Previously, on June 27, the National Assembly officially passed a Resolution on the International Financial Center in Vietnam, effective from September 1.
According to this resolution, Vietnam will develop an international financial center located in two locations: Ho Chi Minh City and Da Nang.
The development is oriented towards unified management, while taking advantage of the unique advantages of each locality, creating specific financial products suitable for each region.
In Ho Chi Minh City, the international financial center will focus on developing capital markets, banking, and currency markets; deploying controlled testing mechanisms (sandbox) in the field of fintech; promoting financial innovation; establishing specialized exchanges and building modern trading platforms.
For Da Nang, the financial center will aim to develop green finance, financial technology, digital services, pilot digital asset management, digital currencies and new forms of payment. The city will also attract investment funds, bribes, and small and medium-sized fund management companies.
On August 1, Politburo member and Prime Minister Pham Minh Chinh signed and issued Decision No. 114 promulgating the Action Plan to deploy the construction of an international financial center in Vietnam.
The goal is that by the end of 2025, international financial centers in Ho Chi Minh City and Da Nang will be formed and put into operation.
To realize this goal, localities urgently complete key infrastructure projects, especially transportation, telecommunications, logistics infrastructure... creating a foundation for financial centers to operate effectively.
In Ho Chi Minh City, the international financial center is expected to be built in Saigon ward, Ben Thanh ward and Thu Thiem, with a total area of about 793 hectares.
In addition to developing facilities, it is necessary to build a modern financial ecosystem, promote new markets such as commodity exchanges, carbon exchanges, develop high-tech financial services such as digital banking, fintech, and focus on training and attracting high-quality human resources.
Regarding the organization of the apparatus, perfect the management and operation structure of the International Financial Center in the direction of clearly stating the people, work, time, products, responsibilities and authority.
Also on August 1, the Prime Minister signed Decision No. 1646, establishing a Steering Committee for International Financial Centers in Vietnam.
The Steering Committee is headed by Prime Minister Pham Minh Chinh.
The Deputy Heads of the Committee include: Politburo member, Permanent Deputy Secretary of the Government Party Committee, Permanent Deputy Prime Minister Nguyen Hoa Binh (Forever Deputy Head of the Committee); Politburo member, Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen; Minister of Finance Nguyen Van Thang; Governor of the State Bank Nguyen Thi Hong; Secretary of the Da Nang City Party Committee Nguyen Van Quang.
