DNO - On the morning of January 4, in Ho Chi Minh City, Politburo member and Prime Minister Pham Minh Chinh chaired a conference to announce Resolution No. 259/NQ-CP of the Government dated December 31, 2024 on promulgating the Action Plan to implement Notice No. 47-TB/TW dated November 15, 2024 of the Politburo on building a regional and international financial center in Vietnam.
Co-chairing the conference were Politburo member, Permanent Deputy Prime Minister Nguyen Hoa Binh; Politburo member, Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen; Party Central Committee member, Secretary of the City Party Committee, Head of the National Assembly Delegation of Da Nang City Nguyen Van Quang; Party Central Committee member, Minister of Planning and Investment Nguyen Chi Dung.
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| Prime Minister Pham Minh Chinh speaks at the conference. Photo: VGP |
Speaking at the conference, Prime Minister Pham Minh Chinh highly appreciated the large participation of leaders of ministries, branches, localities, delegates, and the sharing, proposals and specific commitments that all demonstrated high determination, sense of responsibility, sharing, and solidarity in building and developing a financial center in Vietnam.
Vietnam is currently achieving great achievements after many years of renovation. These are very important foundations for Vietnam to continue to develop strongly in the coming time.
In 2024, in the context of more difficulties and challenges than opportunities and advantages, Vietnam's socio-economic situation continues to recover very positively, each month is higher than the previous month, each quarter is better than the previous quarter.
The macro economy is stable, inflation is controlled, major balances of the economy are guaranteed and have high surpluses, public debt, government debt, national foreign debt and State budget deficit are lower than the prescribed limit.
Vietnam continues to be a bright spot in growth and is among the countries with high growth in the region and the world, with an annual GDP growth rate of over 7%.
Political and social stability, national defense and security are maintained and strengthened. Foreign affairs and international integration are promoted, continuing to affirm Vietnam as a responsible member of the international community.
The Prime Minister assessed that 2025 is a year of special significance, the year of celebrating the 95th anniversary of the Party's founding, the 50th anniversary of the liberation of the South, the reunification of the country, the 135th anniversary of President Ho Chi Minh's birthday, and the 80th anniversary of the founding of the country. Along with that, the apparatus will be "Refined - Lean - Strong - Effective - Efficient - Effective"; and Party congresses at all levels will be organized towards the 14th National Congress of the Party.
2025 is also the final year of implementing the 5-year socio-economic development plan 2021 - 2025, a year of acceleration, breakthrough, creating the foundation and premise for double-digit growth in the coming period.
The Prime Minister said that Vietnam continues to prioritize promoting growth on the basis of maintaining macroeconomic stability, controlling inflation, ensuring major balances, better implementing social security work, and making people's lives more prosperous.
To achieve this goal, Vietnam continues to promote strategic breakthroughs (institutions, infrastructure and human resources), restructure the economy in conjunction with growth model innovation, improve productivity, quality, efficiency, resilience and competitiveness of the economy; exploit new development spaces such as outer space, underground space and marine space.
Along with that, renewing the three traditional growth drivers (investment, consumption, export), while strongly promoting new growth drivers such as digital economy, green economy, circular economy, sharing economy, knowledge economy, night economy, etc., especially research and development of semiconductor chips, artificial intelligence, cloud computing, and the Internet of Things are areas in which Vietnam needs to take shortcuts, catch up, keep up, and surpass.
Regarding strategic infrastructure, the Prime Minister pointed out a number of specific goals in 2025, including completing at least 3,000 km of expressway, opening the expressway from Cao Bang to Ca Mau; starting construction of the Lao Cai - Hanoi - Hai Phong railway; preparing well for the North - South high-speed railway project; implementing urban railway routes in Hanoi and Ho Chi Minh City, major airport and seaport projects, etc.
The Prime Minister stated that the implementation of the above goals and tasks requires large capital sources for development, and it is necessary to strongly mobilize both direct and indirect investment capital.
Currently, total social investment accounts for 33-35% of GDP. In the coming years, to achieve double-digit growth, this proportion must increase to 40-45% of GDP; with an investment capital of about 4-5 million billion VND/year, especially investment in strategic infrastructure. Therefore, the construction and development of regional and international financial centers in Ho Chi Minh City and Da Nang is very important.
The solutions and tasks focus on five key areas, including: developing a modern financial infrastructure, promoting the construction of a leading payment, custody (depository) and financial transaction system; attracting international talent, creating a remuneration mechanism, an attractive living and working environment to attract the world's leading financial experts;
Promote financial innovation, develop new financial tools such as green finance, financial technology (fintech) and financial risk management; expand international integration, cooperate with global financial institutions, participate in international financial standards; protect financial security, strengthen supervision and risk management, and ensure financial system stability.
Minister of Planning and Investment Nguyen Chi Dung said that the Government's Action Plan assigns 49 groups of tasks and specific solutions to 12 ministries, branches, and localities to take charge of implementation, linked to output products to form a legal framework and prepare the foundational conditions for the development of financial centers in Vietnam.
In Notice No. 47-TB/TW, the Politburo agreed to the policy of establishing a comprehensive international financial center in Ho Chi Minh City and a regional financial center in Da Nang.
According to the Conclusion of the Politburo, the Financial Center is allowed to apply a special management mechanism, superior to current regulations, competitive, but must be accompanied by appropriate risk management and supervision mechanisms; learn from experience while doing, not hasty but also not perfectionist, to avoid losing opportunities.
Regarding the application of policies to build financial centers and the implementation roadmap, the Politburo agreed on the policy that from now until 2030, 8 groups of policies must be issued and immediately implemented in accordance with international practices, suitable for Vietnam's conditions and must be applied immediately.
At the same time, pilot 6 groups of popular policies in major financial centers around the world, but there needs to be an application roadmap to suit actual conditions in Vietnam.
From 2030 to 2035, the organization will fully implement the common policy groups in major financial centers around the world, in accordance with the actual conditions in Vietnam.
This framework roadmap is for guidance purposes only; the implementation process needs to be accelerated as quickly as possible. If the opportunity is favorable and the conditions are ripe, it can be done immediately, faster than the next steps, without waiting in order.
CINNAMON
Source: http://baodanang.vn/kinhte/202501/5-trong-tam-de-xay-dung-trung-tam-tai-chinh-khu-vuc-va-quoc-te-3998783/
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