National Assembly's Resolution on International Financial Centre issued

National Assembly's Resolution on International Financial Centre issued

The resolution also aims to create an attractive environment for investment in the financial service sector to promote investment attraction and the free movement of international capital between the International Financial Centre and the world develop the stock and insurance markets, banking activities, fintech, digital assets, commodities, and e-commerce in Vietnam and integrate with international markets.

Vietnam's first International Financial Centre will be located in Ho Chi Minh City and Da Nang city. In the photo: A corner of Ho Chi Minh City – the country’s leading economic, cultural, and tourism hub. (Photo: VNA)

Vietnam will have special and superior mechanisms and policies to encourage the attraction of capital, technologies, modern management methods, high-quality human resources, and infrastructure development to its first International Financial Centre.

This is part of the Resolution on International Financial Centre in Vietnam freshly signed by National Assembly (NA) Chairman Tran Thanh Man. The resolution clearly stipulates the establishment, operation, management, supervision, and specific mechanisms and policies applicable to the centre.

The resolution also aims to create an attractive environment for investment in the financial service sector to promote investment attraction and the free movement of international capital between the International Financial Centre and the world; develop the stock and insurance markets, banking activities, fintech, digital assets, commodities, and e-commerce in Vietnam and integrate with international markets.

It targets attracting and developing innovation and financial services supporting green and sustainable projects in Vietnam; improving financial services and support services in accordance with international practices; and attracting and developing high-quality human resources capable of providing financial services and related professional services which meet international standards.

When at least one party involved is a foreign individual or organisation, the parties may agree to apply foreign laws to their transactions. However, foreign laws shall not be applied if its application results in consequences that violate the fundamental principles of Vietnamese laws. In cases where the parties do not agree on the applicable laws, the laws of the country most closely connected to the transaction shall be applied.

For transactions related to ownership rights, other rights over real estate, leasing of real estate, or using real estate as collateral, the laws of the country where the real estate is located shall be applied.

To ensure national interests and prevent factors that may threaten national security, legal documents concerning the International Financial Centre may impose restrictions on members.

VIR