Vietnam Insider — Vietnam’s National Assembly is expected to vote on a groundbreaking resolution to establish an International Financial Centre (IFC) on June 27, the final working day of its 9th session. The proposal marks a major step in Vietnam’s ambition to become a key player in global finance.
Presenting the draft resolution earlier this month, Finance Minister Nguyen Van Thang emphasized Vietnam’s strong economic fundamentals, robust growth, and macroeconomic stability as critical assets in attracting global financial flows.
According to the Finance Ministry, the proposed IFC will serve as a hub to connect Vietnam with global capital markets, attract foreign financial institutions, and capitalize on shifting international investment trends. It also aims to elevate Vietnam’s financial ecosystem by developing high-end financial services, fostering innovation, and advancing workforce quality in finance and fintech.
Key Highlights of the Proposal
Strategic Objectives: The IFC is designed to support Vietnam’s national development goals, focusing on three strategic breakthroughs: infrastructure, human capital, and institutional reform. It will also nurture traditional and emerging growth drivers, including digital finance and green investment.
Policy Innovations: The proposal outlines 13 special policy areas, covering foreign exchange operations, capital market development, taxation, immigration and labor policies for experts and investors, land and environmental regulations, and regulatory sandboxes for fintech and innovation.
Incentives for Investors: Specific mechanisms will be introduced to attract strategic investors, streamline customs and distribution channels, and ensure favorable employment and welfare conditions. Administrative procedures will be simplified to ensure efficient operations.
Dual Locations: The IFC is set to operate across two major economic centers: Ho Chi Minh City and Da Nang, with tailored strategies reflecting each city’s economic characteristics and strategic role.
Legislative Oversight and Recommendations
In its supervisory report, the National Assembly’s Economic and Finance Committee stressed the importance of aligning the IFC framework with the Constitution and the Communist Party’s key directives. It called for bold, forward-thinking policies that avoid overlapping with existing mechanisms and emphasized learning from international best practices while avoiding previously observed pitfalls.
The Committee also recommended: Clearly defining the relationship between the two IFC locations. Establishing an effective state governance model across both sites. Designing location-specific policy toolkits tailored to each city’s comparative advantages.
If passed, the resolution would lay the legal foundation for Vietnam to create a globally competitive, innovation-driven financial hub—enhancing its role in the international financial system and contributing to long-term, sustainable economic growth.
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Source: Vietnam Insider