(MPI) - Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc chaired a seminar in Hanoi on February 18 with representatives of government agencies, localities and domestic, international experts, investors to discuss the drafting of a National Assembly (NA)’s resolution on establishing and operating international and regional financial centers in Vietnam.

NA's draft resolution on establishing financial center under discussion. Photo: MPI

Speaking at the seminar, Deputy Minister Nguyen Thi Bich Ngoc stated that based on the political, legal, and practical domestic and international contexts, the development of a resolution on international and regional financial centers (IFCs) in Vietnam is essential. Therefore, the Ministry of Planning and Investment (MPI) has actively coordinated with relevant agencies to draft the NA’s resolution on establishing IFCs in Vietnam.

The IFCs will become a new and significant driver to attract investment flows, enhance commercial and financial activities, and play a crucial role in positioning Vietnam on the world development centers' map.

Regarding the policy and strategies for building the IFCs, the deputy minister noted that Political Bureau's Announcement No. 47-TB/TW dated November 15, 2024, agrees in principle to allow the application of policies for the development of IFCs and outlines their implementation roadmap. From now until 2030, 8 main policy groups consistent with international norms and Vietnam's conditions will be enacted and implemented immediately, and 6 pilot policy groups commonly used in major IFCs worldwide and suitable for Vietnam's actual conditions will be trialed.

Representative from ministries of: Finance, Industry and Trade, Information and Communications and State Bank of Vietnam, Ho Chi Minh City and Da Nang, and domestic and international experts such as TheCityUK and Boston Consulting Group (BCG) focused on discussing specific content, proposing institutions and financial products where Vietnam has strengths, mechanisms to attract foreign talents, and training high-quality manpower. The legal framework must ensure practicality to operate the IFCs; there were specific discussions about a controlled testing policy (sandbox) for business models using technology in finance (fintech), tax policies, finance, and capital market development…

Some opinions also suggested that the NA’s draft resolution on developing regional and international financial centers in Vietnam should include a specific policy framework that clearly identifies Vietnam’s strengths to attract all financial resources and form a healthy, safe, integrated, and sustainable financial market./.

Bao Linh

Ministry of Planning and Investment