Forming a financial market to mobilize resources for development

At the meeting, delegates listened to a report on the construction of the Project for a Regional and International Financial Center in Vietnam; discussed the international and domestic context; the needs, potentials, requirements, and tasks of building an International Financial Center in Vietnam.

Concluding the meeting, Prime Minister Pham Minh Chinh emphasized that the construction of the International and Regional Financial Center Project is a new, difficult, and unprecedented issue, so it must be thoroughly discussed to choose the best option, in order to institutionalize, concretize, and implement the Party's policies and guidelines, including the Resolution of the 13th National Party Congress.

Prime Minister Pham Minh Chinh gave instructions at the meeting. (Photo: TRAN HAI)

Regarding the approach, the Prime Minister emphasized the need to develop with endogenous capacity, promote the unique potential, outstanding opportunities, and competitive advantages of Vietnam in general, Ho Chi Minh City and Da Nang in particular, with determination, mechanisms, policies, and appropriate steps, making sure of each step, learning from experience as we go, expanding gradually, not being perfectionist, not being hasty.

The Prime Minister pointed out that the goal of building the Financial Center is to form a financial market, develop financial services and related services to mobilize financial resources for the development of Ho Chi Minh City, Da Nang in particular, and the country in general.

Permanent Deputy Prime Minister Nguyen Hoa Binh speaks at the meeting. (Photo: TRAN HAI)

Regarding the scope, the Prime Minister noted that it is necessary to study and "circle" within a certain scope, identify Vietnam's strengths to propose modern management mechanisms, policies, methods, and close leadership and direction. Regarding the subjects, it is necessary to focus on subjects related to finance, banking and related services, and the capital market.

Regarding the model, the Prime Minister said it is necessary to research and refer to financial center models around the world, absorb the quintessence factors suitable to Vietnam's current and future conditions and circumstances to propose, build and develop Vietnam's own model.

Meeting scene. (Photo: TRAN HAI)

The Prime Minister also requested that the Project clearly define the conditions on infrastructure, human resources, finance, ecosystem; propose the structure, organizational model, functions, tasks, powers, and operating mechanism of the regional and international financial center. Along with that, propose a legal framework, specific and breakthrough policy mechanisms, including visa policies, labor, tax, high-quality human resources, etc. to attract all financial resources, especially finance for emerging industries such as green economy, digital economy, circular economy, sharing economy, climate change response, etc.; form a financial market that operates healthily, safely, integratedly, and sustainably.

Representatives of leaders of ministries and branches attended the meeting. (Photo: TRAN HAI)

The Prime Minister requested the Steering Committee, relevant ministries, agencies and Ho Chi Minh City and Da Nang City to absorb the opinions of the delegates, uphold the sense of responsibility, and promptly complete the Project to build a financial center to ensure feasibility, efficiency, and suitability to the practical situation to submit to competent authorities for consideration.

Source: https://nhandan.vn/hinh-thanh-thi-truong-tai-chinh-de-huy-dong-nguon-luc-cho-phat-trien-post834016.html