(MPI) - As the permanent agency of the steering committee responsible for formulating an international financial centre project, the Ministry of Planning and Investment (MPI) organised a webinar with international organisations on July 25 under the chairing of Deputy Minister Nguyen Thi Bich Ngoc.
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At the event. Photo: MPI |
The MPI has worked with relevant ministries, sectors, Ho Chi Minh City and Da Nang to develop regional and international financial centres, aiming to identify the necessary and sufficient conditions for establishing the financial centres in Vietnam, assess opportunities and challenges, and explore suitable financial centre models and policies.
Discussions at the conference highlighted issues related to the legal system and management models, market development, capital markets, green finance, FinTech and key sectors.
Participants suggested focusing on exploiting growth potential in emerging sectors, developing supportive and preferential policies, improving the business environment and infrastructure, talent attraction, quality of life, the role of free trade zones in financial centre development, economic and political commitments, the relations between the financial centre and global markets, and the need for specific, clear, accurate, fair, and transparent legal and governance frameworks to ensure effective implementation.
Vietnam needs to study lessons learned from global financial centres, identify key areas and strengthen existing financial services to bolster investment in emerging products that meet global needs. They also said Vietnam should have favourable policies that facilitate the country to have global financial and trade capacity.
Deputy Minister Ngoc affirmed that the ministry will continue to coordinate with other sectors and localities to study feedbacks throughout the project’s development. Vietnam is currently focusing on three pivotal issues of management models, sectors and unique products attractive to investors, and policies to support the development of the financial centres. Thus, the country wishes to hear from international organisations and experts about lessons learned from both successes and failures of global financial centres, to better understand the current situation and the challenges that need to be addressed./.
Bao Linh
Ministry of Planning and Investment