On the afternoon of June 12, the National Assembly discussed in the hall the draft Resolution of the National Assembly on the International Financial Center in Vietnam (TTTCQT).
Establishing a 100% stake-in system needs to rely on the country's current situation and potential
Participating in giving comments, delegate Trinh Thi Tu Anh - National Assembly Delegate of Lam Dong province highly agreed with the policy of building TTTCQT in Ho Chi Minh City and Da Nang as proposed by the Government.
However, the delegate said that the establishment of the TTTCQT needs to rely on the current situation, potential, position and specific development trends of Vietnam.
At the same time, it is recommended that the Government determine a model suitable for development potential and needs, avoiding spreading or copying foreign models.
According to the delegate, each financial center in the world has its own strengths, such as Singapore being strong in asset management, London being strong in foreign exchange trading center.
"There are two types of QTCs in China but they are developing in two different directions. Hong Kong is strong in managing assets in the international capital market, while Shanghai is strong in the domestic market, financial technology, science and technology and innovation," said delegate Trinh Thi Tu Anh.
To develop a strict draft Law, delegate Tu Anh proposed considering developing the TTTCQT in Vietnam based on the following pillars:
Firstly, TTTC connects digital transformation and green finance in Southeast Asia, financial services supporting the development of small and medium enterprises (SMEs); global supply chains and orientation to become a launching pad for financial innovation.
Second, focus on policy mechanisms to support the development of modern digital infrastructure and cybersecurity. These are the two surviving foundations of modern TTTC.
Third, encourage financial technology (fintech) and innovation...
The delegate said that fintech is an important growth driver in the financial industry.
Delegate Nguyen Quang Huan - Member of the National Assembly of Binh Duong province also assessed that the establishment of the TTTCQT is completely in line with reality. However, regarding the location of the QTTQT, it is necessary to consider carefully.
According to the delegate, through consulting experts, we need at least 5 necessary conditions to establish a QTTTC.
First, the infrastructure must be synchronous, including financial and telecommunications infrastructure (cloud storage, 5G, 6G networks, high-speed bandwidth, transmission line security capabilities, data centers, etc.); working space that meets international standards; reaching social infrastructure (hospitals, schools, hotels, tourism, entertainment, etc.) and other services to attract experts.
Second, there must be a financial ecosystem (transaction center, bank, investment fund, insurance, high-tech company, national financial data center, artificial intelligence, national financial monitoring mechanism...).
Third, regarding a specific legal framework, it is necessary to have a separate Law and Resolution on incentives for testing mechanisms, tax policies, released policies, etc.
Fourth, high-quality human resources.
Fifth, the factor of sustainable development, such as green finance, green construction or carbon trading floor markets...
"To develop synchronously, it is necessary to consider the location and develop the region, thereby being able to decide on the location and calculate the cost of capital investment.
It is clear that capital investment for a new location will be higher than for a location with available infrastructure," said delegate Nguyen Quang Huan.
Need for an effective assessment and risk monitoring mechanism
According to delegate Thach Phuoc Binh - Member of the National Assembly of Tra Vinh province, the development goals of the TTTCQT stipulated in the draft Resolution do not have specific criteria to measure and evaluate the effectiveness.
In addition, the delegate suggested that the draft Resolution should clearly identify - "who is the agency in charge of monitoring the TTTCQT". At the same time, there must be criteria for classifying risks and a coordination mechanism is needed between relevant agencies...
"I recommend clearly defining the criteria for measuring and evaluating effectiveness. For example, it is necessary to reach 10 billion USD in transaction value after 5 years, attracting at least 200 international financial experts to work at the center", said delegate Thach Phuoc Binh.
Delegate Nguyen Xuan Than - National Assembly Delegate of Khanh Hoa province proposed to consider revising the regulations on language used in the Ministry of National Defense.
According to the delegate, the Constitution of Vietnam stipulates that the national language is Vietnamese. However, the draft Resolution stipulates that "the official language in the TTTCQT is English or English with a Vietnamese translation".
"We can integrate, but Vietnamese must go hand in hand with English. That is, Vietnamese and English are the official languages in the international financial center", said delegate Nguyen Xuan Than.
