PM Pham Minh Chinh will serve as head of the steering committee for regional and international financial centres. (Photo: VNA)

Prime Minister Chinh will serve as head of the steering committee. Meanwhile, the deputy heads include Standing Deputy Prime Minister Nguyen Hoa Binh, the Secretary of the Ho Chi Minh City Party Committee, the Minister of Planning and Investment, the Minister of Finance, the Governor of the State Bank of Vietnam, and the Secretary of the Da Nang city Party Committee.

The committee's members comprise leaders from various government bodies such as the Ministry of Planning and Investment (MoPI) as the standing member, chairpersons of the People’s Committee of Ho Chi Minh City and Da Nang city, and representatives from the Ministries of Finance, Industry and Trade, Home Affairs, National Defence, Public Security, Information and Communications, Natural Resources and Environment, and Justice; and the Supreme People's Court, the State Bank of Vietnam, and the Government Office.

The committee will be in charge of giving orientations and strategies to develop the centres, particularly regulatory frameworks and policies to ensure their smooth operations. Besides, it will direct the arrangement of resources for infrastructure development and organise cooperative and consulting activities with competent domestic and international agencies.

Operating on a part-time basis, the committee will follow the principles of democratic centralisation and transparent discussion. The head of the committee will hold the authority of making final decisions, while deputy heads may decide on specific matters as delegated.

The MoPI 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 authorised to work with domestic and international organisations, engage with consultants, and organise research activities and conferences related to the development of the centers.