In his report, Thang highlighted Vietnam as a standout example of economic growth and macroeconomic stability. He noted that leveraging the country’s competitive advantages to develop a financial centre would enable stronger integration with the global financial system, attract international financial institutions, and capitalise on shifting trends in global investment flows.

Such a move, he added, would also support the efficient development of Vietnam’s financial market, bring it in line with international standards, foster sustainable economic growth, and elevate the country’s global standing, reputation, and influence.

The establishment of the International Financial Centre, according to the Minister, is to attract international capital to serve three strategic breakthroughs, traditional and new growth drivers. It also seeks to develop advanced financial services, pilot and regulate new markets based on practical needs, and foster a high-quality workforce. Beyond this, the centre is intended to deepen Vietnam’s integration with the global economy and enhance the country’s position in the international financial landscape, ultimately contributing to national economic development.

The minister also said that 13 special policies will be implemented within the International Financial Centre. These include policies on foreign exchange and banking; financial and capital market development; taxation; immigration, residency, employment and social security; land use; mechanisms for resolving disputes, among others.

The draft resolution outlines the essential administrative procedures required to implement the special mechanisms and policies for the operation and development of the International Financial Centre. These procedures are designed to be streamlined and user-friendly, ensuring maximum convenience for organisations and individuals involved in the Centre’s development.

In line with the resolution’s provisions, the Government will continue to review, reduce, and simplify these procedures during the formulation of detailed guiding documents, with the Minister of Finance responsible for reporting progress to the National Assembly.

In its appraisal, the National Assembly’s Economic and Financial Committee stated that the establishment and development of an international financial centre in Vietnam is necessary, with sufficient political justification, legal foundation, and practical basis. It well matches the country’s development trajectory in the new era.

Chairman of the Economic and Financial Committee Phan Van Mai requested that the drafting agency clearly assess whether the policies outlined in the draft resolution are sufficient to form a legal framework for establishing and operating the International Financial Centre. He asked whether the proposed regulations are compelling and attractive enough to ensure competitiveness, and emphasized the need to clarify which policies are considered outstanding, distinctive, and unique to Vietnam.

The Committee concluded that the draft resolution is basically complete and ready for submission to the National Assembly for consideration and approval.

National Assembly deputies held group discussions on the draft resolution on June 11 morning.

PM urges building int’l financial centre with transparent, open legal environment

Prime Minister Pham Minh Chinh on May 22 requested the establishment of an international financial centre in Vietnam with a transparent and open legal environment, modern and seamless infrastructure that meets development needs and aligns with global trends and Vietnam's specific conditions.