Prime Minister: Vietnam International Financial Center 'must win if it does something'

The information was stated by the Prime Minister at the Conference to Announce the National Steering Committee on the International Financial Center in Vietnam and the Action Plan to build an International Financial Center in Vietnam on the morning of August 2.

According to Resolution 222 of the National Assembly, the International Financial Center in Ho Chi Minh City and Da Nang . The National Steering Committee is headed by Prime Minister Pham Minh Chinh.

Where law is "designed for the future"

Speaking at the conference, Prime Minister Pham Minh Chinh assessed that the establishment of the International Financial Center is an event of important strategic significance in attracting international investment capital flows, technology and high-quality human resources, in order to promote economic growth and enhance national position and competitiveness.

According to the Prime Minister, Vietnam is entering a new era, with the priority of successfully implementing two 100-year strategic goals: by 2030, it will be a developing country with modern industry and high average income; by 2045, it will be a developed country with high income.

Prime Minister Pham Minh Chinh speaks at the conference. (Photo: VGP)

"To achieve double-digit growth, we must have many resources, including financial resources. The construction and development of an international financial center in the current period is one of the driving forces to attract financial resources. This is also a world trend, a practical requirement and must be done successfully," the Prime Minister emphasized.

The Party, State, National Assembly and Government determined to build an international financial center to contribute to implementing strategic breakthroughs in institutions and policies.

This is an important decision to liberate resources, promote the process of transforming the growth model associated with economic restructuring, thereby enhancing Vietnam's position in the global value chain of finance, investment and high-end services, associated with promoting rapid and sustainable growth.

Ho Chi Minh City and Da Nang are two of the region's most dynamic and creative cities, where many solid fundamentals and strategic advantages converge.

The successful construction and development of the International Financial Center in these two cities, based on a cooperative and complementary model, will create a combined strength to help the International Financial Center in Vietnam make a breakthrough, affirming Vietnam's new position on the global financial map.

The Prime Minister requested that in order to successfully build and develop an international financial center, it is necessary to thoroughly grasp the spirit of high determination, great effort, "only talk about doing, not talk about retreating", must have a far-sighted vision, think deeply and do big things, learn and gain experience while doing, not be hasty and not miss opportunities.

The establishment of an International Financial Center in Vietnam has attracted the attention of experts and businesses around the world. (Photo: VGP)

"We must identify internal resources as fundamental, strategic, and long-term. Resources must originate from thinking, motivation from innovation, strength from people and businesses; and if we do something, we must win and succeed, bringing benefits to the nation and people, contributing to peace, stability, cooperation, and development in the region and the world," the Prime Minister requested.

At the same time, Prime Minister Pham Minh Chinh emphasized: " The international financial center is not a special urban area or a cluster of financial buildings, but first of all, a specific institutional design, with relatively specific geographical limits, its own legal regulations, a specialized, professional executive apparatus and a space for policy testing.

An international financial centre is a place where the law is “designed for the future”, to allow new models to operate within a controlled framework”.

The Prime Minister said that building an international financial center is a new, difficult, sensitive and unprecedented issue for Vietnam, but we should not wait until all conditions are met before doing it.

During the implementation process, conditions will be created, capacity will be formed, lessons learned and development models will be built to be successful.

By 2035, the international financial center in Vietnam will be among the 75 financial centers in the world and the 25 financial centers in the Asia-Pacific region.

The international financial center in Vietnam is not only a place for pure financial transactions, but also a convergence of capital flows, people, culture, technology, laws and progressive, innovative ideas, opening up many new opportunities to promote development.

Ho Chi Minh City plans to invest about 172,000 billion VND

At the conference, Mr. Nguyen Van Duoc - Chairman of Ho Chi Minh City People's Committee said that Ho Chi Minh City has been focusing on solutions to develop the International Financial Center from institutions, policies, mobilizing resources from human resources and finance to build infrastructure, operating space, and develop the center.

Ho Chi Minh City has prepared large resources to focus on establishing and operating the International Financial Center.

Ho Chi Minh City has prepared a land fund of nearly 10 hectares right in the center of Thu Thiem to build an international financial center, including the headquarters of the management and supervision agency. In the immediate future, Ho Chi Minh City will use building number 8 Nguyen Hue Street (Saigon Ward) as the headquarters while waiting for construction.

Ho Chi Minh City is also preparing experienced and qualified personnel in the financial sector, and plans to send personnel to Bulgaria to study experience this August.

In addition, Ho Chi Minh City also cooperates with Vietnam-Germany University to train human resources, sending them to international centers around the world to study and operate the International Financial Center in Ho Chi Minh City.

In July, the Ho Chi Minh City Department of Finance announced that the Ho Chi Minh City International Financial Center will have a total area of 793 hectares spread across Ben Thanh Ward, Saigon Ward, Thu Thiem area and 64 hectares of Saigon River.

The core area of the financial center has an area of 9.2 hectares located in the center of Thu Thiem, including the construction of headquarters for management, supervision and jurisdiction agencies.

Chairman Nguyen Van Duoc said that Ho Chi Minh City is implementing preferential policies within its authority to attract investment resources, operate and develop the International Financial Center. (Photo: VGP)

Ho Chi Minh City plans to invest approximately VND172,000 billion in the Ho Chi Minh City International Financial Center. In the immediate future, about VND16,000 billion will be prepared to complete the core infrastructure, including 11 lots in Thu Thiem in the first phase (about 2-3 years), of which the investment cost for building the headquarters of the administrative center is about VND2,000 billion.

Da Nang allocates many strategic land funds

Secretary of the Da Nang City Party Committee Nguyen Van Quang also said that the locality has issued a specific plan to build the Vietnam International Financial Center in Da Nang, determined to put it into operation according to the roadmap and direction of the Government.

Da Nang has completed the Steering Committee for the Construction and Development of the Financial Center. In which, it is preparing to establish an Advisory Council with 18 members representing ministries, branches, central and local governments, economic experts with experience in managing the development of international financial centers and a number of experts who are members of the Prime Minister's Policy Advisory Council.

This locality has also established the Management Board of the International Financial Center in Da Nang, to advise, prepare infrastructure, human resources, organizational structure and necessary conditions for the establishment of the Vietnam International Financial Center in Da Nang when it comes into operation.

At the same time, we have coordinated with the Ministry of Finance to develop Decrees and regulations on the establishment of the Center and strive with the Ministry of Finance to submit them to the Prime Minister for consideration and promulgation this September, when Resolution 222 of the National Assembly takes effect.

Regarding infrastructure, Mr. Nguyen Van Quang said that Da Nang proactively arranges strategic land funds right in the developing urban space, connecting important locations within a 5 km radius to attract investment.

"In the immediate future, the 22-storey building at Software Park No. 2 with a floor area of 27,000 m² can be put into use by the end of this year.

In the period of 2025-2027, Da Nang will focus on promoting investment, developing infrastructure and developing a financial center ecosystem in clean land areas planned close to the sea with an area of over 60 hectares, meeting international standards, and many investors have been interested in developing infrastructure in this area," said Mr. Quang.

Da Nang Party Secretary Nguyen Van Quang said the locality has prepared a large land fund and allocated resources for the Vietnam International Financial Center located in Da Nang. (Photo: VGP)

Da Nang has also prepared a land fund of 11.6 hectares adjacent to Software Park No. 2 to form a digital financial center and is actively implementing projects to form a national dynamic urban area in Da Nang Bay with 5 artificial islands, with a scale of 1,500 hectares, to form an international standard urban space developed according to green, smart, ecological and sustainable criteria.

Of which, nearly 300 hectares are planned to develop commercial financial services, digital finance connecting with high-tech zones and free trade zones.

Regarding human resources, according to Mr. Quang, Da Nang has proactively developed a policy to develop high-quality human resources and added a policy to develop human resources for the International Financial Center to the National Assembly Resolution issued in June 2025.

Along with that, the locality simultaneously implemented 5 comprehensive human resource training programs for the Financial Center. 300 officials and civil servants were also trained, fostering 300 civil servants and public employees of the city and preparing reserve personnel for establishment and operation, of which 10 young, qualified civil servants were sent for training this August.