The proposal was made by the operating agencies of the international financial centers in Ho Chi Minh City and Da Nang at a meeting on 19/8, chaired by Deputy Prime Minister Nguyen Van Thang.

The 6 priority product and service groups proposed include: investment funds and asset management, crypto assets based on real assets, international carbon credits, commodity and derivatives exchanges, financial technology (fintech), and bonds.

According to the Ministry of Finance, the development of new products must stem from the needs of the economy, comply with international treaties, and ensure national security. The ministry believes that instead of simultaneously expanding many mechanisms, it is necessary to first complete the conditions for the center to operate effectively.

Additionally, priority should be given to finalizing regulations on foreign exchange, credit, collateral, and incentive policies to attract more members.

At the meeting, Deputy Prime Minister Nguyen Van Thang requested the Ministry of Finance to promptly research and design new financial products. He noted the importance of prioritizing products capable of generating substantial transactions.

According to the Deputy Prime Minister, the immediate goal is for the international financial centers in Ho Chi Minh City and Da Nang to operate smoothly, "have members and products," and quickly establish concrete transactions. A top priority is attracting medium and long-term resources for the economy, especially given the significant capital demand to achieve double-digit growth targets, while credit growth remains high.

Deputy Prime Minister Nguyen Van Thang speaks at the meeting on 19/8. Photo: VGP

Currently, Ho Chi Minh City and Da Nang have proactively allocated resources, developed infrastructure, promoted investment, and attracted experts. Government leaders emphasized the need to review, classify, and enhance risk control during the licensing and operational processes.

Ho Chi Minh City will research a shared information technology system for the international financial centers and report to the Prime Minister in september. Both cities must also develop mechanisms for recruitment, salaries, expert hiring, and revenue generation for the operating agencies.

The Ministry of Finance is tasked with finalizing the legal framework for fund management and corporate tax incentives at the international financial centers. An inter-ministerial inspection and supervision mechanism will be issued in september, alongside the launch of a specialized court and an international arbitration center this month.

According to the Deputy Prime Minister, the upgrade of Vietnam's stock market also creates opportunities to attract international institutions. On 21/8, FTSE Russell is expected to announce the inclusion of several Vietnamese stocks into its global index basket, coinciding with many large global investment funds coming to Vietnam. Therefore, this presents an opportunity for Ho Chi Minh City and Da Nang to engage with and invite investment into the international financial centers.

Phuong Dung