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VN founds steering committee to promote formation of international, regional financial centre project
Việt Nam has founded a steering committee, led by Deputy Prime Minister Lê Minh Khái, in charge of developing the project of international and regional financial centres.
A view of HCM City. Việt Nam aims to develop international and regional financial centres in HCM City and Đà Nẵng. — VNA/VNS Photo Trọng Đạt
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This follows Prime Minister Phạm Minh Chính’s Decision No 1160/QĐ-TTg dated October 6.
The committee’s deputy head was Minister of Planning and Investment Nguyễn Chí Dũng and other members from the ministries of Finance, Industry and Trade, National Defence, Public Security, Information and Communications, Natural Resources and Environment, the State Bank of Việt Nam, the Government Office, and people’s committees of HCM City and Đà Nẵng.
Đà Nẵng and HCM City were starting to research the foundation of financial centres.
The Ministry of Planning and Investment said that the project must ensure the maximum exploitation of the potential and advantages of Việt Nam, as well as HCM City and Đà Nẵng in particular.
Under the draft HCM City introduced in early 2022, the international financial centre included three components: monetary market and banking system, capital market, and commodity derivatives market.
To implement the project, the southern city drafted four action plans including the development of fintech, digital banking and digital financial transactions, regional integration for the financial centre, Thủ Thiên financial – trade centre, and commodity market.
There was a casino in the draft project. However, the casino would not be the focus but only a factor to attract investors.
The southern city aimed to become a global financial centre with a high ranking from 2031.
The Politburo on December 30, 2022, issued Resolution No 31 – NQ/TW HCM City development orientations and tasks to 2030 with a vision to 2045 which required the issuance of policies to promote the formation and development of HCM City International Financial Centre. The resolution also allowed the pilot implementation of a sandbox for fintech and policies to attract strategic investors in the financial centre.
The resolution was regarded as the basis for the southern city to make a big change and accelerate the foundation of the international financial centre.
Minister of Planning and Investment Nguyễn Chí Dũng in May said that the formation and development of an international financial centre in HCM City was a big and difficult issue.
At that time, Dũng said that the ministries and local authorities were still confused with the concept, scope, resources model and necessary and sufficient conditions to form an international financial centre in HCM City.
Đà Nẵng was also taking steps to become a regional financial centre.
Đà Nẵng had a working session in London with CityUK in June with an aim to seek support from the UK in forming a regional international financial centre in the central coastal city.
Đà Nẵng is planning an international finance hub on a 6.17ha coastal area in Sơn Trà peninsula, and reserves 62ha of land area for future expansion.
Lương Nguyễn Minh Triết, Permanent Deputy Secretary of Đà Nẵng City Party Committee at a conference held in July, urged the early issuance of the project on turning Đà Nẵng into a regional financial centre.
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