The steering council for Vietnam's international financial centre wants the operating bodies in Da Nang and Ho Chi Minh City to be ready this month and to bring in members and first transactions in November, Tuổi Trẻ reported after the council's fourth meeting on October 22.
Deputy Prime Minister Nguyễn Văn Thắng, who chairs the council, told agencies to clear delayed and stuck tasks and said the supervisory bodies must be operating before real trading begins. The Ministry of Finance, with the State Bank of Vietnam, was asked to define each agency's scope so oversight is effective and does not overlap.
According to the ministry's report, both cities have approved staffing, budgets, offices and technology infrastructure. Several banks, securities firms, asset managers and investors have signed memorandums of understanding, made commitments or applied to join, and the ministry is working with some banks on transactions that could go ahead early.
The council also asked for progress on a specialised arbitration centre and court, and for a few model financial products to be designed with the two cities. Tuổi Trẻ did not say how products would be divided between Da Nang and Ho Chi Minh City.
Why it matters: the dates are targets, not announcements of trading. No first transaction had been reported at the time of writing.
Sources
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