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The first meeting of the Steering Committee for Regional and International Financial Centers in Vietnam on April 3. |
The Government leader, also head of the committee, acknowledged that establishing international financial centers represents a new challenge for Vietnam, asking competent sides to adhere to the Politburo’s conclusion and Party General Secretary To Lam’s direction on the issue.
He called for the financial centers tailored to Vietnam's development conditions, and advocated public-private partnerships to mobilize resources from businesses and citizens. PM Chinh stressed that it is necessary to build modern, digitally advanced financial centers with smart operation and management systems as well as high-quality human resources.
With a specified pilot implementation period of at least five years, the PM requested developing financial centers that comply with both Vietnamese regulations and international standards. He underscored that policies must be open, infrastructure seamless, and governance smart while security and safety ensured.
He assigned Deputy PM Nguyen Hoa Binh to direct the development of the financial centers in Vietnam, highlighting the importance of clearly defining implementation authorities, particularly for addressing unprecedented issues during the pilot period, as well as finalizing documents to submit to the Politburo and National Assembly.
Da Nang city and Ho Chi Minh City, where the centers will be located, have actively prepared resources for infrastructure development, allocated land, and worked with potential investors and major financial institutions for both policy consultation and investment attraction.
At the meeting, participants discussed the strategic positioning of Vietnam's international financial centers relative to competitors in the region. Other critical issues on the table included capital account and foreign exchange liberalization, common law systems within the financial centers, legal frameworks and international standards applied to the centers, and management structures.
Source: VNA