On the morning of November 1, at the Government headquarters, Politburo member and Prime Minister Pham Minh Chinh chaired a conference on the establishment of an International Financial Center in Vietnam. The conference was connected online with connecting points in the UK, Czech Republic, Hong Kong (China), Indonesia.
Concluding the conference, the Prime Minister stated that this is a difficult task that Vietnam has never done, but with the spirit of "no come, no come, no come as far as possible", Vietnam will choose the best option to build and perfect the legal corridor in establishing and developing the International Financial Center in Vietnam.
Regarding a number of specific issues, the Government has established a Joint Steering Committee on international financial centers headed by the Prime Minister, with the participation of relevant Government members.
Regarding the agencies in the Center, the Prime Minister said that the orientation is to establish 2 executive agencies in 2 localities, but one is a common supervisory agency, one court to resolve disputes.
The center operates on a digital basis, artificial intelligence (AI), is highly competitive and attracts development resources. People must be professional, including domestic and foreign experts to absorb the quintessence and international intelligence that has been summarized but localized in Vietnam's conditions.
The Prime Minister also stated that to attract experts, it is necessary to have the most favorable and competitive mechanisms and policies, creating a harmonious ecosystem between people, society and nature; the two cities of Da Nang and Ho Chi Minh City need to maximize and create favorable living conditions for transportation, living, education, health, culture, sports, etc.
Linking banking, financial and other agencies to contribute to promoting these centers. Financial and non-financial service agencies need to issue flexible licenses, mainly post-inspections and reduce pre-inspections.
The Prime Minister emphasized the requirement for international financial centers in Vietnam not to create barriers to other centers, not to create barriers from within the center to the outside.
The center operates not only in finance but also in production, business, trade, and investment, but ensures that these activities are effectively combined and compete with other financial centers.
Regarding administrative procedures, the Prime Minister clearly stated the spirit of one-stop, one-stop, one-man-doing, cutting unnecessary barriers and administrative procedures.
Ho Chi Minh City and Da Nang need to prepare necessary conditions, promulgate and publicly announce specific policies and regulations within their authority; must be urgent, public, transparent to create momentum, create force, create momentum; promote the strength of the two cities combined with the strength of the whole country.
The head of the Government requested the drafting agencies to continue updating and promptly completing the draft Decree on the International Financial Center in Vietnam, submitting it to the Government for approval in the coming days, and making efforts this November to put the International Financial Center into operation.
Ho Chi Minh City will be a large-scale financial hub, strongly developing the stock market, bonds, banking, fund management, and listed services. Da Nang will focus on developing financial services related to logistics, maritime, free trade and public-agricultural supply chains.
It is expected that the Central area in Ho Chi Minh City will have an area of about 899 hectares; the area in Da Nang will have an area of about 300 hectares.
