Da Nang Explores International Financial Center Development
Publish date 05-04-2024 10:53, Lượt xem: 10

As part of Minister of Planning and Investment, Mr. Nguyen Chi Dung's delegation to China, Da Nang's municipal delegation, led by Deputy Chairman Tran Phuoc Son, engaged in key activities from March 27 to March 30, 2024.

*On March 27, the delegation met with the Vietnamese Embassy in China. Ambassador Pham Sao Mai warmly welcomed the delegation.

Minister Nguyen Chi Dung extended wishes for good health and gratitude to the Ambassador for supporting the delegation in implementing the working program. Emphasis was placed on opportunities to learn, study, and research topics related to the establishment of financial centers in Ho Chi Minh City and Da Nang; studying operational mechanisms and management of Free Trade Zones for localities (Da Nang city and other areas).

Ambassador Pham Sao Mai welcomed the visit and work of the delegation, expressing interest and readiness to support and create even more favorable conditions for both parties to organize activities that achieve good results in the future.

*March 28 saw discussions with China's National Financial Supervision Administration. Attendees included the Director of the Foreign Investment Department, Ministry of Planning and Investment, Do Nhat Hoang, Deputy Chairman of the Municipal People's Committee Tran Phuoc Son, and other members.

Beside introducing the activities of the China National Financial Supervision Administration, Mr. Lu Wei and Li Guochun, leadership representatives of the administration shared insights on forming and developing financial centers in Beijing, Shanghai, and Shenzhen.

This included highlighting the roles of the central government (fastest policies, large information flow), local government (proactive, decisive); the foundation role of the economy, based on the real economy, structure, contribution, and allocation of industries in the economy; Convergence of innovative startup businesses; Leveraging advantages in human resources, scientific research, major universities; Establishing a business environment: marketization, legalizing, internationalization; administrative procedure model "green lane, fast track".

The delegation shared the proposed plan to establish international financial centers in Vietnam (Ho Chi Minh City and Da Nang); along with members of the China National Financial Supervision Administration, they discussed: Criteria, objectives for the formation and development of an international financial center (contribution of the financial center to GDP, VA of the financial sector, number of international banks with headquarters); Attracting investors, financial institutions; Superior policies, advantages, policies following international standards; Facilitating domestic currency payments in international markets, cryptocurrency exchanges; Systemic risk issues; Formation roadmap, financial center management agencies; Management measures, coordination to create a basis for development, connectivity between the Financial Center area and the surrounding areas.

*Meetings on March 29 with the Shanghai Financial Supervision Administration, where Mr. Zhao Yong Jian - Deputy Secretary of the Financial Work Committee of the Shanghai Municipal Party Committee, Deputy Director of the Shanghai Financial Supervision Administrationdelved into Shanghai's journey as an International Financial Center.

Accordingly, the construction of Shanghai into an International Financial Center is of special interest to the Chinese Party and State. The development goal of the Shanghai Financial Center is to "Match the economic position of China, and the international status of the Renminbi", through basic tasks: Elevating, building a financial powerhouse; Perfecting financial markets, products, organizations, financial infrastructure; Resilience to financial risks and crises; Connecting, compatible with CPTPP, DEPA; Providing financial services to key sectors and weak areas; Serving new sectors: Science and technology, Green, affluent finance, elderly care, digital economy; Enhancing connections between the Financial Center and related Centers…

Minister Nguyen Chi Dung and the delegation exchanged views, discussed experiences in building International Financial Centers, models that Vietnam can choose to suit actual conditions, necessary conditions for establishment, investment incentive policies, operational mechanisms…

On the same afternoon, the Ministry of Planning and Investment of Vietnam, in coordination with the Sunwal Group, successfully organized the Symposium "Building the Vietnam Financial Center: Models and Potential".

At the Symposium, China shared experiences of experts, leaders of Banks, Investment Fund Management, securities about the Financial Center model in China and the potential development of Vietnam's Financial Center.

Representatives from Da Nang city also shared to deepen discussions on the possibility of forming a Financial Center model, including selecting some fields in which the locality has potential, advantages, leveraging new development trends such as developing Offshore financial centers, Fintech…

The delegation's next activities in China involve further exploration of Free Trade Zone development.



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