International financial center located in Ho Chi Minh City has been submitted to the Government.

The information was announced by Mr. Nguyen Ngoc Hoa - Chairman of the Board of Members of Ho Chi Minh City State Financial Investment Company (HFIC) at the seminar "Solutions to form an international financial center in Ho Chi Minh City" organized by Saigon Giai Phong Newspaper on February 9. HFIC is the unit assigned to develop the project of an international financial center in Ho Chi Minh City.

International financial center located in Ho Chi Minh City has been submitted to the Government.

The Government has assigned the Ministry of Planning and Investment as the advisory body to form a Steering Committee to soon implement the project. Mr. Nguyen Ngoc Hoa shared that the project has three main pillars. These are the monetary market and banking system; the capital market and the derivatives market.

The project to build an international financial center in Ho Chi Minh City has been submitted to the Government.

The project aims to create a flexible and agile capital market to attract financial institutions and large international investors to participate. Most importantly, Vietnam is a latecomer, so it is necessary to identify its core competencies in order to attract large financial investors. Therefore, Mr. Nguyen Ngoc Hoa affirmed that to have a flexible financial market, it is necessary to have a complete and flexible legal corridor, approaching existing international financial centers. At the same time, the Steering Committee needs to conduct research to identify Vietnam's competitive and attractive core competencies and then synchronize technical infrastructure from information technology, facilities to entertainment venues...

If it is established soon, Mr. Nguyen Ngoc Hoa believes that this is an opportunity to open the third wave of attracting domestic and foreign investment in Ho Chi Minh City and create capital resources for businesses, serving larger and deeper scale projects and acting as a lever.

Economist, Dr. Dinh The Hien, commented that Ho Chi Minh City has long been considered a financial center. However, to truly form an International Financial Center, it must be determined from the beginning that this is the place to solve the capital problem for the whole region and neighboring countries. The capital source for the Vietnamese economy depends mainly on commercial banks, while credit capital for working capital and people is overloaded. The capital market in Vietnam is facing many difficulties. Therefore, it is necessary to soon have an International Financial Center to attract capital from the international market.

Sharing the same view, Dr. Huynh Thanh Dien suggested that there should be sufficient policies to facilitate investors to participate in the market, create profit opportunities and ultimately strengthen investor confidence. Therefore, it is necessary to implement many synchronous solutions such as having a team of professional consultants, convenient transactions, especially having a tax policy that is close to the tax policies of financial centers in the region and the world that are being applied...

The Politburo has issued Resolution 31-NQ/TW on the direction and tasks for the development of Ho Chi Minh City until 2030, with a vision to 2045, proposing many breakthrough solutions and strategies, including issuing policies to promote the formation and development of the Ho Chi Minh City International Financial Center. This is also a condition to promote the early operation of the International Financial Center.

Source: https://thanhnien.vn/trung-tam-tai-chinh-quoc-te-dat-tai-tphcm-da-duoc-trinh-len-chinh-phu-18523020910194126.htm