Government commits favourable conditions for firms expand investment in international financial centers

The Government is committed to always accompanying businesses, creating the most favorable conditions for enterprises to expand their investment in international financial centers in Vietnam as well as invest in other ecosystems that they are interested in, according to Permanent Deputy Prime Minister Nguyen Hoa Binh. 

The Permanent Deputy Prime Minister was quoted by the Vietnam News Agency as speaking  at a meeting with representatives from ministries, agencies, international institutions, banks, investment funds and investors in Hanoi on April 28, that  he hoped  international organizations and financial institutions that have been doing business successfully in Vietnam will be the first members to be present at Vietnam’s first international financial centers and have a foothold in this market.

Discussing the National Assembly (NA)'s draft resolution on the establishment of international financial centers in Vietnam, many participants said that it has made great strides, in line with international practices and standards on the construction, operation and development of a modern international financial center.

According to a representative of Temasek investment fund, the draft resolution has approached international practices. This is an important legal framework for the process of forming, operating and developing an international financial center in Vietnam according to international standards and practices with outstanding and breakthrough policies, a separate arbitration mechanism, attractive tariff incentives, and modern asset management.

Representatives of banks such as Standard Chartered, ADB, HSBC, SSI Fund, and the Japan International Cooperation Agency (JICA) hoped that the draft resolution will clarify the regulations on preventing money laundering, the application of laws in international financial centers in the correlation between Vietnamese laws and foreign laws according to international practices.

According to Mr. Binh, the draft resolution is expected to be passed by the NA in May, providing a legal framework for the establishment and development of international financial centers in Vietnam.