An overview of the conference on the establishment of Vietnam’s first international financial center, chaired by Prime Minister Pham Minh Chinh in Hanoi, November 1, 2025. Photo: Vietnam Government Portal.
Chairing a conference in Hanoi on Saturday on the IFC establishment — following a resolution adopted by the National Assembly on June 27 — PM Chinh urged ministries and agencies to finalize and submit a draft decree to the government for approval in the coming days to ensure timely implementation.
According to the Ministry of Finance, the IFC will follow the model of ‘one center, two destinations,’ with its two facilities located in Da Nang and Ho Chi Minh City.
The Ho Chi Minh City facility, covering 899 hectares, will serve as a large-scale financial hub focusing on the stock market, bonds, banking, fund management, and listing services.
Meanwhile, the 300-hectare Da Nang facility will concentrate on financial services related to logistics, maritime activities, free trade, and industrial–agricultural supply chains.
PM Chinh said two executive bodies would be established in the two localities, supported by a single supervisory agency and a court to handle disputes.
The IFC will operate on the foundation of digitalization and artificial intelligence, ensuring high competitiveness and strong development potential.
He noted that the workforce must be professional and include both domestic and international experts to absorb global expertise while preserving national identity.
To attract talent, the prime minister called for the most favorable and competitive mechanisms and policies, along with a harmonious ecosystem that balances people, society, and nature.
He also emphasized the need for stronger linkages among financial, banking, and other related agencies to foster the IFC development.
Financial and non-financial service providers, he added, should benefit from flexible licensing procedures, focusing on post-audit management rather than pre-approval requirements.
The PM stressed that the IFC’s legal framework must be transparent, autonomous, and supported by preferential mechanisms.
Technology transfer should be prioritized, and human resources considered the decisive factor.
Administrative procedures will follow the ‘one-stop, one seal’ model to remove unnecessary barriers and bureaucracy.
He assigned Ho Chi Minh City and Da Nang to prepare the necessary conditions, issue and publicly announce their specific policies and regulations, and ensure openness and transparency to create momentum for the project.
The two cities, he said, should leverage their combined strengths, together with the nation’s overall potential, to drive the IFC forward.
At the conference, delegates proposed various mechanisms, policies, and solutions to ensure the IFC’s effective operation.
They also discussed issues related to the legal status of governing and supervisory bodies, operational and risk management frameworks, market infrastructure, and talent development.
Minister of Finance Nguyen Van Thang said Vietnam would selectively draw on the experience of other international financial centers while safeguarding national independence, sovereignty, and distinct identity.
PM Chinh affirmed that the government would adopt the most appropriate approach to establish a solid legal framework for the IFC, incorporating global best practices while promoting national traditions, creativity, and adaptation to domestic conditions.
He stated that international financial centers play a vital role as hubs that connect markets, foster innovation, and enhance governance and transparency.
The establishment of Vietnam’s IFC, he said, not only aims to attract investment and deepen global integration but also to develop new and effective mechanisms and governance models, according to the Vietnam News Agency.
The project is expected to create new momentum for socio-economic development, helping Vietnam achieve economic growth of at least eight percent in 2025 and a double-digit expansion from 2026 onward.
It will also contribute to realizing the country’s goals of becoming a developing nation with a modern industrial base and upper-middle income by 2030, and a developed, high-income nation by 2045.
Furthermore, the IFC will help define Vietnam’s position in the global financial landscape and promote future-oriented financial models such as digital assets, carbon credits, commodities and derivatives, green finance, and sustainable finance, the PM added.
