Vietnam aims to complete preparations for its international financial centres in Ho Chi Minh City and Da Nang in October and attract initial transactions in November, Deputy Prime Minister Nguyen Van Thang said at a meeting in Hanoi on October 22.
Thang, who is also Chairman of the Executive Council of the Vietnam International Financial Centre, chaired the council’s fourth meeting. He called for coordinated work so the centres can operate effectively, safely and on schedule.
He tasked the operating agencies in both cities with completing the necessary conditions in October, working directly with financial institutions and investors, attracting members and generating transactions in November while complying with the law and financial security requirements.
According to reports presented at the meeting, the Ministry of Finance worked with relevant agencies to advise the Government on consolidating the Executive Council, issuing a development plan for the international financial centre through 2035 and finalising operating regulations. The operating agencies in both cities also agreed on application forms for membership registration and recognition.
The two cities approved staffing arrangements and allocated personnel, funding, offices and technology infrastructure. They also promoted investment overseas. Banks, securities companies, asset management organisations and investors signed memoranda of understanding, made commitments or submitted applications.
To prepare for initial transactions, Ministry of Finance leaders held direct discussions with commercial banks and financial institutions to identify deals that could be implemented soon.
At the meeting, representatives of the operating agencies in Ho Chi Minh City and Da Nang reported on progress and received feedback from ministries and agencies. The Ministry of Finance proposed standardising operating procedures, one stop services, membership criteria, reporting requirements, coordination between the two locations and the division of financial products between them.
Concluding the meeting, Thang praised the work of ministries, agencies and the two cities and urged them to accelerate outstanding tasks and resolve delays and bottlenecks.
He instructed the Ministry of Finance to coordinate with the State Bank of Vietnam and other agencies to clearly define their responsibilities and powers. This should ensure effective inspection, supervision and risk control without overlapping duties. Thang said supervisory bodies must become operational before substantive transactions begin.
He also requested progress reports on the establishment of an arbitration centre and a specialised court, urging agencies to bring these institutions into stable operation as soon as possible.
Regarding new financial products, Thang said products traded at international financial centres around the world could be considered for Vietnam if they suit local conditions and the country’s capacity to manage risks.
In the initial phase, the Ministry of Finance will work with the two cities to develop selected products and transactions after consulting investment funds, investors and businesses. Priority will be given to transactions that connect capital providers with borrowers and support medium and long term funding needs.
Thang stressed the need for a flexible and practical approach with timely adjustments rather than rigidly following the initial product list.
He also directed ministries and agencies to promptly address proposals from the operating agencies and the Ministry of Finance, review relevant regulations and propose necessary amendments, using expedited procedures where permitted by law. This should prevent institutional obstacles from delaying products and transactions ready for implementation.
Sources: VietnamPlus / Vietnam News Agency
