Prime Minister: Developing digital currency suitable for Vietnam's conditions

On the afternoon of May 22, Prime Minister Pham Minh Chinh chaired a meeting to continue discussing and giving opinions on the draft Resolution of the National Assembly on building an international financial center in Vietnam. Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen attended the meeting.

Prime Minister Pham Minh Chinh speaks at the meeting. Photo: Nhat Bac

At the meeting, delegates continued to give their opinions on the draft Resolution of the National Assembly, which will be presented at the ongoing 9th session. In addition, the Government will develop specialized decrees to soon build and put the center into operation.

Delegates focused on discussing and clarifying contents related to the goals of building an international financial center; the model of an international financial center in Vietnam; development orientations and key areas; main products of the financial center; and specific policies and mechanisms.

Issues of infrastructure, human resources and visas; the application of international institutions and practices; the liberalization of foreign exchange and banking activities; and dispute resolution according to international standards were also discussed to be included in the draft resolution.

Concluding the meeting, Prime Minister Pham Minh Chinh highly appreciated the preparation of the agency in charge of drafting the draft and requested to absorb as many opinions as possible to continue to perfect it. The Prime Minister emphasized that this process should not be too perfectionist, not hasty, but must think deeply and do big things.

"If we do something, we must succeed, we must win, we must be sure of what we do, we must be sure of what we do, we must win, we must win sustainably, bringing benefits to the nation and people, happiness and prosperity to the people" - the Prime Minister directed.

Overview of the meeting on the evening of May 22. Photo: Nhat Bac

According to the head of the Government, to have resources for the economic growth target, it is necessary to build and develop an international financial center. To achieve the set goal of building an international financial center, according to the Prime Minister, the legal environment must be competitive, transparent, progressive, and open.

Along with that, the infrastructure must be modern, advanced, and smooth, meeting development requirements, in line with world trends and Vietnamese conditions; human resources must be professional and of high quality; there must be necessary conditions to operate the center; management must be smart, modern, and appropriate.

According to the Prime Minister, mechanisms, policies and infrastructure must be superior to existing financial centers in the region and the world. In particular, it is necessary to ensure property rights, freedom and creativity in business, freedom of movement, convenient entry and exit, favorable visa policies for those who need encouragement, and create a superior, convenient and safe living environment.

The proposed tasks are all aimed at attracting capital for fast, green, and sustainable national development, especially medium and long-term capital; developing digital currency in line with the general development trend and conditions of Vietnam.

The Government leader also noted that mechanisms and policies must ensure free circulation of capital and legal profits in accordance with international practices and Vietnam's conditions, while preventing exploitation, manipulation, and illegal transfer of Vietnam's resources abroad.

According to the Prime Minister, this is a free and beneficial playground, but the benefits are balanced, risks are shared among related entities; attracting capital both directly and indirectly, both in the State and private sectors. Therefore, liberalizing business activities but with a roadmap suitable for the economy.

Source: https://nld.com.vn/thu-tuong-phat-trien-dong-tien-so-phu-hop-dieu-kien-viet-nam-196250522205928198.htm