Prime Minister Pham Minh Chinh chaired a consultation conference on the establishment of the Vietnam International Financial Centre on the morning of November 1 at the Government Office.

In his remarks, Minister of Finance Nguyen Van Thang stated that the Government’s decree on establishing the international financial centre is a foundational and pivotal document for the entire implementation process of the centre in Vietnam. The decree should not merely serve as a guiding document but must have the scope and weight of a framework law. It will define the specific organizational structure for the management, administration, and supervision of the international financial centre; the functions and authority of agencies within the centre; and special mechanisms and policies to ensure its operation in line with international practices.

“If well formulated with rigor and transparency, the decree will help build firm trust among investors and international financial institutions from the outset. Conversely, insufficient preparation could lead to institutional risks, reduce the centre’s appeal, and hinder the creation of the necessary breakthrough mechanisms. Therefore, the top priority is to ensure the quality and feasibility of this document,” Minister Nguyen Van Thang said.

At the conference, delegates emphasized that developing an international financial centre is a complex task requiring new thinking, a comprehensive approach, and inter-sectoral coordination. They proposed policy frameworks that align more closely with international practices while preserving national independence, sovereignty, and specific characteristics. Particular attention was given to proposals on the organizational model for the management and supervisory agencies of the international financial centre.

Andrew Oldland, Head of TheCityUK’s IFC Working Group suggested that there should be a unified and closely monitored supervisory mechanism to ensure the effective operation of the two financial centres in Ho Chi Minh City and Da Nang City. He said the centres should operate under an autonomous, consistent, and predictable management model, enabling smooth and efficient activities for participants. He also recommended that a single supervisory authority be established for both locations to facilitate coordination and real-time financial management.

Responding to PM Pham Minh Chinh’s question on whether Vietnam could shorten the timeline for forming the international financial centre from 10 years to 5 years, Bhaskar Dasgupta, Chairman of APEX Group, said Vietnam should focus on three key aspects: developing a solid structure, ensuring reliability, and adopting a progressive market-oriented perspective. He also noted that Vietnam needs to facilitate capital mobilization for businesses to operate in the country and make market entry easier, while fully leveraging advantages such as blockchain, existing databases, rulebooks, and even AI-assisted judicial systems.

In his speech, the Vietnamese Government chief noted that in the digital era and the context of deep global integration, the movement of capital, technology, and knowledge across nations, regions, and the world is accelerating at an unprecedented pace. International financial centres play a particularly important role in this process as platforms connecting markets and promoting innovation, governance standards, and transparency norms.

For Vietnam, the development of an international financial centre is not only to attract investment resources and connect with global markets but also to create new, effective mechanisms, policies, and governance models. It will serve as a driver of socio-economic growth, particularly toward achieving high and sustainable economic growth. Expediting the establishment and early operation of the international financial centre will help define Vietnam’s position within the global financial network, promote future financial models, and advance the country’s strategic breakthroughs in institutions, human resources, and infrastructure.

"We are ready to listen to all opinions from businesses and investors to further improve the institutional framework and continue promoting the country’s overall development. We hope for the support and cooperation of international friends, sharing the same vision, working together, prospering together, and developing together, while always protecting the legitimate rights and interests of the people, enterprises, and investors,” PM Chinh stressed.

The Vietnam International Financial Centre will operate under the model of “one centre, two destinations” in Ho Chi Minh City and Da Nang. Ho Chi Minh City will serve as the major financial hub, focusing on capital markets, bonds, banking, fund management, and listing services. Da Nang will focus on financial services related to logistics, maritime trade, free trade, and agro-industrial supply chains. The two locations will form a complementary and interconnected financial ecosystem toward modern governance and international standards, without directly competing with other international financial centres in the region and worldwide.

The Government leader said the Vietnam International Financial Centre is expected to be operational by the end of 2025. He instructed ministries, agencies, and localities to continue reviewing and finalizing a specialized legal framework for the centre, and to develop synchronized infrastructure and essential services, including transport, telecommunications, and logistics  in Ho Chi Minh City and Da Nang. He also called for the early issuance of the decree on establishing the Vietnam International Financial Centre to speed up the completion of a modern legal framework in line with international practices and Vietnam’s actual conditions.

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