Accordingly, the International Financial Centre will be developed in both Ho Chi Minh City and Da Nang City, with specific strategies tailored to each city’s characteristics.

The resolution outlines the principles for establishing, operating, managing, and supervising the centre which will be developed based on unified oversight and governance, while also leveraging the unique strengths of each city.

The goal is to position Vietnam as a leading destination in the global financial network and a new driver of national economic growth.

Ho Chi Minh City, Vietnam’s largest economic and financial hub, already boasts a well-developed financial ecosystem, including banking, securities, and insurance. The financial centre there will focus on capital, banking, and monetary markets, alongside developing sandbox mechanisms for fintech and financial innovation. It will also establish specialised trading platforms and commodity markets.

Meanwhile, Da Nang, strategically located in central Vietnam and serving as a gateway to the East-West Economic Corridor, will concentrate on sustainable finance, green finance, and digital financial services. It will be a testing ground for new financial models and innovations.

According to Minister of Finance Nguyen Van Thang, the mechanisms and policies in the resolution were widely praised during consultations with major international financial institutions and experts. Key incentives include advanced policies on taxation, land use, infrastructure, human resources, and insurance that surpass those of some existing international financial centres.

Several regulations are aligned with global standards, covering governance models, language use, immigration, accounting, labour, fintech, regulatory sandboxes, and the public-private partnership (PPP) model. More sensitive areas such as foreign exchange and dispute resolution will be gradually liberalised in a controlled and phased manner.

Based on international experience and the goal of balanced regional development, the Government proposed and and received approval from the Politburo to establish the international financial centre in Ho Chi Minh City and Da Nang City with distinct roles and clear development orientations.

Following the directive from the government and the Prime Minister, both cities have been actively preparing in terms of infrastructure, high-quality human resource training, and management capacity. They have also engaged in investment promotion and dialogue with strategic and potential investors.

The development of the International Financial Centre is expected to serve as a catalyst to elevate Vietnam’s financial standing globally, drive economic growth, and deepen the country’s integration with the regional and international economy.

Lawmakers to vote on Vietnam International Financial Centre plan this week

VOV.VN - The National Assembly is expected to pass a resolution on the establishment of an international financial centre (IFC) in Vietnam on June 27, the final working day of its ninth session.