Hanoi (VNA) – Prime Minister Pham Minh Chinh presided over the first meeting of the Steering Committee for Regional and International Financial Centres in Vietnam on April 3, emphasising the need for independent, specific, exceptional, and competitive policy frameworks to develop the establishments.
The Government leader, also head of the committee, acknowledged that establishing international financial centres represents a new challenge for Vietnam, asking competent sides to adhere to the Politburo’s conclusion and Party General Secretary To Lam’s direction on the issue.
He called for the financial centres tailored to Vietnam's development conditions, and advocated public-private partnerships to mobilise resources from businesses and citizens. PM Chinh stressed that it is necessary to build modern, digitally advanced financial centres with smart operation and management systems as well as high-quality human resources.
With a specified pilot implementation period of at least five years, the PM requested developing financial centres that comply with both Vietnamese regulations and international standards. He underscored that policies must be open, infrastructure seamless, and governance smart while security and safety ensured.
He assigned Deputy PM Nguyen Hoa Binh to direct the development of the financial centres in Vietnam, highlighting the importance of clearly defining implementation authorities, particularly for addressing unprecedented issues during the pilot period, as well as finalising documents to submit to the Politburo and National Assembly.
Da Nang city and Ho Chi Minh City, where the centres will be located, have actively prepared resources for infrastructure development, allocated land, and worked with potential investors and major financial institutions for both policy consultation and investment attraction.
At the meeting, participants discussed the strategic positioning of Vietnam's international financial centres relative to competitors in the region. Other critical issues on the table included capital account and foreign exchange liberalisation, common law systems within the financial centres, legal frameworks and international standards applied to the centres, and management structures./.
