Do not let gouldification, financial bleeding, tax evasion
On the afternoon of June 12, the National Assembly discussed in the hall the draft Resolution on the establishment of an international financial center.
Delegate Truong Trong Nghia (HCMC Delegation) emphasized that the establishment and operation of the international financial center is like an out sea journey that we have never experienced, have not had experience in "standing a ship", and have never " gone to sea".
The delegate cited the warning of the Minister of Finance that if foreign currency flows are not well controlled, investors can transfer money in and withdraw quickly, causing chaos or even a financial crisis.
He mentioned the global financial crisis in 2008 stemming from the collapse of Lehman Brothers, an organization with a history of more than 150 years, causing 30 million people to lose their jobs and 50 million people to fall back into poverty, seriously affecting even major Asian economies such as Japan, Singapore and South Korea.
The delegate also pointed out other risks such as currency manipulation, dollars hoa, gold hoa, financial bleeding, tax evasion, fraud, legal conflicts and international civil liability if there is no effective control and handling mechanism.
From there, he proposed 3 things to do immediately if you want to attract the international financial community: develop human resources, complete technical infrastructure and build legal infrastructure.
Regarding legality, the delegate said that there should be a legal framework to regulate the operation of the center, financial transactions and a dispute resolution mechanism. In particular, the current transaction law is lacking and inadequate, mainly relying on foreign law.
Regarding the incentive list, he warned that competition with incentives can easily lead to the opposite effect, such as the FDI lesson in the past 20 years - mainly processing, cheap prices, not being able to master technology, brands, even packaging. If not good, "the shark cannot be caught but only lures the fish in the intestines and spills all the prey and then leaves".
Regarding the location, he said that it is advisable to focus on building the first center in Ho Chi Minh City - which already has a relatively international financial ecosystem, and is merging with Binh Duong and Ba Ria - Vung Tau, two localities with quite vibrant financial activities. After gaining experience, we can consider a second center in Da Nang.
Despite many locations, international financial centers should only have one executive committee to ensure efficiency and consistency, he said.
Financial centers are a playground for the rich, not to "test and make mistakes"
Delegate Nguyen Van Than (Thai Binh Delegation) acknowledged that this resolution is only a framework, while the more specific and important work will lie in the role of the Government.
Regarding the establishment of an international financial center, the delegate said that this is a "game" for the rich, for those with strong financial potential. They can come and go at any time. As for us, we have to invest from the beginning - that requires great caution.
The delegate did not agree with the idea of testing this model. This is not a playground where we can "try and make mistakes".
If we call this a pilot model, it will not create trust for international investors. Therefore, the concept of " experimentation" should not be included in the resolution.
