Forming an international financial center at two economic locomotives
According to the Vietnam National Assembly Electronic Information Portal, introducing the role and significance of the International Financial Center, Permanent Deputy Prime Minister Nguyen Hoa Binh said that the goal in 2025 is to establish an International Financial Center, located in two locations: Ho Chi Minh City and Da Nang.
Promoting competitive advantages to form an international financial center will help Vietnam connect to the global financial market, attract foreign financial institutions, and take advantage of opportunities to shift international investment capital flows.
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| Delegates at the working session on the morning of June 11. (Photo: quochoi.vn) |
Deputy Prime Minister Nguyen Hoa Binh also said that the development of the National Assembly Resolution on the International Financial Center with specific and outstanding mechanisms and policies to attract international capital flows to serve the three strategic breakthroughs, traditional growth drivers and new growth drivers such as digital economy, green economy, innovation...
At the same time, develop high-end financial services, test and manage new markets arising from practice such as digital assets, carbon credits, etc.; form high-quality human resources; connect with the world economy and raise Vietnam's position in the global financial market; contribute to promoting the country's economic development. Ensure the absolute leadership and direction of the Party; fully and promptly institutionalize the policies, viewpoints and directions of the Party and State on the development of the International Financial Center, etc.
13 specific policies for the International Financial Center
Authorized by the Prime Minister to present the Draft Resolution of the National Assembly on the International Financial Center in Vietnam, Minister of Finance Nguyen Van Thang said that there are 13 specific policies applied in the International Financial Center, including: foreign exchange policy, banking activities; finance, capital market development; tax; entry, exit, residence, labor for experts, investors and employment and social security policies; land; construction, environment; controlled testing for fintech and innovation; incentives by sector and policies for strategic investors; development of technical infrastructure and social infrastructure; export, import and distribution of goods and services; fees and charges; dispute resolution in investment and business activities.
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| Minister of Finance Nguyen Van Thang presents the Draft Resolution. (Photo: quochoi.vn) |
The draft Resolution stipulates a number of administrative procedures necessary to implement specific mechanisms and policies in the operation and development of the International Financial Center. The content of administrative procedures is stipulated in a simple manner, creating maximum favorable conditions for organizations and individuals to participate in the development of the International Financial Center. Based on the provisions of the draft Resolution, in the process of drafting detailed regulations and implementation instructions, the Government will continue to review, reduce and simplify administrative procedures, the Minister of Finance reported to the National Assembly.
The draft Resolution also proposes a flexible decentralization mechanism. It allows the Government to issue decrees to handle arising issues, and assigns the Central Executive Agency the right to proactively use investment capital from the local budget to support housing for workers.
Ensuring competitiveness, stability and management efficiency
In its review report, the National Assembly's Economic and Financial Committee stated that the construction and development of an international financial center in Vietnam is necessary, has sufficient political, legal and practical grounds, and is consistent with the country's development process in the new era.
The Economic and Financial Committee recommends that the Draft Resolution must ensure constitutionality, properly institutionalize the Resolution and Conclusion of the Politburo; policies must be innovative, not stereotyped; it is necessary to take advantage of the advantages of later countries to select successful experiences, avoid failures, and create international competitiveness. There must be a reasonable state management mechanism, monitoring and inspection mechanism, on the one hand open but must ensure risk management, maintain financial security, political stability, and social order and safety.
The review agency also believes that the operation of the International Financial Center in Vietnam is a new issue in Vietnam, so the Resolution should only regulate general issues, principles and clear, highly stable contents. The Government and the Prime Minister, within their authority, should issue specific instructions to ensure flexibility and timeliness; decentralize to the two cities the contents related to local functions, tasks and powers, ensuring the right to initiative, flexibility and creativity according to the law.
The Economic and Financial Committee recommends that the Drafting Agency clarify the model, relationship, and independence between the two establishments located in two locations; the state management agency for these two establishments. Based on the specific characteristics of each city (Ho Chi Minh City and Da Nang), it is proposed that the Resolution may stipulate a general policy, but in sub-law documents, there should be corresponding regulations to promote the potential and unique strengths of each establishment; there should be regulations on coordination mechanisms to bring about overall efficiency and improve management and control efficiency to ensure fair competition.
Source: https://thoidai.com.vn/trinh-quoc-hoi-thanh-lap-trung-tam-tai-chinh-quoc-te-tai-viet-nam-214142.html
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