Hanoi (VNA) - Permanent Deputy Prime Minister Nguyen Hoa Binh on September 22 highlighted the need to establish a transparent legal framework with outstanding preferential policies that are predictable and in line with international practices for investors engaging in developing Vietnam’s international financial centre.
At a meeting with leaders of several ministries and sectors on the building of several decrees guiding the National Assembly’s Resolution No. 222/2025/QH15 on the international financial centre in Vietnam, Binh appreciated the ministries and sectors for proactively implementing the Government's action plan, the Politburo's conclusions, and the NA's Resolution related to the centre.
However, he noted that compared to the plan, some work is still slow, and the ministries need to speed up progress.
Saying the ministries have completed the draft decrees, there are still items that need to be adjusted and completed, the Deputy PM requested the ministries and sectors in charge of drafting the decrees to heed comments, complete the draft documents, and send them to the Government Office for appraisal, including asking for opinions from Deputy Prime Ministers in charge of the fields in accordance with regulations, thus ensuring the quality of the drafts.
After consulting other Deputy Prime Ministers, Binh proposed that the Government hold a thematic session for its members to contribute opinions and agree on the content before signing and promulgating the decrees, set for the first half of October.
Implementing Resolution No. 222, the Prime Minister issued Decision No. 1646/QD-TTg dated August 1, 2025, establishing the Steering Committee on the International Financial Centre in Vietnam. The steering committee has issued an action plan, assigning ministries and sectors to draft eight decrees.
They include a decree on the establishment of the centre in Ho Chi Minh City and Da Nang; a decree guiding financial policies in the centre; the one on licensing the establishment and operation of banks, foreign exchange management, anti-money laundering, counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction in the centre; and another on providing guidance on import-export policies, distribution of goods and services, exchanges, and trading platforms there.
Other decrees are being drafted, covering labour, employment, and social security; land, construction, and environmental policies; the arbitration centre under the international financial centre and the application of law and dispute settlement; and residence, immigration and entry-exit policies in the centre./.
International Financial Centre: A hard nut to crack for banks
The SBV’s draft decree stipulates that member banks of the IFC will not benefit from early intervention, special control measures, restructuring support, or special loans in case of distress. Instead, the resolution approach will be license revocation, dissolution, bankruptcy, and asset liquidation.
