The Political Bureau has just approved the proposal for the project to establish a regional and international financial center in Vietnam.
Implementing eight policy groups immediately
Specifically, establishing a comprehensive international financial center in Ho Chi Minh City and a regional financial center in Danang.
Developing financial centers with clearly defined geographic boundaries and target regulations, adopting a “combined” model with specific and superior policies in a roadmap.
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The financial centers will be governed by a unique and superior mechanism compared to current regulations, fostering competitiveness, alongside appropriate monitoring and risk management frameworks. Embrace a pragmatic approach, avoiding both haste and perfectionism to seize opportunities, and abandoning the “if it can’t be controlled, it should be prohibited” mindset.
Establishing dedicated management agencies for the financial centers, encompassing a governing body, a supervisory entity, and a dispute resolution authority. The formation of these agencies shall adhere to international norms and standards.
Regarding the implementation of financial center development policies and timelines, the Political Bureau agrees on the following: From now until 2030, enact and promptly execute eight policy groups that align with international practices and Vietnam’s context, requiring immediate application.
Simultaneously, pilot six policy groups commonly employed in prominent financial centers worldwide, adopting a phased approach to ensure compatibility with Vietnam’s realities.
From 2030 to 2035, thoroughly implement, according to the roadmap, the policy groups prevalent in major international financial centers, tailoring them to Vietnam’s practical conditions.
This framework timeline is relatively flexible, and we should aim to expedite the process as much as feasible. If favorable opportunities arise and conditions are ripe, we can proceed with subsequent steps without adhering to a strict sequence.
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Involving the entire political system
The Political Bureau entrusts the Party Committee of the Government with the decision to establish a Steering Committee for the financial centers to oversee implementation. It will also assess the impact of groundbreaking and competitive policies to shape the development model for these centers.
Additionally, the Party Committee of the Government will collaborate with the Party delegation of the National Assembly to promulgate legal documents regarding financial centers. These documents will outline fundamental principles, policy frameworks, and delegate the Government to elaborate on detailed provisions and address specific issues.
The Party Committee of the Government, the Standing Committee of the Ho Chi Minh City Party Committee, and the Standing Committee of the Danang Party Committee will spearhead the issuance of specific documents and allocate commensurate resources to execute the project’s components.
Ensuring close coordination and clear division of responsibilities between central and local authorities is essential, based on decentralization and empowerment. This approach will harness the initiative and creativity of Ho Chi Minh City and Danang in implementing this project.
The Political Bureau emphasizes the need for strong political determination from all agencies to accomplish this significant project. It is not solely the responsibility of Ho Chi Minh City and Danang but a collective endeavor of the entire political system.
The project’s components must be aggressively implemented with harmony and consistency, embracing bold innovation for a breakthrough. Central and local agencies must collaborate seamlessly and adhere to the proposed timelines and roadmaps for their respective tasks.
Tan Viet
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