Ensuring efficient operation of international financial centres

The event was held with online connections to locations in Danang and Ho Chi Minh City.

In his opening remarks, DPM Thang stated that the development of an international financial centre was of particular importance and urgency in the context of the enormous demand for resources for economic growth, especially to meet the double-digit growth target. With credit growth already high, the capital market needs to play a stronger role in supplying resources to the economy.

Deputy Prime Minister Nguyen Van Thang chaired the meeting. Photo: chinhphu.vn

He emphasised that the immediate goal was to ensure the smooth operation of the international financial centres in the two cities, and the early formation of concrete transactions. The top priority is attracting medium and long-term capital to serve the economy.

According to the Ministry of Finance (MoF), on August 11, the executive agencies in the two cities issued a decision on the forms for registration, recognition of members, and business registration.

The two cities of Danang and Ho Chi Minh City are actively working on resources, infrastructure, investment promotion, and attracting experts.

The MoF proposes completing the practical operating conditions instead of simultaneously expanding multiple mechanisms; completing the system of guiding documents within its authority, ensuring uniformity at both locations; and prioritising regulations that directly impact operations and attraction of members (controlled connections with the domestic market, foreign exchange, credit, collateral, incentives, and others).

For new financial products and services, the principle is to originate from the needs of the real economy, comply with international agreements, and ensure national security; prioritise products with established legal frameworks or low risk, and conduct controlled trials for high-risk products; and attract medium- and long-term capital.

The regulatory authorities in the two cities proposed six priority products: investment funds and asset management; cryptoassets based on real assets; international carbon credits; commodity and commodity derivatives exchanges; fintech; and bonds issued in the international financial market.

DPM Thang emphasised that, despite the difficulties during preparation, the institutional and organisational issues of the centre have now been basically completed.

Most recently, the operating regulations of the centre in Ho Chi Minh City and Danang have been approved. The two cities and the two executive agencies have actively and decisively implemented tasks to gradually bring the facilities into effective operation.

Looking ahead, the deputy prime minister requested the MoF and local agencies to continue coordinating closely and focusing on resolving outstanding issues and obstacles to ensure the centres operate effectively and efficiently.

He asked the MoF to complete the research, design, and development of new financial products. This includes identifying specific products, their legal basis, implementing agencies, operational and supervisory mechanisms, and timelines for implementation. Priority should be given to products with the potential to generate substantial transactions. In cases of difficulties, obstacles, or issues beyond its authority, it should report to the competent authority for consideration and decision.

The MoF is also asked to coordinate with relevant agencies to urgently compile problems in the legal framework about the international financial market, proposing specific amendments and additions to Resolution 222 and related decrees, and reporting to competent authorities for consideration and decision.

The MoF and the State Bank of Vietnam are tasked to urgently implement inspection and supervision work in coordination with existing inspection and supervision agencies, ensuring compliance with the policy of streamlining the organisational structure and clearly defining the functions, tasks, and authority of current management and supervision agencies. This task should be completed by September 2026.

The State Bank of Vietnam is asked to review and study the adjustment of membership requirements for domestic and foreign financial institutions, especially investment banks, to participate in the international financial centres.

The deputy prime minister proposed the early establishment and launch of a specialised court and an international arbitration centre, aiming for September 2026.

He assigned Ho Chi Minh City to coordinate with the MoF, the State Bank of Vietnam, the People's Committee of Danang, and relevant agencies to study a plan for building a shared IT system for the centres. This includes clarifying the investment efficiency, scope, investment plan, utilisation and connection of existing databases, and decision-making authority. This task should be reported to the prime minister by September 2026.

Ho Chi Minh City and Danang are requested to urgently study and issue, within their authority, or report and propose to competent authorities, the mechanism for recruitment, salaries, income, hiring experts, and mechanism for generating revenue for the executive agencies.

The deputy prime minister instructed the two executive agencies in Ho Chi Minh City and Danang to review and classify members according to regulations, focusing on attracting core financial institutions associated with priority products and services, and strengthening risk control during the licensing and operation of members.

The DPM stated that the Vietnamese stock market has recently been upgraded. According to plan, on August 21, FTSE Russell will announce the inclusion of several Vietnamese stocks in its global index, and many big investment funds from around the world will be coming to Vietnam. This is a good opportunity for Ho Chi Minh City and Danang to attract investment to the international financial market.