Ho Chi Minh City and Da Nang need to prepare infrastructure and human resources for the financial center.

(NLDO) - The draft Resolution on the development of the Financial Center is expected to be submitted to the National Assembly for consideration and approval at the 9th session, May 2025.

On the afternoon of February 21, Deputy Prime Minister Nguyen Hoa Binh chaired a meeting with leaders of several ministries and functional agencies on the draft Resolution of the National Assembly on the establishment and operation of the Financial Center (TTTC) in Vietnam.

Permanent Deputy Prime Minister Nguyen Hoa Binh chaired the meeting. Photo: VGP

Reporting at the meeting, Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc said the purpose of building the Resolution is to institutionalize the Party's policies, viewpoints and directions on developing regional and international financial markets in Vietnam.

At the same time, develop the financial market to effectively mobilize resources and financial services to serve the socio-economic development of localities with financial markets in particular and Vietnam in general in the direction of ensuring transparency, efficiency, modernity, advancement, and keeping up with international standards; create new momentum for economic development; promote Vietnam's deep participation in the world economy.

According to Deputy Minister Nguyen Thi Bich Ngoc, developing financial markets in areas with defined boundaries and applying specific policies in the financial market area. In particular, testing controlled specific policies to create competitive advantages in the global financial market; decentralizing and decentralizing financial market management agencies and reforming administrative procedures as much as possible...

Regarding the principles and policies for the establishment and operation of the TTTC, Deputy Minister Nguyen Thi Bich Ngoc emphasized that the State has mechanisms and policies to encourage and create favorable conditions to attract capital, technology, modern management methods, encourage the development of infrastructure and form a civilized, high-quality living environment at the TTTC.

The State has mechanisms and policies to encourage the selection, attraction, training and development of high-quality human resources to meet the requirements of developing the financial market. Transactions and activities at the financial market are conducted in English, or in English and Vietnamese.

According to Deputy Prime Minister Nguyen Hoa Binh, the Resolution was developed to form a legal basis to solve three major issues. First, to establish regulations on organizational structure; Second, to regulate policies for the TTTC, especially regulations on immigration, labor, monetary policy, and tax. Third, to develop State regulations on the management of the centers, specifically the management responsibilities of the Government, ministries, and functional agencies, and the responsibilities of cities with the TTTC.

"We are drafting this Resolution to build superior mechanisms and policies but with control. We must clarify the content of each group of policies that we are planning to build. We must have a specific assessment of the impacts of the policies on the economy," the First Deputy Prime Minister stated.

The draft Resolution is implemented according to the procedure at 1 session. It is expected that the Government will submit the Resolution to the National Assembly for consideration and approval at the 9th session of the 15th National Assembly in May 2025.

For the two beneficiary cities, Ho Chi Minh City and Da Nang, Permanent Deputy Prime Minister Nguyen Hoa Binh requested that they actively prepare facilities, technology, infrastructure, and human resources to be ready for the operation of the financial centers.

Based on the discussion at the meeting, Permanent Deputy Prime Minister Nguyen Hoa Binh requested the Ministry of Planning and Investment to continue to supplement and complete the draft Resolution so that we "have the most perfect draft Resolution possible", and submit it to the National Assembly according to the set time requirements.

Source: https://nld.com.vn/tp-hcm-va-da-nang-can-chuan-bi-ha-tang-nhan-luc-cho-trung-tam-tai-chinh-196250221184555307.htm