(MPI) - In Decision No. 1160/QD-TTg dated October 6, 2023, the Prime Minister assigned the Ministry of Planning and Investment as the standing agency of the Steering Committee for the development of the regional and international financial center project to preside over the development of the overall project content. To continue to complete the project for submission to competent authorities, the Ministry of Planning and Investment organized an online meeting with international organizations on financial centers. Deputy Minister Nguyen Thi Bich Ngoc chaired the meeting.

The working session aimed to share international experiences on legal mechanisms, organizational mechanisms and recommendations for Vietnam in the roadmap to build an international financial center.

Attending the meeting were representatives of ministries, branches and localities assigned by competent authorities to research and build a financial center in Vietnam; relevant units under the Ministry of Planning and Investment and international experts from the Tony Blair Institute (TBI) and TheCityUK.

Image at the Ministry of Planning and Investment bridge point. Photo: MPI

In order to carry out the assigned tasks, the Ministry of Planning and Investment has presided over and coordinated with ministries, branches, and the People's Committees of Ho Chi Minh City and Da Nang to develop a project on regional and international financial centers with the goal and scope of identifying factors and "necessary" and "sufficient" conditions for the formation and development of financial centers in Vietnam; Assessing opportunities and challenges in building financial centers in Vietnam; Researching appropriate financial center models and mechanisms and policies applicable to financial centers in Vietnam.

At the meeting, experts with extensive experience in the fields of finance and banking who have consulted on the development of financial centers in several countries shared their practical experiences; overviews of financial centers; and made suggestions and recommendations for Vietnam.

In the context of increasingly interconnected global finance, international financial centers play a key role in supporting global trade, investment and economic growth; acting as financial service centers, attracting capital flows and experts from all over the world. Following this trend, the establishment of financial centers contributes to bringing economic value, participating more deeply in the global economy through promoting the development of Vietnam's financial services sector.

Image at the Ministry of Planning and Investment bridge point. Photo: MPI

Opinions also emphasized issues related to the legal system and management model; market development; capital market; green finance; FinTech; key areas; exploiting growth potential in emerging areas; support and incentive policies; improving the business environment; infrastructure; attracting talent; quality of life; the development of free trade zones in the development of financial centers; economic and political commitments; the relationship between financial centers and world markets; specific legal and governance regulations; the clarity, accuracy, fairness, and transparency of the legal framework, and practical feasibility to ensure effective implementation;...

According to experts, Vietnam needs to summarize lessons learned from global financial centers and identify key areas for reform; take steps to strengthen existing basic financial services and boost investment in emerging products that meet global needs; and have policies that facilitate Vietnam's development into a country with global financial and trade capacity.

At the meeting, representatives of ministries, sectors and localities also asked questions and discussed directly with experts in groups of fields under their assigned functions and tasks and received very detailed and specific exchanges, feedback and recommendations from TBI and TheCityUK. These organizations all affirmed their readiness to coordinate with the Ministry of Planning and Investment in researching and building a financial center in Vietnam.

Deputy Minister Nguyen Thi Bich Ngoc speaks. Photo: MPI

Thanking the frank exchanges with much important information, Deputy Minister Nguyen Thi Bich Ngoc affirmed that the Ministry of Planning and Investment will continue to coordinate with relevant ministries, branches and localities to study and absorb opinions during the process of developing the Project; at the same time, thanking TBI and TheCityUK for their reports contributing to the construction of Vietnam's financial center and hoping to continue to receive coordination and detailed sharing from organizations during the completion process.

According to Deputy Minister Nguyen Thi Bich Ngoc, to become a regional and world international financial center requires many factors. Vietnam currently identifies three pillars: management model; specific fields and products that attract investors; policies to support the development of financial centers. Therefore, in the process of building, Vietnam hopes to hear opinions from organizations and experts from the lessons of success, failure, and experience of financial centers around the world; to present the current situation of Vietnam and the difficulties and challenges that need to be overcome.

Accordingly, the Deputy Minister outlined specific contents for organizations to continue researching and sharing in building a financial center in Vietnam to attract investors and financial institutions; necessary and sufficient conditions for Vietnam to form a financial center, creating value for investors; sharing lessons learned in financial centers similar to those in Vietnam; sharing about management models; specific products compared to Vietnam's competitive advantages and conditions for risk control; the necessity of establishing a specialized management agency, empowering the financial center./.

Tung Linh

Ministry of Planning and Investment