International financial center: Special policies to create growth momentum

VTV.vn - With many specific policies applied, the International Financial Center model in Vietnam is expected to bring positive mutual effects to accelerate the economy.

The International Financial Center model in Vietnam is expected to bring positive mutual effects to accelerate the economy.

Mr. Do Van Su, Director of the Foreign Investment Department, Ministry of Finance, said that relevant agencies are urgently and thoroughly submitting to the Government for promulgation of Decrees to soon put the International Financial Center in Vietnam into operation. Accordingly, Ho Chi Minh City and Da Nang are preparing the necessary conditions, promulgating and publicly announcing specific policies and regulations within their authority...

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The International Financial Center in Vietnam was established in Ho Chi Minh City and Da Nang City. Here, a diverse ecosystem, financial services and support services will be concentrated. According to economic experts, the International Financial Center model has developed in many countries around the world , but in Vietnam, this is a new model with little development experience. Accordingly, for the International Financial Centers to operate effectively, there must be specific and outstanding incentive policies to attract good domestic and foreign experts as well as investment capital.

On that basis, the National Assembly issued Resolution No. 222/2025/QH15 on the International Financial Center in Vietnam. The Resolution stipulated a series of specific policies to be applied at the International Financial Centers related to policies on foreign exchange, banking activities; finance, capital market development; taxes; fees, charges; policies for strategic investors...

Regarding tax policy, enterprise income from the implementation of new investment projects arising in the area of ​​the International Financial Center in priority industries and professions for development in the International Financial Center is subject to a corporate income tax rate of 10% for 30 years, corporate income tax exemption for a maximum of 4 years and a 50% reduction in tax payable for a maximum of 9 subsequent years.

Enterprise income from implementing new investment projects arising in the area of ​​the International Financial Center that are not in the priority industries and professions for development in the International Financial Center shall be subject to a corporate income tax rate of 15% for a period of 15 years, tax exemption for a maximum of 2 years and a 50% reduction in tax payable for a maximum of 4 subsequent years.

Managers, experts, scientists, and highly qualified people working at the International Financial Center, including Vietnamese and foreigners, are exempt from personal income tax on income from salaries and wages earned from performing work at the International Financial Center until the end of 2030.

Regarding preferential policies to attract domestic and foreign experts in the financial sector to work at international financial centers in Vietnam, Mr. Do Van Su, Director of the Foreign Investment Agency (Ministry of Finance) said: There should be a special mechanism for the two localities of Ho Chi Minh City and Da Nang to use the budget to attract experts and talents to work at international financial centers. These are not only prestigious people with many years of experience working in the financial sector and many years of experience in operating international financial centers.

To attract experts in the financial sector, Resolution 222-NQ/QH15 also sets out visa and residence policies for experts, managers, and investors. The National Assembly approved the issuance of visas and temporary residence cards for up to 10 years to foreigners who are important investors, experts, managers, and highly qualified workers working for agencies and organizations headquartered in the International Financial Center (visa and temporary residence card code is UD1) and accompanying family members (visa and temporary residence card code is UD2).

This center will have superior mechanisms and policies on financial services, banking and capital markets.

“Springboard” for double-digit growth target

According to Dr. Phan Duc Hieu, Standing Member of the National Assembly's Economic and Financial Committee, the establishment of an International Financial Center in Vietnam is one of the notable decisions to support the high growth target in the coming period. The special point is that the Vietnam International Financial Center will operate in two locations, Ho Chi Minh City and Da Nang, but is considered a unified entity, not two separate centers.

This center will have superior mechanisms and policies on financial services, banking and capital markets; at the same time, there will be types of business and financial services that cannot be implemented outside, but will be allowed to be implemented in the International Financial Center.

The main objective is to build a modern, highly competitive investment and business environment in the region and the world, equivalent to popular financial centers in Asia and the world. The mechanism at the center will cover many areas, including foreign exchange, banking, capital markets, taxes, import and export, residence, travel and international arbitration.

Sharing the same view, Ms. Tran Thi Thuy Ngoc, Deputy General Director, Financial Services Industry Leader, Deloitte Vietnam, said that the establishment of the International Financial Center in Vietnam marks a special event, opening the door for Vietnam to accelerate on its development journey in the new era. The establishment of the International Financial Center in Vietnam is considered a strategic tool, contributing to helping Vietnam escape the middle-income trap, creating a solid foundation to achieve double-digit growth from 2026-2045.

Assessing Vietnam's advantages in building an international financial center, Mr. Michael Chin - Independent member of Vingroup's Board of Directors said: Vietnam's strengths are the real economy, deep supply chain, competitive costs, and young, dynamic workforce.

Vietnam has the opportunity to leverage its real economy and political will to build an international financial center in Vietnam that will complement other centers in the region, rather than compete head-on. Focusing on unsaturated segments such as green finance, manufacturing fintech, and financial logistics will help financial centers in Vietnam quickly make their mark.

Also highly appreciating the model of the International Financial Center in Vietnam, Mr. Nguyen Duc Anh, Head of the Department of Policy and Information Synthesis, said that Vietnam has a favorable geographical location, stable political advantages and deep international economic integration. Vietnam is also highly appreciated by international organizations for its potential to develop financial centers. Major international financial centers such as Hong Kong (China), Frankfurt, and New York are ready to cooperate with Vietnam to make Vietnam one of the "links" of the global financial market.

Vietnam is aiming to become a developed, high-income country by 2045. According to economic experts, to achieve the above goal, the construction of international financial centers is of great significance, not only promoting international investment attraction, creating new growth drivers, attracting capital and high-quality technology, but also enhancing the national position, developing modern, transparent financial services according to international standards of green finance, digital finance, digital assets, but also promoting the transformation of the knowledge-based economic model, ensuring financial security, and consolidating the position in the global value chain.

Source: https://vtv.vn/trung-tam-tai-chinh-quoc-te-chinh-sach-dac-thu-tao-dong-luc-tang-truong-100251209185217163.htm