(VOVWORLD) - Building an international financial center (IFC) is one of the institutional breakthroughs identified by the Party and State, Prime Minister Pham Minh Chinh said Tuesday, while chairing a government session on draft decrees to implement National Assembly Resolution 222, which sets out special mechanisms and policies for establishing an IFC.
 Prime Minister Pham Minh Chinh chairs the session. (Photo: Lai Hoa/VOV)
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The government has established a steering committee to oversee implementation and mobilize resources for the project. Vietnam will establish two IFCs – one in Ho Chi Minh City and one in Da Nang – with preferential mechanisms and policies covering finance, banking, labor, social security, land, environment, and trade, in line with international practices.
 Prime Minister Pham Minh Chinh delivers remarks. (Photo: Lai Hoa/VOV) |
To bring the IFC into operation as early as this November under the model of “one center, two destinations”, PM Chinh called for the issuance of eight draft decrees detailing relevant policies and mechanisms.
He said the goal is to build a legal framework that is innovative, competitive and stable – one that ensures consistent and sustainable operation of the IFCs and strengthens investor confidence and engagement from international financial institutions.