International Financial Center in Ho Chi Minh City to launch on February 9 at the latest

On the afternoon of January 16, in Hanoi, Politburo member and Prime Minister Pham Minh Chinh - Head of the Steering Committee for International Financial Centers in Vietnam chaired the first meeting of the Steering Committee.

Concluding the meeting, the Prime Minister emphasized that the construction of the International Financial Center is a new thing, but with the motto "not being perfectionist, not hasty, not missing opportunities", and " not only doing, but also learning from experience, gradually expanding". The Government, ministries, branches and localities have made efforts to implement it, achieving some initial important results.

Regarding the action perspective, the Prime Minister emphasized that what has been done must be successful, each task must be completed; carry out work in parallel, cannot "do one thing or another well".

The conclusion must be worked out; the discussion must have implementation points; the conclusion must have time limits; the implementation method must weigh - weigh - measure - count the results. Each task after the conference needs to clearly identify: who is the host, who coordinates, completion deadline, output products and inspection and supervision mechanisms.

Minimize the assignment of general tasks; thoroughly overcome the situation of pushing and avoiding; strengthen discipline and administrative discipline; link the responsibility of the head with the implementation results.

The Prime Minister noted the need to take institutions as a breakthrough, considering this a core competition, Vietnam is behind but must selectively inherit the world's elite. Institutions must be superior, different, and in line with international practices; at the same time, they must be in line with Vietnam's conditions, ensuring sovereignty, financial security, and data security.

To have an international financial center, first of all, there must be a team of managers, operators, experts, professional human resources, dedicated, virtuous, talented, strong, aspiring to contribute, professional ethics and compliance discipline, including recruitment, training of human resources and attracting international experts.

Infrastructure must be used as a foundation. Infrastructure is not only transportation, electricity, water; but digital infrastructure, data, network security, data centers, transaction platforms, identification, authentication, connectivity - information sharing.

Being an international financial center must answer: what institutions, what products, which markets, which customers are attracted; what value is created for the economy; what contributes to growth and jobs; what spreads to the common good?

Regarding a number of specific tasks in the coming time, the Prime Minister requested to urgently develop and submit to the Government for promulgation a Decree on specific mechanisms and policies for the operation of the International Financial Center Executive Board; develop and promulgate operating regulations for the International Financial Center, working regulations for the International Financial Center Executive Board.

Along with that, personnel recruitment will be conducted and the arrangement of the Executive Board's headquarters will be completed.

Ministries, branches and the two cities will develop a strategy for developing international financial centers until 2035, with a vision to 2045 to ensure compliance with conditions, trends, feasibility and efficiency.

Ho Chi Minh City and Da Nang coordinate to connect the operating technology infrastructure, ensuring data "correct, complete, clean, living, unified, interconnected, and commonly used".

The Prime Minister aims to launch the International Financial Center in Ho Chi Minh City by February 9 at the latest, and at the same time launch the International Arbitration Center and the specialized Court.

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