| | NOVEMBER 20258IN FOCUSWhile presiding over a specialized government meeting concerning draft decrees for the execution of National Assembly Resolution No. 222/2025/QH15, which pertains to the establishment of an international financial center (IFC) in Vietnam, the Prime Minister Pham Minh Chinh made these statements. He noted that Vietnam is fostering an economy that is both independent and self-sufficient, while also deeply and effectively engaging in international integration, as outlined in the resolution of the 13th National Party Congress. The development of the IFC is viewed as a crucial step. Resolution No. 222 was adopted by the National Assembly during its ninth session, introducing unique mechanisms and policies for the creation of the IFC. Following this, the Prime Minister formed a steering committee to oversee the implementation process and dedicated substantial time and resources to ensure the project's operational readiness. The government has conducted numerous meetings and sought advice from international experts, financial organizations, and academics regarding regulatory frameworks and policy formulation. The head of government commended the ministries and agencies for their efforts in preparing the essential decrees to facilitate the resolution's implementation and encouraged attendees to concentrate on resolving divergent views and enhancing new regulatory matters to guarantee a seamless rollout.Vietnam intends to establish a single center with two distinct destinations, operating under an optimized and effective governance system that encompasses management, oversight, and operational authority. This structure will incorporate competitive and advantageous policies related to finance, monetary activities, banking, employment, social benefits, land use, environmental protection, and commerce, ensuring the center aligns with global benchmarks."The task is challenging," the PM said, calling for balanced implementation -- "not perfectionist, not hasty, but seizing opportunities."He called on all ministries to approach their tasks with resolve, promptness, and concentration, emphasizing the need for speed, innovation, and efficiency in creating a secure and competitive legal climate to support a thriving and enduring international financial hub. In the current session, the government is slated to examine and provide feedback on eight proposed decrees concerning the execution of Resolution No. 222. These encompass rules regarding labor, employment, and social welfare; land and environmental strategies; the creation of an international arbitration body; financial regulations; and the legal structure for establishing and managing the IFC. Additional decrees up for discussion pertain to banking permits, foreign currency control, measures against money laundering and the financing of terrorism, along with rules governing commodity markets, and trade and services within the financial center. Regulations concerning the entry, departure, and residency of non-citizens employed or investing in the hub will also be deliberated. PM CHINH URGES INTERNATIONAL FINANCIAL CENTRE TO BOOST GROWTHMost recently, a national conference was held to solicit input on the draft decrees for the IFC's establishment, with a particular emphasis on institutional structures and incentive programs
< Page 7 | Page 9 >