Secretary Nguyen Van Nen of the Ho Chi Minh City Party Committee highlighted that the center must have distinct advantages, be more attractive, and, most importantly, reflect the unique characteristics of HCMC.
The HCMC Party leader was speaking while chairing a meeting organized on January 2 for the Standing Committee of the HCMC Party Committee to review preparations for the conference to announce the Government's resolution on the action plan for implementing Conclusion No.47-KL/TW of the Politburo regarding the establishment of a regional and international financial center in Vietnam.
The committee also discussed the establishment of a Steering Committee for the development of HCMC's financial center at the meeting, which was attended by Chairman of the HCMC People's Committee Phan Van Mai along with leaders from relevant agencies.
Mr. Nguyen Van Nen highlighted the importance of establishing an International Financial Center in the city. He urged the HCMC People's Committee to collaborate with the Ministry of Planning and Investment and other relevant agencies to implement government directives. The first step is to form a Steering Committee, led by the HCMC Party Committee Secretary, with participation from key officials.
The working group, headed by the Chairman of the HCMC People's Committee, will manage preparations and swiftly implement necessary regulations and plans. Secretary Nguyen Van Nen emphasized that the action plan should be ready by January 2025, focusing on policies, legal frameworks, and mechanisms for the center's efficiency and sustainability.
He also stressed the need for expert input, careful evaluation, and detailed plans for infrastructure investment and human resource development. Beside training current staff, it is necessary to recruit high-quality personnel for international training programs. Additionally, the center's infrastructure must be modern and integrated with global digital and communication systems.
HCMC is launching its International Financial Center, learning from successful global models. Secretary Nguyen Van Nen emphasized that the city must create a center with distinct advantages, appealing features, and a focus on its unique characteristics.
The city must maximize its potential and foster creativity to develop a financial ecosystem that includes banking, insurance, securities, accounting, auditing, and legal consulting. This will attract international investment and increase FDI in key economic sectors. The Secretary also stressed that plans should prioritize attracting investors from global and regional financial sectors.
The establishment of the center offers significant opportunities for future growth, and HCMC must fully utilize the policies from the National Assembly’s Resolution No.98/2023/QH15 to capitalize on special mechanisms and policies for the city. Mr. Nguyen Van Nen acknowledged the strong initial preparations, which will drive the city’s growth and contribute to its target GDP growth of 10 percent in 2025. The center will also attract high-quality talent and provide businesses with better access to international capital.
The Secretary emphasized that the International Financial Center is not only an economic project but also a long-held aspiration for HCMC to become a regional and global financial hub, marking a historic step for the city's future development.
HCMC People's Committee Chairman Phan Van Mai emphasized the importance of building the International Financial Center, a challenging task requiring coordinated efforts across departments. The city must focus on policy development, infrastructure, human resources, and the center's organizational structure.
To ensure effectiveness, a favorable business and social environment, along with a "green lane" for the center, is essential. The Steering Committee will manage five key areas: policies, infrastructure, human resources, organization, and investment environment.
Vice Chairman Nguyen Van Dung proposed that the Standing Committee of the HCMC Party Committee lead the establishment of the Steering Committee, with the HCMC Party Secretary as Chairman. The committee will focus on mobilizing both public and private funds for infrastructure and human resource development, in line with the Government’s action plan and the Politburo’s conclusions on establishing a Regional and International Financial Center in Vietnam.
The Politburo’s Conclusion No.47 approved creating an International Financial Center in HCMC and a Regional Financial Center in Da Nang, supported by management, supervisory, and dispute resolution bodies aligned with international standards and Vietnam’s conditions.
The Politburo endorsed a phased policy roadmap, beginning with the implementation of eight internationally aligned policies from 2023 to 2030, alongside piloting six policy groups commonly applied in major global financial centers, all tailored to Vietnam’s specific conditions. From 2030 to 2035, these policies will be fully adopted, with provisions for accelerated implementation if favorable conditions emerge.
An interagency Steering Committee will be established to design competitive policies and effective models for the financial centers. The Politburo directed collaboration with the Party Committee of the National Assembly to issue legal frameworks, starting with a resolution that outlines principles and policies, empowering the Government to detail and address emerging issues.
