Prime Minister's telegram on the establishment of the International Financial Center

Prime Minister Pham Minh Chinh has just signed Official Dispatch No. 211/CD-TTg on the establishment of an international financial center in Vietnam.

Telegrams sent to the Ministers of Finance, Public Security, Industry and Trade, Agriculture and Environment, Home Affairs, Justice; Governor of the State Bank of Vietnam; Chairman of the People's Committee of Ho Chi Minh City; Chairman of the People's Committee of Da Nang City.

The dispatch stated: On November 1, 2025, at the Government Headquarters, the Prime Minister chaired a Conference on the establishment of an international financial center in Vietnam to listen to ministries, agencies, and international consultants present their experiences in the management and organizational model of an international financial center.

The core area of the International Financial Center on Thu Thiem peninsula, An Khanh ward, Ho Chi Minh City. (Photo: Hong Dat/VNA)

Identifying this as a new, difficult, important task that needs to be implemented resolutely, effectively, and feasibly with the spirit of not being perfectionist, not being hasty, not missing opportunities; implementing with high determination, acting resolutely, making every effort, working with focus, key points, completing each task, saying what to do, committing to doing it, having specific, measurable results, the Prime Minister requested the Ministers, Heads of Ministries, agencies: Finance, Public Security, Industry and Trade, Agriculture and Environment, Home Affairs, Justice, State Bank of Vietnam, Chairmen of Ho Chi Minh City People's Committee, Chairman of Da Nang City People's Committee to continue to resolutely and effectively implement the tasks assigned by the Prime Minister, Head of the Steering Committee for the construction of the International Financial Center in Decision No. 114/QD-BCDTTTC dated August 1, 2025; focusing on implementing the following key tasks and solutions:

1. The Ministry of Finance and the Ministries and agencies: Public Security, Industry and Trade, Agriculture and Environment, Home Affairs, Justice, and the State Bank of Vietnam shall proactively coordinate closely with the People's Committee of Ho Chi Minh City and the People's Committee of Da Nang City to promptly complete the guiding Decrees, ensuring compliance with the conclusions of the Politburo, Resolution No. 222/2025/QH15 of the National Assembly, the correct process of drafting legal documents, in accordance with international practices, flexible and creative application in the conditions of Vietnam, report to the Government to issue Decrees before November 15, 2025, in which review, carefully study, review, and consider the following contents to report to competent authorities:

a) Study the option of having 1 Steering Committee to represent the Government in directing the development of the International Financial Center, with members including the Minister of Finance, the Governor of the State Bank of Vietnam, some other relevant Government members, leaders of Ho Chi Minh City and Da Nang City; 1 Executive Agency and 2 branches in Ho Chi Minh City and Da Nang City; 1 Supervisory Agency to set standards and provide general supervision to save resources; 1 Dispute Resolution Agency for both locations of the Center (including specialized courts and international arbitration).

b) The international financial center in Vietnam operates on the basis of digitalization, artificial intelligence, high competitiveness, publicity and transparency to attract resources for development; there are no barriers with other international financial centers, no physical barriers between members in the Center, ensuring connection, communication, synchronization, mutual support and promotion for mutual development.

c) The activities of the International Financial Center must ensure cohesion among the members of the Center, especially the banking and financial sectors and related agencies, to contribute to the development of the Center, while not limiting commercial, investment and service activities within the Center.

d) Research and develop a flexible and effective licensing and registration mechanism, with the most convenient and fastest administrative procedures; completely eliminate unnecessary administrative procedures; increase post-inspection, reduce pre-inspection and must have effective inspection and monitoring tools, associated with maximum decentralization and delegation of authority, along with reasonable and effective resource allocation.

d) The legal framework of the Center is in accordance with international standards, equal, transparent, clear, promoting the autonomy of each location, separating domestic and foreign activities, inside and outside the Center but still having complementarities, supporting and promoting each other for effective development. There is a technology transfer mechanism during the operation of the International Financial Center, focusing on transferring smart and modern management technology, promoting the human factor.

Ho Chi Minh City center and Thu Thiem peninsula area, where investment is being made to develop the International Financial Center in Ho Chi Minh City. (Photo: Hong Dat/VNA)

2. The People's Committee of Ho Chi Minh City and the People's Committee of Da Nang City shall proactively coordinate closely with the Ministry of Finance, the State Bank of Vietnam and relevant agencies, according to their functions, tasks and authority, to urgently carry out the following tasks:

a) Urgently issue incentive mechanisms and policies within authority and create the most favorable working and living environment possible to attract international investors, ensuring living conditions, benefits in health, insurance, education, culture, and sports, to be completed before November 20, 2025.

b) Select high-quality, professional personnel to work in the International Financial Center, combining domestic and foreign experts to absorb international quintessence and intelligence into Vietnam.

Create the most favorable and competitive conditions to attract experts to work at the International Financial Center. Urgently propose and report to the Ministry of Finance on specific personnel before November 20, 2025 for synthesis and reporting to the Prime Minister.

c) Urgently prepare facilities, technical infrastructure, and necessary conditions to strive to put the International Financial Center in Vietnam into operation in November 2025, publicly announce incentive mechanisms and policies, and attract investors according to the authority of each city, create momentum, create force, call for investors, and promote the strength of the two cities with the common strength of the whole country.

3. Assign the Government Office to monitor and urge ministries and agencies to seriously implement this Official Dispatch; promptly report to the Prime Minister and Deputy Prime Ministers in charge of any urgent or arising issues.

Assign Permanent Deputy Prime Minister Nguyen Hoa Binh to continue directing and resolving problems within his authority. Any problems beyond his authority must be reported to the Prime Minister./.

(Vietnam+)

Source: https://www.vietnamplus.vn/cong-dien-cua-thu-tuong-ve-viec-thanh-lap-trung-tam-tai-chinh-quoc-te-post1075664.vnp