Prime Minister: Put the International Financial Center in Vietnam into operation in November

(Chinhphu.vn) - Concluding the conference on the establishment of an international financial center in Vietnam, Prime Minister Pham Minh Chinh said that in the spirit of "one center - two destinations", two executive agencies will be established in two localities (Ho Chi Minh City and Da Nang) but one joint supervisory agency, one joint court to resolve disputes. The Prime Minister requested the agencies to urgently submit to the Government for promulgation of a Government Decree in the coming days so that the Center can begin operating in November.

Prime Minister Pham Minh Chinh delivers a concluding speech at the Conference on the establishment of an international financial center in Vietnam - Photo: VGP/Nhat Bac

On the morning of November 1, at the Government headquarters, Prime Minister Pham Minh Chinh chaired a conference on establishing an international financial center in Vietnam. The conference was connected online with bridges in the UK, Czech Republic, Hong Kong (China), and Indonesia.

Also attending were: Permanent Deputy Prime Minister Nguyen Hoa Binh; Deputy Prime Minister Ho Duc Phoc; Ministers, Heads of ministerial-level agencies, Government agencies; leaders of Ho Chi Minh City and Da Nang ; leaders of financial institutions, corporations, banks, enterprises, investment funds, law firms, and domestic and international auditing firms.

On June 27, 2025, the National Assembly issued Resolution No. 222 on the establishment of an international financial center in Vietnam. The conference was organized by the Government to listen to the opinions of domestic and foreign experts, scientists, and representatives of international organizations on the improvement of institutions, mechanisms, and policies, especially direct comments on the draft Decree on the establishment of an international financial center in Vietnam.

The Prime Minister requested the agencies assigned to draft the Decree to continue updating and soon complete it on the International Financial Center in Vietnam - Photo: VGP/Nhat Bac

According to the report of the Ministry of Finance, implementing the policy of the Party Central Committee, the Politburo and based on the Resolution of the National Assembly on the International Financial Center in Vietnam, with the model of "one center, two destinations", the Government is expected to establish an International Financial Center, located in Ho Chi Minh City and Da Nang.

In particular, Ho Chi Minh City will be a large-scale financial hub, strongly developing the stock market, bonds, banking, fund management, and listing services. Da Nang will focus on developing financial services related to logistics, maritime, free trade, and industrial-agricultural supply chains. It is expected that the Central area in Ho Chi Minh City will have an area of ​​about 899 hectares; the area in Da Nang will have an area of ​​about 300 hectares.

The Prime Minister has assigned ministries and branches to develop 8 related decrees. According to Minister of Finance Nguyen Van Thang, the Government's decree on the establishment of the International Financial Center is a fundamental document, a 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 in the center, as well as specific mechanisms and policies for the International Financial Center to operate according to 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.

Permanent Deputy Prime Minister Nguyen Hoa Binh speaks - Photo: VGP/Nhat Bac

According to the Minister, Vietnam wishes to selectively learn and inherit experiences from previous models while still ensuring the independence, sovereignty and uniqueness of the country. In particular, regarding the organizational model of the executive agency and the supervisory agency of the International Financial Center, the Ministry of Finance is researching and proposing four options, each with advantages and limitations that need to be considered in general.

At the conference, delegates focused on contributing ideas and supplementing international and domestic experiences in building an international financial center; proposing mechanisms, policies and solutions to promptly put the international financial center into effective operation; the legal status of the executive agency and the supervisory agency according to the model; points to note in the operating-risk management mechanism; product-market-transaction infrastructure framework; training solutions, attracting human resources...

Minister of Finance Nguyen Van Thang speaks - Photo: VGP/Nhat Bac

Two regulatory bodies, one supervisory body, one court

In his concluding remarks at the conference, Prime Minister Pham Minh Chinh thanked the delegates and international experts for their valuable contributions in a spirit of responsibility, cooperation, and love for Vietnam.

Stating that this is a difficult job, one that Vietnam has never done before, but with the spirit of "no matter how close, if you don't go, you won't get there, no matter how far, you will go, you will get there", the Prime Minister said that Vietnam is not perfectionist, not hasty, but also does not miss opportunities, is highly determined, acts decisively, makes every effort, works with focus, finishes every job, says it is done, commits to it, does it, has done it, must have results, can be "weighed, measured, measured, counted".

Based on the opinions at the conference and referring to the experiences of international financial centers, Vietnam will choose the best option to build and perfect the legal corridor in establishing and developing an international financial center in Vietnam, both inheriting and absorbing effective methods from the world and promoting the creativity of the people and the historical and cultural traditions of Vietnam, in accordance with the specific conditions and circumstances of Vietnam in the current international context.

Chairman of Ho Chi Minh City People's Committee Nguyen Van Duoc speaks - Photo: VGP/Nhat Bac

The Prime Minister pointed out a number of principles such as close coordination domestically and internationally, enhancing effective cooperation between domestic enterprises, international financial institutions and Vietnamese State agencies; combining finance, trade and investment in the Center's operations; combining national strength with the world; complying with international laws and practices, applying them flexibly and creatively in Vietnam's conditions.

Regarding some specific issues, the Prime Minister said that the Government has established a Joint Steering Committee on the international financial center, headed by the Prime Minister, with the participation of relevant Government members.

Regarding the agencies in the Center, the Prime Minister said the orientation is to establish two executive agencies belonging to two localities, but one joint supervisory agency, and one court to resolve disputes.

The center operates on the basis of digitalization, artificial intelligence (AI), is highly competitive and attracts development resources. People must be professional, including domestic and foreign experts to absorb the essence and international wisdom that has been summarized but nationalized to Vietnamese conditions.

Delegates attending the Conference - Photo: VGP/Nhat Bac

The Prime Minister also stated that to attract experts, it is necessary to have the most favorable and competitive mechanisms and policies, creating a harmonious ecosystem between people, society and nature; the two cities of Da Nang and Ho Chi Minh City need to maximize and create favorable living conditions in terms of transportation, daily life, education, health care, culture, sports, etc. The Prime Minister noted that favorable and competitive mechanisms and policies are also predictable, familiar, blending tradition and innovation, the quintessence of humanity with Vietnamese culture.

Along with that, linking between banking, financial and other agencies to contribute to promoting these centers. Financial and non-financial service agencies need to grant flexible licenses, mainly post-control, reducing pre-control.

The legal framework must be transparent, autonomous, with certain incentive mechanisms and policies. In the process of forming and developing the center, technology transfer must be carried out, and people must be considered the decisive factor.

The Prime Minister emphasized the requirement that the international financial center in Vietnam not create barriers to other centers, and not create barriers from members within the center to the outside. The center operates not only in finance but also in production, business, trade, and investment, but ensures that these activities are smoothly combined and competitive with other financial centers.

Regarding administrative procedures, the Prime Minister clearly stated the spirit of one door, one stamp, one person, removing unnecessary barriers and administrative procedures.

Ho Chi Minh City and Da Nang need to prepare necessary conditions, issue and publicly announce specific policies and regulations within their authority; must be urgent, public and transparent to create momentum, force and spirit; promote the strength of the two cities in combination with the strength of the whole country.

The Prime Minister affirmed that "nothing is easy but nothing is impossible. We must turn nothing into something, turn difficult into easy, turn impossible into possible, overcome our own limits, and expand development space." To do so, science and technology, innovation must be the main foundations; we must dare to think, dare to do, dare to rise up, and must have resources with the spirit of "resources come from thinking and vision, motivation comes from innovation and creativity, strength comes from people and businesses."

Once again, the Prime Minister sincerely thanks the cooperation and support of international friends and partners, contributing to bringing the Vietnamese economy into the group of 32 largest economies in the world and hopes to continue receiving this support, especially in the face of new issues, difficult issues, issues that require mobilizing larger resources from outside, including the establishment and development of the International Financial Center.

The Prime Minister requested the agencies assigned to draft the Decree to continue updating and soon complete the draft Decree on the International Financial Center in Vietnam, submit it to the Government for approval in the coming days, and make efforts to put the International Financial Center into operation this November.

Ha Van

Source: https://baochinhphu.vn/thu-tuong-dua-trung-tam-tai-chinh-quoc-te-tai-viet-nam-hoat-dong-ngay-trong-thang-11-10225110112351919.htm