Vietnam Plans Dual-City International Financial Hub to Attract Global Investment

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Vietnam Insider – Vietnam is setting its sights on becoming a major player in the global financial landscape with an ambitious plan to develop a unified International Financial Center (IFC) operating across two cities: Ho Chi Minh City and Da Nang.

The initiative was officially discussed during a high-level conference on May 20, chaired by Deputy Prime Minister Nguyen Hoa Binh. The event marked the final consultation with domestic and international experts before the draft resolution on the IFC is submitted to Vietnam’s National Assembly for approval during its ongoing 9th session.

One Center, Two Cities

Rather than choosing between Vietnam’s southern economic powerhouse and its rising central star, the government is taking a unified approach. “It’s not about geographic separation—it’s about creating a seamless, integrated financial ecosystem,” Deputy PM Binh stated. The goal is to tap into the unique strengths of both cities while maintaining operational coherence and global appeal.

International experts voiced strong support. Richard McClellan, Global Ambassador of Terne Holding and former Director at the Tony Blair Institute, noted Da Nang’s strategic advantages: a central location, strong infrastructure, and growing talent pool. “This model allows synergy, not rivalry, between Da Nang and Ho Chi Minh City,” he said.

Jochen Biedermann, Managing Director of the World Alliance of International Financial Centers (WAIFC), emphasized the importance of digital infrastructure and talent readiness. “Software infrastructure, digital capabilities, and skilled human resources will be vital for both cities to succeed,” he said.

Vietnamese Experts Voice Support

Sophie Dao, Senior Partner at GBS – a leading advisory firm supporting foreign investors in Vietnam – sees the dual-center model as a strategic move to attract high-quality capital. “This is a game-changer for Vietnam’s investment climate. By leveraging both HCMC’s mature financial market and Da Nang’s dynamic development potential, Vietnam offers something few other countries in the region can: flexibility, resilience, and an investor-friendly ecosystem,” she shared.

Echoing that view, Duong Ngoc Dung, Deputy CEO of ROX Capital, commented: “Global investors are looking for jurisdictions that balance innovation with regulation. Vietnam’s plan to build a financial center that aligns with international standards while allowing local strengths to shine is an excellent step forward. At ROX, we see enormous potential to engage more meaningfully with global capital markets through this initiative.”

National Commitment, Local Readiness

Deputy PM Binh reaffirmed the government’s commitment to building a “breakthrough legal corridor” that supports innovation and international compliance while protecting investor interests. “We will uphold international norms, create unique mechanisms, and design an attractive, competitive framework to ensure success,” he said.

Local leaders are also getting ready. Da Nang’s Party Secretary Nguyen Van Quang described the project as “challenging but necessary,” noting the city’s preparation of both hard and soft infrastructure to support the IFC. Meanwhile, Ho Chi Minh City’s Vice Chairman Nguyen Van Dung shared that the city is reviewing and refining policies, infrastructure, and human resource plans to align with its IFC ambitions.

Looking Ahead

With growing backing from international institutions, financial organizations, and private-sector leaders, Vietnam’s IFC model is poised to be a cornerstone of the country’s next development phase. As the country continues to deepen its global integration, the twin-city financial center represents not only a bold economic vision—but a powerful invitation to the world’s investors: Vietnam is open for business.

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Source: Vietnam Insider