Urgently put the International Financial Center into operation

Prime Minister Pham Minh Chinh chaired a consultation conference with domestic and international experts and organizations on the establishment of an international financial center in Vietnam. (Photo: Duong Giang/VNA)

Accordingly, Ho Chi Minh City and Da Nang need to prepare necessary conditions, issue and publicly announce specific policies and regulations within their authority; at the same time, urgently, publicly and transparently create momentum, force and atmosphere...

According to the report of the Ministry of Finance , implementing the policy of the Party Central Committee, the Politburo and based on Resolution No. 222/2025/QH15 of the National Assembly on the International Financial Center in Vietnam, it is expected that the Government will establish an International Financial Center, located in Ho Chi Minh City and Da Nang.

Accordingly, the International Finance Center in Ho Chi Minh City has an area of about 899 hectares; the International Finance Center in Da Nang has an area of about 300 hectares. The International Finance Center in Vietnam will begin operating in 2025.

In particular, the development orientation of the International Financial Center in Ho Chi Minh City is to have a diverse and modern financial ecosystem; provide specialized financial services, exploit the synergistic and mutual effects of different financial services and support services.

The International Finance Center in Ho Chi Minh City develops capital markets associated with financial products, financial derivatives, asset management services, fund management, insurance, green financial products and services; banking system, money market products; develops financial service sectors applying technology (fintech) and innovation...

Meanwhile, the International Financial Center in Da Nang is associated with an innovation ecosystem and the application of strategic technologies; developed on the basis of technology infrastructure and innovation, operating stably, transparently, in accordance with international practices and in line with development trends; providing market and financial organization services, attracting international capital, large investors, developers, startups, technology experts with global thinking and talents in the financial sector to work and create outstanding value based on a friendly living and working environment, with identity, high-quality services, security and transparent governance.

Minister of Finance Nguyen Van Thang said that the Government's Decree on the establishment of the International Financial Center is a fundamental document, the hinge for the entire implementation process later.

The Decree will specify the structure of the management, operation and supervision apparatus of the International Financial Center, the functions and powers of the agencies within the center, as well as specific mechanisms and policies for the International Financial Center to operate in accordance with international practices.

The aim is to create a legal framework that is innovative, competitive, stable and consistent, capable of establishing and operating a successful and sustainable International Financial Center. If designed methodically, tightly and transparently, the decree will help build strong confidence for investors and international financial institutions from the beginning.

Resolution 222 of the National Assembly has determined that the International Financial Center in Vietnam includes the following agencies: Executive agency, with the function of directly managing and operating all activities at the International Financial Center; Supervisory agency with the function of supervising, inspecting, checking, preventing and handling violations here; Dispute resolution agency.

With the model of "1 center, 2 destinations" being Ho Chi Minh City and Da Nang, it is important to determine the location and authority of each agency, so as not to overlap and create additional administrative procedures.

At the Conference on the establishment of an international financial center in Vietnam last weekend, delegates agreed on the plan to establish two executive agencies in two localities (Ho Chi Minh City and Da Nang), but one common supervisory agency, one common court to resolve disputes.

Delegates said that the formation of two executive agencies in Ho Chi Minh City and Da Nang not only clarifies the model of "1 financial center, 2 destinations" of Vietnam, but also empowers each locality.

In order for the International Financial Center in Vietnam to soon come into operation, at the socio-economic conference held last weekend, Mr. Hoang Vu Thanh, Deputy Director of the Ho Chi Minh City Department of Finance, said that the city is actively implementing key tasks to soon put the International Financial Center into operation.

Regarding the legal framework, Ho Chi Minh City has contributed detailed comments to 8/8 Decrees guiding the establishment of the International Financial Center, including meetings and discussions with the Drafting Team and the Appraisal Council of the Ministry of Justice.

Currently, 7 Decrees have been appraised, and the Decree on residence and immigration policies chaired by the Ministry of Public Security is seeking opinions from relevant agencies.

At the same time, the city proactively drafted the Operating Regulations of the International Financial Center in coordination with Da Nang to prepare for putting the center into operation as soon as the legal framework is completed.

Dr. Tran Du Lich, an economic expert, commented that the formation of the International Financial Center in Ho Chi Minh City is converging many favorable factors, especially in the context of the Vietnamese stock market being upgraded to the emerging market group by FTSE Russell. This is a turning point that opens up opportunities to attract large-scale capital flows from global investment funds.

According to Mr. Tran Du Lich, if implemented effectively, the International Financial Center will not only help Ho Chi Minh City mobilize financial resources for strategic infrastructure projects, but also raise the city's financial position, moving closer to the goal of becoming a global megacity, an innovation and financial center of Southeast Asia.

From an investor perspective, Mr. Qin En Looi, Managing Partner of Onigiri Capital, said that Vietnam is emerging as a bright spot in the region. What makes them particularly interested in Vietnam is not only its potential to become a regional financial center, but also the quality of its human resources.

According to Mr. Qin En Looi, in the Southeast Asia region, there are few countries that possess a workforce of technical talent as abundant and profound as Vietnam. Thanks to that, many successful technology enterprises have been formed and developed strongly here.

“The combination of the potential to become a financial center and high-quality technical human resources is a promising foundation, opening up opportunities for international investors to increase capital investment and accompany Vietnamese businesses and people on the upcoming development journey,” said Mr. Qin En Looi.

On the domestic business side, Mr. Mai Huy Tuan, General Director of SSI Digital Technology Joint Stock Company (SSI Digital) said that the first and most important factor to put the International Financial Center into operation is to build a legal corridor, have quality human resources, people who understand and have experience in operating the global financial sector.

They will develop business models, connect with traditional and non-traditional financial systems, operate diverse cash flows. From there, a real financial center will be formed.

According to Associate Professor Dr. Nguyen Huu Huan, University of Economics Ho Chi Minh City, it is entirely possible to put the International Finance Center into operation from November because the preparation work has been deployed in advance. The process of putting the center into operation and continuing to work on and complete issues related to technology and engineering will take 3-5 years as the roadmap was previously given.

National Assembly delegate, Dr. Tran Hoang Ngan, commented that the Prime Minister's desire to put the International Financial Center into operation in November is understandable because Resolution No. 222 of the National Assembly on the International Financial Center has officially taken effect since September 1.

“With the resolution of the National Assembly and the decrees of the Government of Ho Chi Minh City and Da Nang, there will be enough basis to put the International Financial Center into official operation. Ho Chi Minh City alone has services such as international banking and international finance, so when there are specific operating regulations, it will attract the participation of many international units,” Dr. Tran Hoang Ngan emphasized.

According to banking and finance expert Dr. Nguyen Tri Hieu, Vietnam's successful operation of the International Financial Center will contribute to bringing the country's image to a higher position in the international market; at the same time, contributing to increasing the ability to attract foreign investment capital into Vietnam. Notably, the national financial system will develop stronger, more modern and thereby contribute to promoting the economy to be able to complete the double-digit growth target in the next period," Dr. Nguyen Tri Hieu added./.

According to VNA

Source: https://baothanhhoa.vn/khan-truong-dua-trung-tam-tai-chinh-quoc-te-di-vao-hoat-dong-267542.htm