Vận hành Trung tâm Tài chính quốc tế tại Việt Nam trong tháng 11 | VTV24

Key Concepts:

• Trung tâm Tài chính Quốc tế (International Financial Center - IFC): A proposed financial hub in Vietnam.
• Sàn Dữ liệu Việt Nam (Vietnam Data Exchange): A platform for trading and utilizing data.
• Kinh tế số (Digital Economy): Economic activity based on digital technologies.
• Kinh tế dữ liệu (Data Economy): An economy where data is a key resource.
• Số hóa (Digitalization): The process of converting information into a digital format.
• Trí tuệ nhân tạo (Artificial Intelligence - AI): Technology that enables machines to perform tasks typically requiring human intelligence.
• Hậu kiểm (Post-inspection): Regulatory oversight conducted after a transaction or activity.
• Tiền kiểm (Pre-inspection): Regulatory oversight conducted before a transaction or activity.
• Kiến tạo (Pioneering/Creating): The role of the state in fostering development.
• Công tư đồng hành (Public-Private Partnership): Collaboration between government and private sector.

Establishment of an International Financial Center in Vietnam

The Prime Minister, Phạm Minh Chính, chaired a virtual conference on establishing an International Financial Center (IFC) in Vietnam. The meeting included leaders from financial organizations, corporations, investment funds, and international experts. The Prime Minister acknowledged the difficulty of this endeavor, stating it's a new undertaking for Vietnam but a necessary one. He emphasized a balanced approach, avoiding both perfectionism and haste, while seizing opportunities.

Key Principles and Strategy:

• Learning from Global Models: Vietnam will adopt the best practices from over 20 existing IFCs worldwide.
• Leveraging Vietnamese Strengths: The center will also harness the creativity of the Vietnamese people and the nation's historical and cultural traditions.
• International Compliance: Adherence to international laws and practices will be paramount.
• Adaptability: Flexible and creative application of these principles to Vietnam's specific conditions is crucial.
• Collaboration: Close and effective coordination between domestic and international entities, financial institutions, and Vietnamese management agencies is essential.
• Integrated Approach: Combining finance, trade, investment, business, and production, as well as national and global strengths, and internal and external resources.

Implementation and Timeline:

• Immediate Action: Prime Minister Chính instructed Ho Chi Minh City and Da Nang to prepare the necessary conditions for the IFC to become operational within the current month (November).
• Local Authority Empowerment: Cities with the authority to issue specific policies are expected to do so promptly and publicly to attract investors.
• Call for International Support: The Prime Minister requested continued international assistance, particularly for new, complex issues requiring significant external resource mobilization.

Organizational Structure and Operations:

• Steering Committee: A joint steering committee for the IFC has been established, led by the Prime Minister.
• Operational Bodies: Two executive bodies will be established in Ho Chi Minh City and Da Nang, overseen by a common supervisory body.
• Dispute Resolution: A dedicated court will be established to handle disputes.
• Technology Integration: The IFC's operations will be based on digitalization and Artificial Intelligence (AI), aiming for high competitiveness and attracting skilled human resources. Technology transfer will be a priority.
• Administrative Efficiency: A "one-stop shop, one-seal, one-person responsibility" approach will be implemented, cutting unnecessary procedures.
• Legal Framework: A transparent, autonomous legal framework with specific preferential policies is required.
• Licensing: Flexible licensing for financial and non-financial services, with a focus on post-inspection rather than pre-inspection, is planned.
• Non-Restrictive Principle: The IFC should not create barriers for other financial centers or for external entities from its members.

Human Resources:

• Talent Attraction: Competitive mechanisms and policies will be implemented to attract both domestic and international experts, fostering a blend of tradition and innovation, and integrating global expertise with Vietnamese culture.

Development of the Vietnam Data Exchange

In the afternoon, Prime Minister Phạm Minh Chính led a working session with relevant ministries and agencies on establishing the legal framework, policies, and institutions to promote the formation and development of the Vietnam Data Exchange.

Market Overview and Projections:

• Current Market Size: The data market in Vietnam is estimated to reach nearly $1.6 billion USD in 2024.
• Future Growth: Projections indicate the market will exceed $3.5 billion USD by 2030, with a growth rate of over 14%.
• Digital Economy: Vietnam's digital economy is expected to reach approximately $45 billion USD this year.

Strategic Importance of Data:

• Data as a Resource: Echoing the directive from General Secretary Tô Lâm, Prime Minister Chính reiterated that data is becoming a crucial resource and a vital means of production.
• New Growth Drivers: Data is identified as a key driver for the digital and data economies.
• Untapped Potential: Vietnam possesses a vast amount of data that is currently fragmented, dispersed, and underutilized.
• Necessity of Data Exchange: Establishing and developing a data exchange is an objective and necessary task to "awaken" and augment national resources.

Benefits of a Successful Data Exchange:

• New Market Creation: Formation of a new market for high-value-added data trading.
• Economic Contribution: Direct contribution to economic growth.
• Enhanced Competitiveness: Improvement of national and enterprise competitiveness.
• Innovation and AI Development: Facilitation of technological innovation and AI development.
• Investment Attraction: Promotion of investment.
• National Security: Contribution to national data security and the assertion of data sovereignty in cyberspace.

Guiding Principles for Data Exchange Development:

• Institutional Leadership: The institutional framework will be pioneering.
• Infrastructure Foundation: Infrastructure will serve as the foundation.
• Technological Breakthroughs: Technology will be the driver of innovation.
• Human Capital as Key: Human resources are crucial for success.
• Efficiency as Motivation: Efficiency will be the driving force.

Operational Requirements:

• Smooth and Continuous Operation: The data exchange must operate seamlessly and continuously.
• Transparency and Openness: Operations must be public and transparent.
• Effective Monitoring and Supervision: A robust mechanism for monitoring and supervision is required.
• Legal Compliance: Adherence to Vietnamese law and harmonization with international laws and practices.

Implementation Goals and Tasks:

• November Target: The data exchange is targeted to be formed and operational within November.
• Breakthrough Policies: Policies must be innovative and create maximum convenience for participants.
• Streamlined Procedures: Administrative procedures and business regulations should be efficient.
• Balanced Interests: A balance of interests between the state, businesses, and citizens is essential.

Core Philosophy:

The Prime Minister emphasized a 28-character motto: "Data to the exchange, the state creates, businesses pioneer, public-private partners, the market leads, the nation prospers, the people are happy."