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| PM Pham Minh Chinh chairs the session__Photo: VNA |
Policies for the International Financial Center (IFC) must be groundbreaking and superior, with open, transparent and business-friendly principles to attract all stakeholders, Prime Minister Pham Minh Chinh said at the Government’s thematic session in Hanoi on November 4.
The session reviewed eight draft decrees guiding the implementation of the National Assembly’s Resolution No. 222/2025/QH15 on the IFC. They cover the establishment of an international arbitration center within the IFC; licensing and operations of banks, foreign exchange management, combating money laundering, preventing financing for terrorism and proliferation of weapons of mass destruction; formation and operation of commodity exchanges; and the trading of goods and services within the IFC. They also outline policies on labor, employment and social welfare, land use and environmental management, finance; and the entry, exit and residence of foreigners working in the IFC.
Government members agreed that the IFC will have one steering committee, one executive board operating in two locations, one supervisory agency, and a dedicated court to handle disputes. Recruitment for agencies within the IFC will follow international standards to secure top talents.
PM Chinh said the draft decrees align closely with Vietnam’s realities and the Party and National Assembly’s resolutions, incorporating international practices while remaining competitive and feasible.
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| Delegates at the session__Photo: VNA |
The policies will ensure clear accountability, with one person per task; maximum decentralization coupled with allocation of resources and enhanced capacity building; and stronger post-audit mechanisms to draw investors. All policies must be groundbreaking, transparent, easy to understand, accessible, and verifiable, he stressed.
Deputy PMs were assigned to direct relevant ministries and agencies to finalize and submit the draft decrees for the government's approval before November 15. Ho Chi Minh City and Da Nang must issue their own policies and mechanisms, prepare sites and set up operations within the same deadline.
Expecting the launch of the IFC in November, PM Chinh urged ministries and the two cities to work proactively, efficiently and innovatively, and report any arising issues promptly to the Government for timely settlement.- (VNA/VLLF)
