Vietnam International Financial Center is about to come into operation.

Urgently operate the International Financial Center in Vietnam

Urgently complete the Government's Decrees in the coming days so that the Financial Center can come into operation in November. This is the request of Prime Minister Pham Minh Chinh at the Conference on establishing an international financial center in Vietnam held last weekend.

"The two cities must issue some policy mechanisms under the authority of Ho Chi Minh City and Da Nang first, publicly announce them to create momentum, create momentum, and call for investors. And this November, they must put them into operation. Let's put them into operation first, as I said, no matter how close it is, if we don't go, we won't get there, but no matter how far it is, we will go and we will get there. With that spirit, we can do it and we have received help from international friends. I hope that in the near future, you will continue to help, especially with new problems, difficult problems, and problems that require mobilizing larger resources from outside," Prime Minister Pham Minh Chinh emphasized.

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.

It is expected that the International Finance Center in Ho Chi Minh City will have an area of about 899 hectares; the International Finance Center in Da Nang will have an area of about 300 hectares. The Vietnam International Finance Center will begin operating in 2025.

In particular, the development orientation of the Vietnam 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 Financial Center in Ho Chi Minh City develops the capital market associated with financial products, financial derivatives, asset management services, fund management, insurance, green financial products and services; banking system, money market products; develop 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.

Completing the model of the International Financial Center

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

At the Conference 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.

Mr. Arnaud Ginolin - Member of the Board of Members of Boston Consulting Group said: "Each locality also needs to have a certain autonomy in attracting investment, partners, building preferential policies and planning suitable for each city. Therefore, we support the model of a central-level supervisory agency".

Many opinions suggest that, with the above model, the authority to grant operating licenses to organizations and businesses at the financial center should belong to the supervisory agency, to avoid additional administrative procedures.

Mr. Pham Tien Dung - Deputy Governor of the State Bank of Vietnam said: "The draft regulation stipulates that the regulatory agency is the licensing agency. So if the regulatory agency of Da Nang issues a license, will the regulatory agency of Ho Chi Minh City also be able to implement it? If we stipulate that the licensing supervision agency is the licensing agency, there will be no problem because there is only one supervision agency."

To promote their own strengths, each locality will be oriented differently. Ho Chi Minh City will be a large-scale financial hub, developing the capital market. Da Nang will develop financial services related to logistics, maritime, free trade, and supply chains.

"Promote the common features and unique identities of each locality. For example, Ho Chi Minh City is strong in mobilizing financial resources, so how can we support each other and develop together?", said Mr. Nguyen Van Duoc - Chairman of Ho Chi Minh City People's Committee.

Mr. Pham Duc An - Chairman of the People's Committee of Da Nang City stated: "Da Nang is mobilizing cadres who were former international students and are currently working at Da Nang agencies to come here to focus full-time on researching and building related mechanisms on criteria and procedures for member units, building a website to register for work permits and visas, connecting with the databases of the Ministry of Public Security and the Ministry of Finance".

The Prime Minister has assigned ministries and branches to develop 8 relevant decrees. The goal is to create a legal framework that is both competitive, stable and consistent, and to operate the International Financial Center successfully and sustainably.

Implementing the National Assembly's Resolution on the international financial center in Vietnam, the Prime Minister issued Decision No. 1646/QD-TTg dated August 1, 2025 to establish the Steering Committee on the international financial center in Vietnam and the Steering Committee issued an action plan, in which ministries and branches were assigned to develop 8 decrees, including:

- Decree regulating the establishment of international financial centers in Vietnam;

- Decree guiding financial policies in international financial centers in Vietnam;

- Decree regulating the licensing of establishment and operation of banks, foreign exchange management, anti-money laundering, anti-terrorism financing, anti-proliferation of weapons of mass destruction financing at international financial centers in Vietnam;

- Decree guiding policies on import and export, distribution of goods and services, trading floors, and trading platforms in international financial centers;

- Decree guiding labor, employment and social security in international financial centers;

- Decree guiding land, construction and environmental policies in international financial centers;

- Decree regulating international arbitration centers under international financial centers and the application of laws and dispute resolution at international financial centers;

- Decree guiding residence and immigration policies in international financial centers.

Source: https://vtv.vn/trung-tam-tai-chinh-quoc-te-viet-nam-sap-di-vao-hoat-dong-100251103110035035.htm