Government remains dedicated to constructing the initial Infrastructure Financing Corporation: Deputy Prime Minister
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In the bustling heart of Hà Nội, Deputy Prime Minister Nguyễn Hòa Bình recently addressed a swanky gathering of ministers, bankers, investment mavericks, and international heavyweights, dropping a bombshell. The National Assembly could introduce a draft resolution for the development of an International Financial Centre (IFC), clutching the potential to create a legal framework that'll guide its growth, as early as May (or maybe a bit later, who knows?).
Countering the Noise
Bình invited experts, scholars, financial Institutions, and investors -- both domestic and global -- to keep the feedback train rolling, ensuring the resolution is as tight as a popular K-pop song and lays a rock-solid legal foundation matching global practices.
What's the Hype?
At the conference, participants compared the draft resolution's policies to those of IFCs in other countries, offering insights on specific mechanisms, financial products, foreign exchange management, land policies, and the A-word (dispute resolution) - you know, the boring stuff. They praised the draft, stating it represents impressive progress for the project and aligns well with international standards for modern financial centres’ development and operation. Improvements in the resolution include policies regarding languages, applicable entities, tax incentives, foreign exchange management, labour policies, oversight mechanisms, and organizational principles.
The Word on the Street
A representative from Temasek Holdings noted that the draft resolution adheres closely to international norms, building a robust legal framework for the formation, operation, and development of an IFC in Việt Nam. The resolution unveils innovative policies, a separate arbitration mechanism, attractive tax incentives, and contemporary asset management provisions.
But, there's always room for improvement, right? So, Temasek suggesting addressing stricter regulations on investor information confidentiality, clearer international dispute settlement procedures, and improvements in anti-money laundering regulations and the application of legal frameworks within the IFC, amongst other things.
Keeping Up with the Joneses
Standard Chartered Bank, ADB, HSBC, SSI Fund, and JICA also chimed in, requesting better clarification on these matters and pushing for more flexibility in areas like membership registration, recognition, termination, international arbitration body operations, and risk management strategies, particularly for markets, insurance, commodity derivatives, and data security risks.
Hoping for the Best, Prepared for Anything
Bình welcomed the advice, appreciating the valuable investment and operational experiences these foreign companies and organizations have in Việt Nam. He stated that the National Assembly's resolution on the IFC holds legal status similar to a law, but is easier to modify than a full-fledged law.
"We aim for Việt Nam not only to have an excellent resolution but also a comprehensive and high-quality system of decrees for the International Financial Centre," said Bình, promising that the Government will incorporate all valuable feedback into the draft resolution and related decrees.
commitment to Commerce
The Deputy PM emphasized the Vietnamese Government's commitment to continually accompanying businesses, doing its utmost to create favorable conditions for them to expand their investments, not only in the International Financial Centre but also in other ecosystems in which investors are interested in.
Deputy Prime Minister Nguyễn Hòa Bình during a meeting with sectors, banks, investment funds and international investors in Hà Nội. VNA/VNS Photo
So, there you have it — the latest on Vietnam's IFC development. Stay tuned for updates and, as always, keep it real. Vietnam's ready to take the financial world by storm, but victory won't come easy. Let's see how things unfold!
VNS, out.
- Deputy Prime Minister Nguyen Hoa Binh shared that the government might introduce a draft resolution for the development of an International Financial Centre (IFC) as early as May, creating a legal framework to guide its growth.
- Experts, scholars, financial institutions, and investors were invited to provide feedback on the draft resolution to ensure it aligns with international practices and establishes a strong legal foundation.
- Temasek Holdings praised the draft resolution for adhering to international norms and implementing innovative policies, but suggested improvements in areas such as investor information confidentiality, dispute settlement procedures, and anti-money laundering regulations.
- Standard Chartered Bank, ADB, HSBC, SSI Fund, and JICA requested clarity on matters like membership registration, international arbitration body operations, and risk management strategies.
- Deputy Prime Minister Nguyen Hoa Binh expressed the government's commitment to incorporating valuable feedback into the draft resolution and related decrees, aiming for a comprehensive and high-quality system for the IFC.
- The Vietnamese Government pledged to continually support businesses, creating favorable conditions for their investments not only in the International Financial Centre but also in other ecosystems.
