Prime Minister Pham Minh Chinh has issued a decision on setting up a steering committee for regional and international financial centers to be established in Ho Chi Minh City and Da Nang, respectively. 

PM Chinh will serve as head of the steering committee.

According to a report from the Vietnam News Agency, the committee will be in charge of giving orientations and strategies to develop the centers, particularly regulatory frameworks and policies to ensure their smooth operations. Besides, it will direct the arrangement of resources for infrastructure development and organize cooperative and consulting activities with competent domestic and international agencies.

The Ministry of Planning and Investment will be responsible for advisory functions and implementation support, including proposing policies, mechanisms, and solutions on building the centers at regional and international scales. Besides, it is authorized to work with domestic and international organizations, engage with consultants, and organize research activities and conferences related to the development of the centers.

The Politburo has recently agreed to establish a comprehensive international financial centre in the southern largest economic hub of Ho Chi Minh City and a regional financial centre in the central city of Da Nang.