Resolution 259/NQ-CP 2024 Action Plan to implement Notice No. 47-TB/TW on development of regional and international financial centers in Vietnam

ACTION PLAN

To implement Notice No. 47-TB/TW dated November 15, 2024, of the Political Bureau, on the development of regional and international financial centers in Vietnam

(Attached to Resolution No. 259/NQ-CP dated December 31, 2024, of the Government)

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Pursuant to Notice No. 47-TB/TW dated November 15, 2024, of the Political Bureau, on the development of regional and international financial centers in Vietnam, the Government assigns ministries and authorities to:

I. VIEWPOINTS AND REQUIRED OBJECTIVES

1. Fully comprehend and ensure the resolute, effective, synchronous, comprehensive, and consistent implementation of the guiding viewpoints, objectives, and details of the Scheme for the development of regional and international financial centers in Vietnam, for which the Political Bureau has agreed in principle under Notice No. 47-TB/TW, in a spirit of strong breakthrough innovation.

2. Clearly define the key details, tasks, solutions, activities, lead authorities, coordinating authorities, approving authorities, expected outputs, and specific completion deadlines for ministries, ministerial authorities, government-attached authorities, the People's Committees of Ho Chi Minh City and Da Nang, and other relevant bodies to focus on directing, developing action plans, organizing the implementation, and inspecting, monitoring, and evaluating the implementation of the Action Plan, with due attention paid to institutionalizing the solutions, models, and policies for developing the regional and international financial centers (FCs) in Vietnam as outlined in the Scheme under Notice No. 47-TB/TW.

3. Ensure harmonization and synchronization with the socio-economic development strategies, master plans, and plans of each ministry, sectoral authority, and local authority to optimize the feasibility of the Action Plan.

4. Authorities from the central to local levels must coordinate closely and synchronously; follow the schedule and roadmap in line with the Political Bureau's directions, with the determination to develop specific regulatory documents for the regional and international financial centers; and to establish and operate the financial centers in Ho Chi Minh City and Da Nang within 2025.

II. TASKS, SOLUTIONS, KEY ACTIVITIES

1. National and local inter-sectoral direction and coordination

a) Establish an Inter-sectoral Steering Committee for the regional and international financial centers to organize inter-sectoral coordination, assisting the Government and the Prime Minister in providing strategic direction and coordination to ensure smooth and consistent operation in accordance with the Political Bureau's directions, especially during the institution and policy development phase.

b) Propose that the Party Committees of Ho Chi Minh City and Da Nang City establish Steering Committees/Working Groups for the development of the FCs, to be headed by the Secretaries of the respective City Party Committees, to lead and direct the establishment and operation of the Ho Chi Minh City FC and the Da Nang FC with the following main tasks:

- Direct the concentration of resources for investment in developing the financial centers’ infrastructure; develop a plan for resource mobilization, including State Budget and private sector resources, for infrastructure development of the FCs.

- Direct the development and implementation of investment plans for human resource development for the financial centers.

- Coordinate with the Inter-sectoral Steering Committee for the regional and international financial centers, the Drafting Committee for the National Assembly’s Resolution on the development of the regional and international financial centers in Vietnam, the Working Group on establishing the management and executive teams of the financial centers, and relevant ministries and sectoral authorities in the development of legal documents and the establishment of the management and executive teams of the financial centers.

2. Developing and finalizing institutions and policies for the financial centers

a) Develop a National Assembly’s Resolution on the financial centers

- Establish a Drafting Committee to develop the National Assembly’s Resolution on the financial centers with the aims of:

+ Directing impact assessments and finalizing the eight groups of policies for immediate application and the six groups of policies to be applied according to a roadmap, which were agreed upon in principle by the Political Bureau in Notice No. 47-TB/TW, ensuring their suitability to Vietnam's conditions, international best practices, and the international commitments to which Vietnam is a party.

+ Directing the Ministry of Planning and Investment, Ministry of Finance, State Bank of Vietnam, Ministry of Justice, Ministry of Home Affairs, Ministry of Public Security, Ministry of Labor, Invalids and Social Affairs, and other relevant ministries and sectoral authorities; the People's Committees of Ho Chi Minh City and Da Nang City to review, assess the impact of each policy, and propose relevant wording for submission to the Ministry of Planning and Investment for consolidation.

+ Prepare the proposal for the development of the Resolution, and draft the Resolution on the financial centers for submission to the National Assembly in accordance with the Law on the Promulgation of Legal Documents.

b) Develop documents regulating and guiding the implementation of the National Assembly’s Resolution on the FCs (according to a specific plan following the promulgation of the Resolution by the National Assembly).

c) Address emerging legal issues, provide guidance (or propose guidance) on the application of the Resolution on the financial centers and related legal documents, or review and propose amendments or supplements to related legal documents (according to a specific plan following the promulgation of the Resolution by the National Assembly).

3. Allocation and mobilization of resources for infrastructure construction and development of the financial centers

a) Invest in the construction of FC infrastructure in Ho Chi Minh City and Da Nang;

b) Prepare and train human resources within the State apparatus for the management and operation of the FCs;

c) Hire domestic and international consultancies and experts during the construction and operation of the FCs.

4. Establishment of the financial centers

a) Prepare sites ready for development of the FCs with the following requirements:

- Defined geographical boundaries; favorable geographical locations ensuring easy connectivity with major domestic and international economic centers.

- Modern infrastructure with well-coordinated connectivity; readily available conditions for transportation, telecommunications, and ancillary services, etc.

- Legal readiness for immediate implementation.

b) Regarding the establishment of management and operational apparatus of the FCs

- Establish a Working Group on the establishment of the management and executive teams of the financial centers (headed by the Minister of Home Affairs as the Group Leader, the Chairpersons of the People's Committees of Ho Chi Minh City and Da Nang City as Deputy Group Leaders, and with members being leaders of relevant authorities) to implement the establishment of the following bodies within each FC:

+ FC Management and Executive Authority: This is the body that directly manages and operates the FC, subordinate to the respective city's People's Committee.  Its composition includes the Board of Directors of the executive authority and specialized departments and boards.

+ FC Supervisory Authority: Responsible for supervising the activities of financial institutions within the FC.

+ Dispute Resolution Body: Establish an International Arbitration Center within the FC, similar to the model of a commercial arbitration center but with specific characteristics to ensure efficient and swift dispute resolution and enforcement of arbitral awards.

- Establish and operate the management apparatus of the FCs (in accordance with the competence and regulations set forth in the National Assembly’s Resolution on the financial centers).

5. Communication and investment promotion

a) Proactively carry out information and communication activities to build social consensus among all sectors, levels, authorities, organizations, and units within the political system regarding the establishment of regional and international financial centers in Vietnam.

b) Develop and implement domestic and international communication plans for the Ho Chi Minh City FC and the Da Nang FC.

c) Promote and solicit investment into the Ho Chi Minh City FC and the Da Nang FC.

6. Organizing preliminary and final reviews of the Scheme

a) Organize annual and periodic preliminary reviews on a phase-by-phase basis to draw lessons for the effective implementation of the Scheme under Notice No. 47-TB/TW, and report any new issues to the competent authorities.

b) Organize a final review of the 2025-2030 roadmap of the Scheme at the end of 2029 (early 2030) to prepare for the effective implementation of the 2030-2035 roadmap.

III. ORGANIZATION OF IMPLEMENTATION

1. Ministers, Heads of ministerial authorities, Heads of Government-attached agencies, Secretaries of the Party Committees, and Chairpersons of the People's Committees of Ho Chi Minh City and Da Nang shall, based on this plan and their respective functions, competence, and tasks, organize effective implementation and closely monitor the performance of assigned tasks, ensuring timeliness and quality; promptly identify difficulties, obstacles, and emerging issues to handle them within their competence or report to competent authorities for resolution.

2. The Minister of Planning and Investment shall:

a) Monitor and expedite the implementation of the Plan; report to and petition the Prime Minister and the Government on necessary measures to ensure the synchronous and effective implementation of the Plan.

b) Coordinate with competent authorities of the Party, the National Assembly, and socio-political organizations in the effective and synchronous implementation of the objectives, details, tasks, and solutions stated in Notice No. 47-TB/TW of the Political Bureau.

3. Ministries, sectoral authorities, the People's Committee of Ho Chi Minh City, and the People's Committee of Da Nang City shall assume the prime responsibility for and coordinate with each other in the implementation of the tasks and activities prescribed in the Appendix to this Resolution.

4. Resources for implementing the tasks and activities of the Action Plan for developing the regional and international financial centers include:

a) The State Budget: Central-level budget, local budget.

b) International assistance: Official Development Assistance (ODA), concessional loans, and support for the construction and development of the financial centers.

c) Commercial loans and private investment: Foreign Direct Investment (FDI) in the construction and development of the financial centers, and domestic investment in the development of the financial centers.

d) Other community and social capital sources: Public-Private Partnership (PPP) capital for projects on construction of financial centers, and domestic funds for the development of financial centers.

5. Reporting

a) Ministries, sectoral authorities, local authorities, and relevant authorities shall periodically review the implementation of the tasks and activities assigned in the Action Plan for developing the regional and international financial centers as prescribed.

b) The Ministry of Planning and Investment shall be responsible for coordinating the development of the regional and international financial centers, regularly monitoring and supervising the implementation progress, consolidating information, reporting to competent authorities for guidance on organizing preliminary and final reviews of the performance of assigned tasks, promptly addressing emerging issues, and reporting to the National Steering Committee for consideration and decision.

c) In cases where adjustment, amendment, or supplementation of the Plan is necessitated during the implementation hereof, ministries, sectoral authorities, local authorities, and relevant authorities shall send proposals to the Ministry of Planning and Investment for consolidation and reporting to the Prime Minister for consideration and decision thereon.

* All Appendices are not translated herein.