Regional, int’l financial hubs to help boost national economy: Deputy PM

Deputy Prime Minister Nguyen Hoa Binh speaks at a meeting discussing the implementation of the Politburo's conclusion on building regional and international financial hubs (Photo: VNA)

Hanoi – Developing regional and international financial hubs in Vietnam is expected to create new mechanisms and resources, and serve as a "boost" for the national economy, Deputy Prime Minister Nguyen Hoa Binh said while chairing a meeting discussing the implementation of the Politburo's conclusion on building the hubs in Hanoi on December 17.

The Deputy PM highlighted the significance of the plan, saying that this is one of the major political decisions to prepare for a new era – the era of the nation's rise.

He applauded the Ministry of Planning and Investment (MPI) for proactively implementing the Politburo's conclusion with well-prepared, thorough and high-quality daft documents, urging the ministry to take into account the feedback at the meeting to finalise the plan and related documents.

He agreed with a proposal to establish an inter-sectoral steering committee for the financial hub to direct orientations and strategies; and coordinate and ensure smooth and consistent operations in accordance with the Politburo's directives, particularly in the process of building mechanisms and policies.

Binh also agreed with a proposal to establish working groups for developing the hubs in Ho Chi Minh City and the central city of Da Nang to lead and manage the establishment and operation of the centres.

He emphasised the importance of building mechanisms and policies for the financial centres, including a relevant draft resolution from the National Assembly, as well as regulations and guidelines for implementing the legislature’s resolution on financial hubs.

Binh asked for attention to preparing and training human resources to serve the management and operation of the hubs; and promoting communication and investment promotion activities to attract investment inflows into the scheme.

According to Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc, following the Politburo's instructions and the Government leadership, based on the content of the plan to establish regional and international financial hubs in Vietnam approved by the Politburo, the MPI has coordinated with relevant agencies, localities, and partners to implement several tasks.

The ministry continues to study international experiences and consult domestic and foreign experts and organisations with experience in consulting the development of financial centres in order to connect promising organisations and investors, thus implementing the assigned tasks.

According to the plan, an international financial hub will be developed in Ho Chi Minh City, while a regional financial hub will be set up in Da Nang.

Representatives from relevant ministries and sectors all agreed with the draft developed by the MPI, affirming their determination to effectively and comprehensively implement the plan, which was given in-principle approval by the Politburo.

Chairman of the Ho Chi Minh City People's Committee Phan Van Mai, and Secretary of Da Nang Party Committee Nguyen Van Quang said that the cities have been preparing the necessary conditions for establishing financial hubs, and focusing on researching policies and mechanisms, establishing related organisations, identifying infrastructure investment tasks, developing human resources training plans, and organising groups for learning international experiences./.