On February 23, information from the Ministry of Justice said that relevant ministries and branches have just given their opinions on the proposal to draft a Resolution of the National Assembly on the establishment and operation of financial centers in Vietnam.
According to the representative of the Ministry of Planning and Investment, the development of a National Assembly Resolution on the establishment and operation of a Financial Center in Vietnam is extremely necessary to successfully form a regional and international financial center; help Vietnam connect to the global financial market; attract foreign financial institutions, create new investment resources, promote existing investment resources; take advantage of opportunities to shift international investment capital flows.
The Ministry of Planning and Investment proposed drafting a National Assembly Resolution on the establishment and operation of a Financial Center in Vietnam under 3 policy groups including: establishment of a Financial Center and agencies under the Financial Center (including: Executive Management Committee, Financial Supervision Committee; International Referee Center); policies applicable to Financial Centers; state management policies for Financial Centers.
Regarding policies on digital assets, according to the representative of the State Bank, although the draft Resolution has provisions that are superior to current regulations, the concepts used in the draft must be consistent with the legal system.
Therefore, it is recommended that the drafting agency review the concepts of cryptographic assets in the draft Resolution with the provisions of relevant legal documents such as the Law on Digital Technology Industry.
Regarding the foreign ownership ratio and foreign investment conditions for the provision of services in the Financial Center, the State Bank said that these regulations are directly related to Vietnam's trade and investment commitments. Therefore, the draft Resolution stipulates that the application of foreign ownership restrictions and foreign investment conditions at financial centers should be further reviewed to limit the risk of violating obligations in trade agreements and investment protection agreements of Vietnam.
Regarding the time of establishing a specialized exchange, trading in cryptocurrency assets, cryptocurrency in the Financial Center, etc., the representative of the Ministry of Finance suggested that the drafting agency further evaluate the practice and the ability to perfect related legal documents to develop a suitable implementation roadmap.
In addition, this person agreed to have a superior incentive mechanism for taxes and fees for the Financial Center. However, the drafting agency needs to continue to coordinate with the Ministry of Finance to determine the preferential level according to the orientation of the Party and State and in accordance with regulations on personal income tax and corporate income tax.
Discussing this issue, Deputy Minister of Justice Nguyen Thanh Tinh agreed that it is necessary to develop a National Assembly Resolution on the establishment and operation of a Financial Center in Vietnam. At the same time, it is emphasized that this draft Resolution must build outstanding mechanisms and policies to enhance competitiveness, but must also be strictly controlled and supervised.
