In line with the Party Central Committee and Politburo’s directives and a resolution of the National Assembly, the Government plans to set up an IFC in Ho Chi Minh City and Da Nang. The branch in HCM City will cover about 899 ha, and the one in Da Nang about 300 ha.
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Prime Minister Pham Minh Chinh speaks at the conference on the establishment of the International Financial Center (IFC) in Vietnam on November 1, 2025. |
The PM stated that establishing an IFC is a new and difficult task, but it must be accomplished. He stressed the need for strong determination, great effort, and decisive action, avoiding both perfectionism and haste, yet seizing every opportunity, with a commitment to completing each task thoroughly and deliver tangible results.
He noted that the IFC establishment should draw on the experience of 20 others around the world, while also capitalizing on the country’s creativity, historical and cultural strengths, and specific conditions.
He asked for close coordination with both domestic and international partners, between financial institutions and Vietnam’s state agencies; integrating finance with production, trade, and investment; combining internal and external strengths; and adhering to international law and practices applied flexibly and creatively in Vietnam’s context.
The Government leader clarified that Vietnam’s IFC has a steering committee chaired by the PM, two governing boards at the two locations, one supervisory body, and a court to resolve disputes in both places. The center will operate on a digital basis and utilize artificial intelligence (AI) to enhance competitiveness and attract resources.
The center should attract top domestic and international talent, provide a supportive and harmonious living environment with access to education, health care, and culture, blend tradition with innovation, and ensure close coordination among banking – financial institutions and other agencies, he stressed.
The PM said that financial and non-financial services there, as well as licensing and registration, should be flexible and favor post-approval supervision over pre-approval examination. The legal framework should be transparent and autonomous, separating domestic and international operations, with certain incentives and mechanisms.
Highlighting the importance of technology transfer, PM Pham Minh Chinh stressed that Vietnam’s IFC should not create barriers against other centers or among participants within and outside the center. It should extend beyond finance to production, business, trade, and investment; stay globally competitive; and streamline all administrative procedures through a single-window system.
He asked authorities of HCM City and Da Nang to prepare infrastructure, conditions, and policies to ensure the IFC becomes operational in November 2025.
To do that, attention should be paid to applying science, technology, and innovation, and encouraging bold mindset and decisive action, he said, noting that resources come from vision and mindset, motivation stems from innovation and creativity, and strength derives from the people and businesses.
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Richard D. McClellan, founder and CEO of RMAC Advisory, speaks at the conference. |
Delegates shared insights and proposed mechanisms, policies, and measures to ensure the center’s early launch and efficient operation, including the legal status of its governing and supervisory bodies, operational and risk management mechanisms, product frameworks, trading market and infrastructure, and measures for attracting resources to the center.
To delegates’ proposals, the PM tasked the Ministry of Finance and relevant agencies to review feedback and urgently finalize policies and the draft decree for the Government’s approval, ensuring the center comes into operation this November.
Source: VNA