PM urges building int’l financial centre with transparent, open legal environment
Vietnam’s international financial centre must be a “free and equal playing field, with harmonised benefits and shared risks, said Prime Minister Pham Minh Chinh.
Prime Minister Pham Minh Chinh chairs the meeting of the steering committee on building regional and international financial centres. (Photo: VNA)
Hanoi (VNA) - Prime Minister Pham Minh Chinh on May 22 requested the establishment of an international financial centre in Vietnam with a transparent and open legal environment, modern and seamless infrastructure that meets development needs and aligns with global trends and Vietnam's specific conditions.
Chairing a meeting of the steering committee on building regional and international financial centres on the development of the National Assembly’s draft Resolution on the establishment of the international financial centre in Vietnam, PM Chinh, who is head of the steering committee, highlighted the need for a highly qualified and professional workforce, and smart and modern governance.
The centre’s mechanisms, policies, infrastructure, human resources, and governance must be superior to those of others, he emphasised.
Prime Minister Pham Minh Chinh speaks at the meeting of the steering committee on building regional and international financial centres. (Photo: VNA)
Noting that the goal of establishing the centre is to attract medium- and long-term capital, both direct and indirect, from both the public and private sectors, to serve the country’s rapid and sustainable development, the Government leader stressed that policies must ensure property rights, freedom of business, and freedom of movement for all entities participating in the financial centre.
With the view that Vietnam’s international financial centre must be a “free and equal playing field, with harmonised benefits and shared risks,” the PM said that its operation must respect market mechanisms; capital within the centre must be allowed to flow freely; and all related procedures must be streamlined, with all unnecessary sub-licenses eliminated.
He agreed on the selection of Ho Chi Minh City and Da Nang as the locations for the international financial centre, saying while both will operate under unified management, each will maintain distinct characteristics.
Agreeing on the location of the international financial centre to be in both Ho Chi Minh City and Da Nang, with unified management but distinct characteristics, PM Chinh requested the swift finalisation of reports, the draft resolution, and an action programme, to be su𝐆bmitted to the relevant authorities, ensuring timely and high-quality completion./.
Under the Politburo's conclusion, an international financial centre in Ho Chi Minh City and a regional financial centre in Da Nang will operate under exceptional management mechanisms that enhance competitiveness while implementing appropriate risk management and oversight protocols.
The establishment of an international financial centre is expected to serve as a catalyst to accelerate the city’s transformation and position it for breakthrough growth in the coming years.
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