Deputy Prime Minister Nguyen Hoa Binh emphasized the significant meaning and role of establishing a regional and international financial center in Vietnam. He highlighted that it is one of the major political decisions to prepare for a new era of national growth – Photo: VGP/Nguyen Hoang
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On the morning of December 17, Deputy Prime Minister Nguyen Hoa Binh chaired a meeting with leaders of functional ministries, sectors, and localities (Ho Chi Minh City and Danang) to discuss the action plan for implementing the Politburo’s Conclusion on building a regional and international financial center in Vietnam.
Reporting at the meeting, Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc said that following the Politburo’s instructions (as per the Office of the Party Central Committee’s Notification No. 47-TB/TW dated November 15, 2024, on the Conclusion of the Politburo regarding the establishment of a regional and international financial center in Vietnam) and the Government’s leaders, based on the content of the Proposal on the establishment of a regional and international financial center in Vietnam approved by the Politburo, the Ministry of Planning and Investment has coordinated with relevant agencies, localities, and partners to implement several assigned tasks. This includes submitting to the Government leaders: a draft Action Plan on the establishment of a regional and international financial center in Vietnam; a draft Decision by the Prime Minister on the establishment of a Steering Committee for the regional and international financial center and its Regulations.
At the same time, the ministry continued to study international experiences, consulted experts, and collaborated with domestic and foreign organizations with experience in financial center development consulting (such as the Tony Blair Institute and TheCityUK) to connect with potential organizations and investors in preparation for implementing the assigned tasks.
There must be superior mechanisms and policies
According to the planned schedule, the international financial center will be established in Ho Chi Minh City, while the regional financial center will be set up in Danang.
Speaking at the meeting, leaders of ministries and sectors made concrete contributions regarding the preparation and implementation of the Politburo’s Conclusion on building a regional and international financial center in Vietnam. They affirmed the need to ensure a vigorous, effective, synchronous, and comprehensive implementation that aligns with the Politburo’s directives, goals, and contents of the Proposal for the establishment of a regional and international financial center in Vietnam, as agreed upon in Notification No. 47. This should be done with a spirit of strong innovation for a breakthrough.
At the same time, it is necessary to identify key tasks, solutions, and activities, along with the leading and coordinating agencies, associated with expected outputs and specific completion timelines. The leaders also requested that the People’s Committees of Ho Chi Minh City and Danang formulate action plans, focusing on institutionalizing solutions, models, and policies applicable to the establishment of the regional and international financial center in Vietnam.
Chairman of the Ho Chi Minh City People’s Committee Phan Van Mai and Secretary of the Danang Party Committee Nguyen Van Quang expressed their high consensus with the draft action plan to implement the Politburo’s Conclusion on building a regional and international financial center in Vietnam. They affirmed that the two cities have been preparing the necessary conditions and are ready for the establishment of the regional and international financial centers. This includes meticulous preparation, focusing on studying mechanisms and policies; establishing related organizations; determining infrastructure investment tasks; formulating plans for training human resources; and organizing international learning groups.
Minister of Planning and Investment Nguyen Chi Dung emphasized that building a regional and international financial center in Vietnam is a new and challenging task, and there is no precedent. However, ministries, sectors, and localities have been proactive, determined, and committed to its implementation. He pointed out that the establishment of the regional and international financial center should be approached without perfectionism or haste but with great determination and urgency. Superior mechanisms and policies are needed, and he clarified that “the mechanisms and policies must be what investors need, not just what we have.” Therefore, it is essential to gather information through consulting and connection to understand investors’ requirements and subsequently develop appropriate and feasible mechanisms and policies.
A strong boost for the economy
Concluding the meeting, Deputy Prime Minister Nguyen Hoa Binh emphasized the significant meaning and role of establishing a regional and international financial center in Vietnam. He highlighted that it is one of the major political decisions to prepare for a new era of national growth, creating new mechanisms and resources and providing a strong boost for the economy. Therefore, we must work with great urgency, determination, practicality, and effectiveness to soon establish the regional and international financial center in Vietnam.
The Deputy Prime Minister applauded the Ministry of Planning and Investment for actively implementing the Politburo’s Conclusion on building a regional and international financial center in Vietnam, with a well-prepared, thoughtful, and high-quality system of draft documents. He also appreciated the opinions expressed by the ministries, sectors, and localities attending the meeting, reflecting their clear stance and sense of responsibility towards this important task of the country. The Deputy Prime Minister requested that the Ministry of Planning and Investment incorporate the comments to perfect the Plan and related documents for implementing the Politburo’s Conclusion on building a regional and international financial center in Vietnam.
The Deputy Prime Minister requested thorough preparation and execution of communication and investment promotion, creating social consensus, and engaging various levels, sectors, and agencies in the establishment of the financial center. He also emphasized the importance of enhancing communication, promotion, and introduction of the financial center in investment attraction efforts – Photo: VGP/Nguyen Hoang
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“We must strictly implement the Conclusion of the Politburo, as it is our responsibility and duty. We need to act swiftly, determinedly, and urgently, without perfectionism but with the utmost prudence. We have the advantage of being a latecomer, so we can learn from the experiences of major regional and global financial centers,” said the Deputy Prime Minister.
Regarding the tasks and solutions, Deputy Prime Minister Nguyen Hoa Binh agreed with the proposal to establish an inter-sectoral Steering Committee for the financial center to provide direction, strategy, and coordination, ensuring smooth and consistent operations, especially during the phase of mechanism and policy formulation. He also agreed with the proposal to establish a Task Force for the financial center in Ho Chi Minh City and Danang to lead and direct the establishment and operation of the financial center.
He requested a focus on building and perfecting the financial center’s institutions and policies, including draft resolutions of the National Assembly on the financial center and draft documents stipulating and guiding the implementation of the National Assembly’s resolutions.
Attention should be given to allocating and mobilizing resources for infrastructure development and the growth of the financial center, along with preparing and training human resources within the state apparatus to manage and operate the financial center.
Deputy Prime Minister Nguyen Hoa Binh stated, “We must do a good job of preparing human resources for the financial center. For domestic human resources, we need a specific training plan and opportunities for learning and internships. Regarding foreign human resources, we must have an attractive mechanism to invite and recruit talent. We should ensure that we have a ready team when the financial center commences operations.”
At the same time, thorough preparation and execution of communication and investment promotion are necessary to create social consensus and engage various levels, sectors, and agencies in the establishment of the regional and international financial center in Vietnam. The Deputy Prime Minister also emphasized enhancing communication, promotion, and introduction of the regional and international financial center in Vietnam in investment attraction efforts.
During the meeting, Deputy Prime Minister Nguyen Hoa Binh also provided specific directions regarding the draft Action Plan on tasks and solutions for building the financial center in Vietnam, the implementation timeline, and the assignment of tasks to relevant ministries, sectors, and agencies. He also gave feedback on the draft Decisions of the Prime Minister on the establishment of the Steering Committee for the financial center and its Regulations.
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