges, promotes investment capital flows and develops financial services applying technology.
Attract and develop high-quality human resources and domestic and foreign financial experts; create a favorable working and living environment for international experts and businessmen at the International Financial Center.
The development of an international financial center must ensure the harmony of interests between the State, investors, and people in socio-economic development, maintaining financial safety, economic security, political stability, order, and social safety.
Principles of establishment and operation of the International Financial Center
Operating principles of members: Effective, transparent, and honest operation; professional in providing financial services and support services; applying international standards in the operations of members.
State management activities in the International Financial Center must ensure the independence of the International Financial Center and its members.
The State recognizes and protects the property ownership, investment capital, income, and other legitimate rights and interests of members.
The State has specific and outstanding mechanisms and policies to encourage and facilitate the attraction of capital, technology, modern management methods, high-quality human resources, and infrastructure development into the International Financial Center in order to: Create an attractive environment for investment in the financial services sector to promote investment attraction and free movement of international capital between the International Financial Center and the world; develop the stock market, insurance, banking activities, financial technology, digital assets, goods, e-commerce in Vietnam and integrate with the international market; attract and develop innovation and financial services to support green and sustainable projects in Vietnam; develop financial services and support services according to international practices; attract and develop high-quality human resources in Vietnam capable of providing financial services and related professional services according to international standards.
The Executive Agency and the Supervisory Agency are organized in a streamlined manner, with appropriate, effective and efficient authority; special administrative procedures are applied, meeting the requirements of investors, organizations and individuals according to the provisions of this Resolution and detailed regulations and implementation instructions, in accordance with international practices and Vietnamese conditions.
Law enforcement in the International Financial Center
The Resolution clearly states that investment and business activities at the International Financial Center are regulated by this Resolution and detailed regulations and implementation instructions; and current laws of the Socialist Republic of Vietnam in cases where the above regulations do not provide.
Choosing to apply foreign law in investment and business transactions at the International Financial Center, for transactions involving at least one foreign individual or organization, the parties to the transaction may agree to choose to apply foreign law to that transaction. Foreign law shall not be applied in cases where the consequences of its application are contrary to the fundamental principles of Vietnamese law. In cases where the parties do not have an agreement on the applicable law, the law of the country with the closest connection to that transaction shall be applied.
For transactions relating to ownership, other rights to real estate, lease of real estate or use of real estate as collateral, the law of the country where the real estate is located shall apply.
In order to ensure national interests and prevent factors that may threaten national security, legal documents on the International Financial Center may provide restrictive measures for members.
In the process of implementing this Resolution, the Government shall issue a Decree to handle arising issues that are different from the laws, resolutions of the National Assembly, ordinances, resolutions of the National Assembly Standing Committee and report to the National Assembly and the National Assembly Standing Committee at the nearest session or meeting. The Government shall issue a Decree to ensure compliance with the Party's regulations on power control, ensure national interests, the interests of the people and businesses, ensure implementation conditions and be responsible for the issued regulations.
Languages used at the International Financial Center
The official language in transactions and operations at the International Financial Center is English or English with Vietnamese translation.
The rules and regulations of the International Financial Center are issued in English and Vietnamese.
Statistical, financial, technical and other documents are stored at the International Finance Center in English or English with Vietnamese translation.
Administrative procedures, transactions between members, transactions between members and foreign organizations and individuals and dispute resolution are conducted in English or English with Vietnamese translation...
Wisdom
Source: https://baochinhphu.vn/nghi-quyet-cua-quoc-hoi-ve-trung-tam-tai-chinh-quoc-te-tai-viet-nam-102250704173759887.htm
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