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Tuesday, July 16, 2024

Establishment of steering committee for international financial center in HCMC proposed

The Saigon Times

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HCMC – The HCMC government has proposed the prime minister establish a national steering committee to develop an international financial center in the city led by a deputy prime minister.


HCMC Chairman Phan Van Mai on March 1 sent a document on the progress of the center’s development to the prime minister and the Ministry of Finance, Lao Dong newspaper reported.


Accordingly, the national steering committee should include leaders of the Ministries of Planning-Investment, Finance, Justice, Natural Resources-Environment and Construction, the State Bank of Vietnam, the State Securities Commission of Vietnam and the HCMC government.


The city has completed the draft plan on the center’s development, clarifying the international financial center model in HCMC, action plans and proposals on policies.


In addition, the city held a seminar to consult with experts and representatives of financial and economic organizations and universities over the draft plan. The city will continue improving the draft plan and work with the relevant ministries and agencies. 


The HCMC government expected to submit the plan to the prime minister in April. 

The international financial center in HCMC will consist of three parts. Of which, the monetary market and the banking system will help attract and develop banks into financial groups, boost monetary services and markets and develop fintech startups and digital banking.


Meanwhile, the capital market, including the stock and corporate bond markets, and investment fund and asset management services to serve local and international investors, will also be a part of the international financial center’s development plan.


In addition, a commodity exchange will be established and developed to connect with global goods exchanges and investors.


Until 2025, the city will prepare for the development of a regional and international financial center. From 2026 onward, the city will be developed into an international financial center and employ policies on financial liberalization.


The city has worked out four action plans: developing fintech, digital banking and the digital financial market; boosting the regional financial integration; developing the Thu Thiem finance-trading area; and developing the commodity market.


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