Hanoi: Prime Minister Le Minh Hung has urged consideration of new regulations in June to create breakthrough mechanisms enabling the rapid introduction of key financial products and services for the Vietnam International Financial Centre (VIFC). Chairing a meeting in Hanoi on June 2, PM Hung affirmed that the Party's policy on developing the VIFC is clearly defined and progress has been made. To date, a substantial volume of complex and challenging work has been completed.

According to Vietnam News Agency, the Prime Minister emphasized the importance of these new regulations in accelerating the development of the VIFC. The meeting highlighted the need for innovative financial solutions to position Vietnam as a prominent player in the global financial market. The introduction of these mechanisms is seen as essential to attracting international investment and enhancing the competitiveness of Vietnam's financial sector.

The government has identified key areas where these financial products and services can make a significant impact. These areas include modernizing the financial infrastructure, improving regulatory frameworks, and fostering an environment conducive to financial innovation. The meeting also discussed the role of technology in supporting these initiatives and the necessity of a collaborative approach involving various stakeholders.

The Prime Minister's directive is part of a broader strategy to transform Vietnam into a regional financial hub. This initiative aligns with the country's long-term economic goals and its commitment to integrating more deeply with the global economy. The focus on the VIFC is expected to bring about significant economic benefits and drive sustainable development across the nation.