Presenting the draft resolution to lawmakers on June 11, Finance Minister Nguyen Van Thang highlighted Vietnam as a standout in global economic growth and macroeconomic stability.

The proposed centre aims to leverage Vietnam’s competitive advantages to integrate with global financial markets, attract foreign financial institutions and capital, and seize opportunities from the global shift in investment flows.

It is also intended to enhance the efficiency and international alignment of Vietnam’s financial markets, thereby contributing to sustainable economic development and elevating the country’s global standing.

The primary objectives of developing such a centre, according to the finance minister, are to draw international capital to support Vietnam’s three strategic breakthroughs, traditional and emerging growth drivers; develop high-end financial services and pilot new financial markets; and foster a high-quality workforce and further connect Vietnam with the global economy.

In his report, Thang also outlined 13 special policy areas to be implemented for the IFC, including foreign exchange and banking operations; finance and capital market development; tax policies; entry, residency, labour, and social policies for experts and investors; land use and environmental regulations; and controlled testing for fintech and innovation.

Notably, he introduced policies relating to incentives for strategic sectors and investors; technical and social infrastructure development; import/export and goods distribution; dispute resolution mechanisms; and employment and welfare systems.

Administrative procedures will be simplified and streamlined to support the centre’s effective operation and encourage participation from both organisations and individuals.

The IFC is anticipated to be based in both Ho Chi Minh City and Da Nang, with specific strategies tailored to each city’s characteristics.

In its supervisory report, the National Assembly’s Economic and Finance Committee emphasised the importance of aligning the proposed International Financial Centre framework with the Constitution and key resolutions of the Party. It called for the adoption of bold, innovative policies that avoid duplicating existing mechanisms.

Recognising Vietnam’s strategic position as a latecomer in global finance, the committee urged policymakers to draw lessons from international models by leveraging global best practices while steering clear of previously identified risks.

The committee recommended that the resolution clearly define the organisational structure and the relationship between the two proposed IFC sites in Ho Chi Minh City and Da Nang; establish a coherent state management framework to oversee both locations effectively; and design differentiated, location-specific policy mechanisms tailored to the unique strengths and roles of each city.

Vietnam International Financial Centre proposal up for legislature debate

VOV.VN - Authorised by the Prime Minister, Minister of Finance Nguyen Van Thang presented a draft resolution of the National Assembly on the establishment of an international financial centre in Vietnam, at the ongoing 9th session of the legislature.