The model of an international financial center must be suitable to the situation and development conditions of Vietnam.

Attending the meeting were: Permanent Deputy Prime Minister Nguyen Hoa Binh; Deputy Prime Ministers Ho Duc Phoc and Nguyen Chi Dung; leaders of relevant ministries and branches and leaders of Ho Chi Minh City and Da Nang who are members of the Steering Committee.

Immediately after its establishment, the Steering Committee conducted research; coordinated with National Assembly agencies to develop and promulgate legal documents to submit to the National Assembly; and developed guiding decrees and action plans.

The Prime Minister requested a proposal to build an international financial center model suitable to Vietnam's development situation and conditions - Photo: VGP/Nhat Bac

The Steering Committee has developed a project framework; sought opinions from ministries, branches and localities; organized workshops, consulted with experts, international organizations, financial institutions, law firms, consulting and auditing companies... and organized a working group to learn from the experience of developing financial centers in a number of countries. On that basis, the dossiers and documents were completed and submitted to competent authorities for consideration.

Ho Chi Minh City and Da Nang actively and proactively prepare resources for infrastructure development investment, allocate land area and resources, promote work with investors and large and potential financial institutions to consult on policies as well as call for investment.

At the meeting, the Steering Committee discussed and gave opinions on the development of a National Assembly Resolution on regional and international financial centers in Vietnam. In particular, delegates discussed the strategic positioning of the financial center in Vietnam compared to other financial centers in the region; the legal system, conditions, international standards; management structure, monitoring mechanism, etc.

The Prime Minister requested the Steering Committee and relevant ministries, branches and localities to closely follow the conclusions of the Politburo and the direction of General Secretary To Lam on this issue; continue to complete documents and projects, and at the same time explain further the contents that need to be clarified - Photo: VGP/Nhat Bac

Concluding the conference, stating that the construction of a regional and international financial center is a difficult and new issue for Vietnam, the Prime Minister requested the Steering Committee and relevant ministries, branches and localities to closely follow the conclusions of the Politburo and the instructions of General Secretary To Lam on this issue; continue to complete documents and projects, and at the same time provide further explanations on the contents that need to be clarified.

Emphasizing that policies must be open, infrastructure must be smooth, and governance must be smart, the Prime Minister requested proposals to build an international financial center model that is suitable to the situation and development conditions of Vietnam; build independent, specific, special, outstanding, modern, and competitive policy mechanisms, while the administrative boundaries of the center must be relative, ensuring convenience, best implementation, and most effective; strengthen public-private cooperation, attract and use resources from businesses and people; build an advanced, modern financial center, enhance digitalization, organize operations and manage smartly, with scientific and technological solutions; ensure security and safety, have effective monitoring and dispute resolution mechanisms; attract high-quality human resources both in the State and outside the State, at home and abroad...

Leaders of relevant ministries, branches and leaders of Ho Chi Minh City and Da Nang are members of the Steering Committee attending the meeting - Photo: VGP/Nhat Bac

Prime Minister Pham Minh Chinh noted that the proposed regulations must clearly define the authority in the implementation organization, especially in handling arising issues that have not been regulated by law or have been regulated but have been exceeded in practice; along with completing documents to submit to the Politburo, the National Assembly, ministries, branches, and relevant agencies according to their functions, tasks, and powers to draft decrees guiding implementation.

Source: https://thoibaonganhang.vn/mo-hinh-trung-tam-tai-chinh-quoc-te-phai-phu-hop-voi-tinh-hinh-va-dieu-kien-phat-trien-cua-viet-nam-162225.html