Prime Minister Chairs Discussion on Draft Resolution for Building an International Financial Center in Vietnam
On the afternoon of May 22, Prime Minister Pham Minh Chinh chaired a meeting to discuss and provide feedback on the draft resolution of the National Assembly on constructing an international financial center in Vietnam. Nguyen Van Nen, Party Chief of Ho Chi Minh City, attended the meeting.
Prime Minister Pham Minh Chinh delivers a speech at the meeting. Photo: Nhat Bac
During the meeting, delegates offered their insights on the draft resolution of the National Assembly, which will be presented at the ongoing 9th session. Additionally, the government will develop specialized decrees to expedite the establishment and operation of the financial center.
The participants engaged in discussions to clarify various aspects, including the objectives of establishing the international financial center, its model, development orientations, and key areas of focus. They also deliberated on the center’s primary products, along with the necessary policies and mechanisms.
Other crucial topics, such as infrastructure, human resources, and visa policies, the adoption of international institutions and practices, foreign exchange liberalization, and banking activities, as well as dispute resolution in line with international standards, were thoroughly discussed for inclusion in the draft resolution.
Concluding the meeting, Prime Minister Pham Minh Chinh highly appreciated the preparations made by the leading agency in charge of the draft and instructed them to maximize the incorporation of the delegates’ valuable input. The Prime Minister emphasized that this process should be approached with a sense of prudence and without haste, stressing the importance of deep contemplation and ambitious execution.
“When we undertake a task, we must strive for success and victory, proceeding with certainty and aiming for enduring accomplishments that bring benefits to our nation and happiness and prosperity to our people,” the Prime Minister directed.
Overview of the meeting on the evening of May 22. Photo: Nhat Bac
According to the Head of Government, developing and strengthening an international financial center is essential for securing the resources needed to achieve economic growth targets. To realize the envisioned goals for the financial center, the Prime Minister asserted that the legal environment must be competitive, transparent, progressive, and conducive.
Additionally, infrastructure should be modern, advanced, and seamless, meeting the demands of development and aligning with global trends and Vietnam’s conditions. Human resources must be professional and of high caliber, and the necessary conditions for the center’s operation should be in place. Governance must be intelligent and modern, suiting the context.
The Prime Minister emphasized that the mechanisms, policies, and infrastructure must excel when compared to existing financial centers within the region and worldwide. Particularly, there should be a guarantee of property rights, freedom, and creativity in business, along with convenient mobility and favorable visa policies for encouraged individuals. Creating an exceptional, advantageous, and safe living environment is also crucial.
The outlined tasks are geared towards attracting capital for the country’s rapid, sustainable, and green development, especially medium and long-term capital. They also aim to foster the development of digital currency in line with global trends and Vietnam’s specific context.
The government leader also noted that the mechanisms and policies should ensure the free flow of capital and legitimate profits, aligning with international practices and Vietnam’s circumstances. Simultaneously, precautions must be taken to prevent exploitation or manipulation that could result in the illegal outflow of Vietnam’s resources.
The Prime Minister described the endeavor as a free and beneficial playing field, where interests are harmonized and risks shared among related entities. It aims to attract both direct and indirect investment, targeting both the public and private sectors. Thus, while liberalizing business activities, a suitable timeline should be followed, taking into account the country’s economic situation.
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