Financial center development projects discussed

Prime Minister Pham Minh Chinh on September 30 chaired a meeting to discuss reports on developing regional and international financial centers in Ho Chi Minh City and Da Nang, according to a report from the Government News.

Dignitaries to the meeting include Politburo member, Standing Deputy Prime Minister Nguyen Hoa Binh; Politburo member, Secretary of the Ho Chi Minh City Municipal Party Committee Nguyen Van Nen; Deputy Prime Minster Tran Hong Ha, leaders of several ministries, Ho Chi Minh City and Da Nang.

Addressing the meeting, the PM emphasized that the development of these financial centers aims to formulate financial market and services in order to mobilize financial resources for the development of the two cities in particular and the country in general.

He called for clarifying the scope and operation model of the financial centers as well as legal framework, including tax and visa policies for the smooth operation of the centers.

The Government leader urged relevant ministries, agencies and localities to uphold the sense of responsibility and promptly finalize the projects to submit to the Politburo and the National Assembly for consideration and approval.

While financial centers are a model developed in many countries, it is a new and complex issue for Vietnam, thus choosing the model and method of building the financial center needs to be based on selectively learning from international experiences, Vietnam News quoted Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc as saying.

By establishing an international financial center, Vietnam aims to create a distinct institutional area to attract international financial investors, she said.