HÀ NỘI ( WNAM MONITORING ): Special and competitive policies and mechanisms are necessary to establish international financial centres in Việt Nam, which need to align with the country’s development contexts, said Prime Minister (PM) Phạm Minh Chính.
The government leader was chairing the first meeting of the steering committee for international financial centres (IFCs) in Việt Nam on Thursday.
Deputy PMs Hồ Đức Phớc, Nguyễn Chí Dũng and Đà Nẵng and HCM City leaders also participated in the discussion.
Noting the five-year roadmap for the pilot IFC programme, PM Chính recommended establishing one to two IFCs whose operations must follow Vietnamese laws, as well as international regulations and standards.
He emphasised an open mindset in adopting policies related to these establishments, ensuring seamless infrastructure, smart governance, security and safety.
A specific, independent and effective monitoring mechanism should also be considered, with a clear process for resolving possible disputes.
The IFC steering committee has been conducting research and coordinating with National Assembly (NA) agencies to develop relevant legal documents. They are also drafting guidelines and action plans for the establishment of IFCs in Việt Nam.
The committee has developed a project framework and sought feedback from ministries, sectors and localities, in addition to consulting with industry experts, international organisations, financial institutions, law firms, consulting companies and auditors. Study groups were also sent to financial centres abroad to learn from international experiences.
Reports from these consultations and visits are being compiled into reports for review.
HCM City and Đà Nẵng, Việt Nam’s major economic hubs, are also actively preparing resources for infrastructure development. This includes allocating land resources, promoting engagement with investors and financial institutions for policy consultation and investment attraction.
At the meeting, officials also discussed the strategic positioning of Việt Nam’s IFCs compared to others in the region, capital account and foreign exchange liberalisation, IFC law systems, as well as the management structure and standards for these establishments.
PM Chính stressed that IFC development is a complex and emerging topic for Việt Nam, and requested that the IFC steering committee and relevant ministries, sectors and localities closely follow the Politburo’s conclusions and Party chief Tô Lâm’s directions on this matter.
The committee and relevant agencies are also required to continue adjusting documents and project plans based on feedback and provide further explanation when requested.
The government leader assigned Permanent Deputy PM Nguyễn Hòa Bình to oversee the establishment of IFC in Việt Nam.
Responsibilities must be clearly defined during implementation, especially in handling emerging issues during the pilot that are not covered by current laws and regulations.
