The Resolution clearly states that the International Trade Center is an area with defined geographical boundaries established by the Government located in Ho Chi Minh City and Da Nang City.
The International Financial Centers located in Ho Chi Minh City and Da Nang City are built on the basis of unified operations, management and supervision; have separate product development orientations, promote the strengths of each city; ensure fairness and mutual support, aiming to become the leading International Financial Center, raising the position of Vietnam in the global financial network, associated with economic growth momentum.
At the same time, 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.
In addition, attract and develop high-quality human resources, 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 the international financial market 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.
Regarding the principles of establishment and operation of the International Financial Center, it is clearly stated that the State has specific and outstanding mechanisms and policies to encourage and create favorable conditions to attract capital, technology, modern management methods, high-quality human resources, and encourage the development of infrastructure in the International Financial Center.
Thereby, it aims 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 market 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.
In particular, the International Financial Center will focus on attracting and developing innovative activities, as well as financial services to support green and sustainable projects in Vietnam; developing financial services and support services according to international practices, attracting and developing high-quality human resources in Vietnam capable of providing financial services and related professional services according to international standards.
Presenting the report on receiving explanations before the National Assembly passed the Resolution, Minister of Finance Nguyen Van Thang said that one of the contents that many delegates were interested in was related to specific policies applied in the international financial market.
According to the Minister, in the process of developing the Resolution, the Government was also aware of the risks associated with the establishment of the above-mentioned trading floors and trading platforms. These platforms have some potential risks of being exploited to legalize illegal cash flows through the purchase and sale of the above products; risks of speculation, price inflation, and creating asset bubbles...
Therefore, it is necessary to build a synchronous legal framework; a strict, transparent, systematic monitoring institution, according to international standards to control transactions on the floor. The Government will continue to study specific regulations to include in the guiding Decree.
The Minister added that the development of preferential policies in the draft Resolution closely followed the direction of the Politburo in Conclusion No. 47-TB/TU such as TTTCQT being applied with a special mechanism, superior to current regulations, competitive but must be accompanied by appropriate risk management and monitoring mechanisms.
At the same time, we must learn from experience while doing it, not being hasty but also not being perfectionist, lest we lose the opportunity. In particular, we must innovate our thinking on law-making, resolutely abandoning the mindset of “if you can’t manage it, then ban it”.
The Resolution stipulates the contents of principles and policy frameworks; specific and detailed contents will be stipulated in the Government's Decree. Therefore, taking into account the opinions of National Assembly deputies, the Government will study and stipulate the contents related to the mechanism of controlling capital inflow and outflow risks, preventing money laundering or flexible liquidity management tools in the Decree.
Source: https://hanoimoi.vn/nhieu-co-che-chinh-sach-dac-thu-vuot-troi-phat-trien-trung-tam-tai-chinh-quoc-te-706983.html
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