Vietnam speeds up construction of International Financial Center

The establishment of the International Financial Center in Vietnam is one of the notable decisions in recent times, aiming to support the high growth target in the coming period.

In just the first few days of November, Prime Minister Pham Minh Chinh chaired two consecutive important meetings to direct the progress of construction of the Vietnam International Financial Center.

Along with the Government's urgent completion of 8 decrees guiding the implementation of Resolution 222/2025/QH15, the goal of putting the center into operation this month shows the Government's strong determination to bring Vietnam to a new position on the regional financial map.

Hurry up and prepare

On November 4, Prime Minister Pham Minh Chinh chaired a special Government meeting on decrees guiding the implementation of Resolution 222/2025/QH15 on the International Financial Center in Vietnam.

The Government reviewed eight decrees related to labor, employment, social security, land policy, environment, establishment of arbitration centers, financial policy and center operating mechanism.

Specialized decrees were also discussed, including banking licensing, foreign exchange management, anti-money laundering and counter-terrorism financing, commodity exchange operations, and immigration and residence policies for foreigners in the center.

Government meeting on the International Financial Center in Vietnam. (Photo: Duong Giang-VNA)

Previously, on November 1, the Prime Minister also chaired a conference on the establishment of an international financial center in Vietnam, with international online connections in the UK, the Czech Republic, Hong Kong (China), and Indonesia, demonstrating high determination and coordination with international partners to realize the Vietnam International Financial Center.

Thus, in just the first few days of November, the head of the Government chaired two consecutive meetings, directly directing the progress of the construction of the International Financial Center in Vietnam.

This move demonstrates the Government's special attention, as well as great expectations for the role of the national financial center in enhancing Vietnam's position on the regional financial map, promoting investment capital flows, mobilizing domestic and foreign resources and creating new growth momentum for the economy.

At the Vietnam Investment Forum 2026 held in Ho Chi Minh City on November 4, Dr. Phan Duc Hieu, Standing Member of the National Assembly's Economic and Financial Committee, said that the establishment of an International Financial Center in Vietnam is one of the notable decisions in recent times, aiming to support the high growth target in the coming period.

According to Dr. Phan Duc Hieu, the special point is that the Vietnam International Finance Center will operate in two locations - Ho Chi Minh City and Da Nang, but will be 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 biggest goal 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 globally.

The mechanism at the center will cover many areas, including foreign exchange, banking, capital markets, taxes, import and export, residence, travel and international arbitration. At the ongoing 10th Session, the National Assembly is expected to consider the establishment of a specialized Court in the International Financial Center, to resolve disputes according to international standards and practices of the Common Law system. In addition, there will be an international supervision and arbitration agency located in Ho Chi Minh City.

One of the most discussed issues is the language and law applicable to transactions. According to the draft, English will be the official language, while Vietnamese will be the additional language. Economic and commercial transactions in the center are allowed to choose the international law to apply, depending on the needs of the parties.

The Center's judicial mechanism is a special mechanism, separate from the current system. It is also possible that there will be foreign judges participating in this agency.

What makes Mr. Hieu especially excited is the Government's determination to promote progress. The policy has been approved, and domestic and foreign investors are looking forward to the day the center is officially established.

"As the person who pressed the button to approve this policy, I am very happy. The international financial center is not just a project, but an institutional breakthrough mechanism, aiming to create a competitive investment and business environment at the regional and world level. The goal is to attract all investors, not only FDI, but also domestic enterprises and investors," Dr. Phan Duc Hieu shared.

From the perspective of the selected locality, Associate Professor Dr. Nguyen Huu Huan, Member of the Advisory Group for the Establishment of the Vietnam International Finance Center in Ho Chi Minh City, said that basically, the preparations are ready, just waiting for the "button" to start.

"In terms of human resources, operating mechanism and partner connection, we have a fairly stable foundation. What is needed now is synchronous operation and a specific legal mechanism to officially put the center into operation," Associate Professor, Dr. Nguyen Huu Huan shared with VNA reporters.

Regarding the issue of dispute resolution in the international financial center, Mr. Huan added that this part will have to wait for the guiding Decree. It is expected that disputes will be handled according to international practices, based on the Common Law system.

The plan currently envisages the establishment of a supervisory body, an international court and an international arbitration center located in Ho Chi Minh City.

Need for coordination between public and private sectors

The launching ceremony of the Saigon Marina IFC International Financial Center Tower. (Photo: Hua Chung/VNA)

Commenting on the goal of putting the International Financial Center into operation this year, Dr. Dinh The Hien, a financial expert, said that this is a policy that clearly demonstrates the government's determination to raise Vietnam's economic status. However, he emphasized that the ability to realize this goal needs to be seen through the effectiveness of actual implementation.

According to Mr. Hien, the world's leading financial centers such as Hong Kong (China), New York or Chicago were all formed from bustling commercial cities, located close to international seaports - where the flow of goods and capital circulates strongly.

Therefore, choosing Ho Chi Minh City as one of the two locations to build the International Financial Center is a strategic move, suitable for Vietnam's natural and economic conditions.

However, Mr. Hien believes that the key factor determining success does not lie in geographical location, but in the quality of financial products and the ability to deeply integrate into regional and global markets.

"In New York, the size of the bond market is three times larger than the stock market, demonstrating the crucial role of bonds in the modern financial structure. In fact, a Chinese financial institution once raised up to 300 billion USD through bond issuance - a clear demonstration of the attractiveness and reliability of this investment channel. Therefore, bonds should be identified as one of the pillar products of the financial center in the future, contributing to creating depth for the capital market and enhancing Vietnam's competitiveness in the region," the expert suggested.

From the perspective of an international financial institution, Mr. Phil Wright, Senior Director of Corporate Banking at HSBC Vietnam, said that this center also has strategic significance in connecting Vietnam with global capital flows and promoting the innovation ecosystem.

According to Mr. Phil Wright, Vietnam is at a strategic turning point. The construction of the International Financial Center is not only to attract investment capital but also an opportunity to form a financial and innovative ecosystem, connecting Vietnam with the region and the world.

Transparency, consistency in policy and public-private partnership will be the foundation for Vietnam to develop a vibrant financial center that creates jobs, attracts talent, supports startups and contributes to raising the position of the economy on the global financial map.

"The road ahead requires long-term vision, perseverance and close coordination between the public and private sectors. However, the outcome - a stable, innovative and highly integrated financial environment - is within reach, opening up prospects for prosperity and sustainability for the Vietnamese economy for decades to come," said Mr. Phil Wright./.

(TTXVN/Vietnam+)

Source: https://www.vietnamplus.vn/viet-nam-tang-toc-xay-dung-trung-tam-tai-chinh-quoc-te-post1074912.vnp