A resolution on a financial center proposed

Building a National Assembly resolution on the establishment and operation of a financial center in Vietnam is deemed necessary, stated Deputy Minister of Justice Nguyen Thanh Tinh.

Speaking at an appraisal session on the proposal held by the Ministry of Justice, Mr. Tinh emphasized that the draft resolution must establish superior mechanisms and policies that enhance competitiveness while being tightly controlled and supervised.

The Deputy Minister requested a focus on clarifying the position and role of the financial center within the economy, and comparing it with the experiences of other developing countries.

At the session, a representative from the Ministry of Planning and Investment described the financial center as a "diverse ecosystem of financial services concentrated in a specific area". It would be a hub for numerous financial institutions, banks, investment funds, financial service companies, and would house stock, currency, and commodity exchanges.

Building a financial center involves creating a zone with its own special, superior, and unique institutions that encourage and attract investors to offer financial products and services, connecting with international financial centers.

Currently, Vietnam is a standout in terms of economic development and growth, macroeconomic stability, and investment attraction. Moreover, Vietnam ranks among the leading markets in the adoption rate of future financial technologies, which can create a competitive advantage and form unique products for the financial center in Vietnam.

The Ministry of Planning and Investment proposed developing the draft resolution of the National Assembly on the establishment and operation of the financial center in Vietnam based on three main policy groups: the establishment of the financial center and its agencies (including the Management and Operation Committee, the Financial Supervisory Committee, and the International Arbitration Center); policies applicable to the financial center; and government management policies for the financial center.