Vietnam will be an important link in the global financial security network

On December 21, in Hanoi, Politburo member and Prime Minister Pham Minh Chinh chaired a conference to announce the establishment of the International Financial Center in Vietnam.

Speaking at the Conference, the Prime Minister stated that the establishment of the International Financial Center is an urgent requirement of practice, stemming from the potential, strengths, and the trendy vision of Vietnam's rapid and sustainable development strategy.

Stability, including Vietnam's macroeconomic foundation and development prospects, is the safest "anker", the "highest- Valued Assets" that global financial investors are always looking for and discovering investment opportunities with Vietnam.

Taking advantage of "favorable opportunities", Vietnam is facing a "one-of-a-kind" opportunity to become a convergence of global investment capital, goods, technology and talent.

"We cannot miss this opportunity, we must take advantage of it to create new momentum to promote rapid and sustainable development, enhance regional and global competitiveness," the Prime Minister pointed out.

With the newly issued legal framework system, the most difficult bottlenecks will be resolved, including: freeing up capital flows within the control area; a testing mechanism (Sandbox) for new technology; superior tax incentives and special visa policies for talents; and effective means of transporting goods.

Vietnam will no longer only be known as a "workshop" for processing, but will become an important " link" in the global financial security network, in the global value chain. We will shift from the position of capital users to the position of participants in operating, coordinating and managing domestic and foreign capital flows.

For the International Financial Center to operate effectively, the Prime Minister requested a completely shift from " Administrative management" to "creating and serving"; completely eliminate the thinking of "asking - giving", "your rights, my rights", "if you don't know, you can still manage", "if you can't manage, then ban".

All problems of investors at the Center must be handled according to a special process, "one-stop-shop" with sufficient authority; report to the Prime Minister if it exceeds authority.

Completing infrastructure and the socio-economic ecosystem, speeding up the progress of connecting transport projects ( airports, wharves, metro system, urban railway, beltway...), digital infrastructure (5G/6G...), free trade zones.

At the same time, it is required that Ho Chi Minh City and Da Nang focus on building an ecosystem serving social life (health, education, insurance, culture, sports, etc.) according to international standards so that experts and investors can "set up their careers", feel secure living, working, and contributing in Vietnam.

Regarding risk supervision, the Prime Minister requested to ensure a balance between financial freedom and system safety, investment efficiency and risk control.

Requesting supervisory agencies to promote their role and activities independently and transparently, comply with international commitments on anti-money laundering, not causing inconvenience, and encourage clean capital flows associated with technology, goods, and modern management skills to Vietnam.

For the Vietnamese business community, business associations, and investors, the Prime Minister clearly stated the viewpoint of not being afraid of being small or making yourself small in front of giants but having to stand on the shoulders of giants and become giants.

This financial center is the "launching pad" for businesses to reach the regional level and the world.

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