National Assembly discusses legal corridor for international financial center
On the afternoon of June 12, the National Assembly discussed in the hall the draft Resolution on the International Financial Center (IFC) in Vietnam.
This is an important step to institutionalize the Party and State's major policy on developing high-end financial services, creating new growth momentum, associated with deep integration and enhancing Vietnam's position on the global financial map.
Two trains, one floorI look
According to the draft Resolution, the International Financial Center will be organized according to a geographical area model with defined boundaries, established by the Government in Ho Chi Minh City and Da Nang City. Each center will have its own development orientation, in line with local advantages and global trends. Both centers will work towards the common goal of building a diverse, modern financial ecosystem that is attractive to domestic and foreign investors.
In Ho Chi Minh City, the International Financial Center is oriented to become the locomotive for developing financial segments related to capital market development associated with asset management services, fund management, insurance, stock products, bonds, fund certificates, financial derivative products...; developing banking systems, money market products; developing testing mechanisms (sandboxes) on Fintech, innovation in the financial sector; establishing specialized trading floors, new trading platforms; developing commodity markets, building commodity and derivative commodity exchanges, connecting with domestic and international physical commodity markets; developing regional supply chain services, logistics centers, seaport transportation, associated with the Free Trade Zone in Ba Ria - Vung Tau...
Meanwhile, Da Nang City will be a highlight in green finance, trade finance serving small and medium enterprises, innovative enterprises, non-resident organizations and individuals (offshore financial services), cross-border trade activities associated with Free Trade Zones, high-tech zones, open economic zones, industrial parks, etc.; controlled testing of a number of new models such as digital assets, digital currencies, payments, digital money transfers; attracting investment funds, remittance funds, small and medium-sized fund management companies; promoting the development of startups providing financial solutions for consumption, tourism, trade, logistics;...
Specific legal framework for breakthrough
The Draft Resolution clearly stipulates the establishment, operation, management and supervision of the International Financial Center; identifies members, exchanges and trading platforms that will operate within the framework of the Center.
In particular, the draft has a separate chapter regulating specific and outstanding mechanisms and policies applied in the international financial market. Specifically, it includes policies on foreign exchange, banking activities; finance, capital market development; tax and financial incentives; entry, exit, residence, labor for experts, managers and investors, employment, social security; land; construction, environment; controlled testing for Fintech and innovation; sectoral incentives and policies for strategic investors; development of technical and social infrastructure; export, import and distribution of goods and services; fees, charges and dispute resolution mechanisms in investment and business activities.
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The National Assembly's Resolution on International Financial Center is the legal basis for the establishment of two world-class financial centers in Ho Chi Minh City and Da Nang, reflecting a landmark effort to bring Vietnam further in the global financial value chain, contributing significantly to the implementation of three strategic breakthroughs, developing new growth drivers such as: digital economy, green economy, innovation and consolidating the country's position in the era of deep globalization.
According to the plan, after being approved by the National Assembly, the Resolution will be an important legal basis for the Government to deploy the construction and operation of international financial centers, attract investment and connect large global capital flows to Vietnam.
On the same afternoon, the National Assembly listened to the report on the investment policy of the Ho Chi Minh City Ring Road 4 construction investment project.