PM asks to ensure transparent environment for international financial center in Vietnam

Prime Minister Pham Minh Chinh has requested to establish an international financial center in Vietnam with transparent and open legal environment, and modern and seamless infrastructure.

He made the request while chairing a meeting of the steering committee for building regional and international financial centers on May 22 to discuss the National Assembly’s draft Resolution on the establishment of an international financial center in Vietnam.

He also stressed the need for a highly qualified and professional workforce, and smart and modern governance.

Noting that the goal of establishing the center is to attract medium- and long-term capital, both direct and indirect, from both the public and private sectors, to serve the country’s rapid and sustainable development, the Government leader stressed that policies must ensure property rights, freedom of business, and freedom of movement for all entities participating in the financial center.

With the view that Vietnam’s international financial center must be a “free and equal playing field, with harmonised benefits and shared risks,” the PM said that its operation must respect market mechanisms; capital within the centre must be allowed to flow freely; and all related procedures must be streamlined, with all unnecessary sub-licenses eliminated.