HCM City (VNA) – Prime Minister Pham Minh Chinh on August 2 instructed Ho Chi Minh City and Da Nang city to mobilise resources and lay the groundwork for the development of Vietnam’s International Financial Centre (IFC).
The leader made the request while chairing a conference in HCM City on the implementation of the National Assembly’s Resolution No. 222/2025/QH15 on the IFC.
Top government and city officials attended the event along with international experts.
The recently signed resolution (coming into force on September 1) introduces a range of breakthrough and competitive mechanisms to support the centre’s development.
It sees the IFC being located in both HCM City and Da Nang with unified operation, management and supervision, all while promoting the strengths of each locality.
After the resolution was passed, a steering committee was formed to help the Government direct strategies and development orientation, and ensure smooth operation of the IFC, with the PM as the head of the steering committee.
The steering committee focuses on building a specialised legal framework for the IFC; synchronously developing infrastructure and essential services; building a modern financial ecosystem; and establishing an effective coordination and supervision mechanism for it.
An action plan was also issued for the implementation of IFC, which sees the centre being completed and put into operation by the end of 2025.
At the conference, HCM City and Da Nang presented their own action plans for the IFC, while representatives from different countries and international financial organisations shared development experiences and vowed to help Vietnam with its IFC.
PM Chinh said that Vietnam is entering a new era of growth, with two 100-year strategic goals for 2030 and 2045. The Government has set out an economic growth target of 8.3 – 8.5% in 2025, and double-digit growth in the following years.
The establishment of an IFC plays an important strategic role in attracting foreign investment, technology and high-quality workforce, which will boost the country’s economic development and competitiveness.
The IFC will play a role in elevating Vietnam’s position in the global value chain of finance, investment and high-end services, he said.
It will also help the country develop a modern, international-standard financial and banking service ecosystem to meet the increasing needs of businesses and investors, as well as enhancing its own financial market to be transparent, effective and reaching international standards.
Additionally, the IFC is expected to lead new financial models, facilitating digital assets, carbon credit, digital banking and exchanges for commodities and derivatives, which are the pillars of finance of the future.
The development of the IFC is a difficult, unprecedented task, and so it cannot be rushed, but it also cannot be “too perfectionist” – experiences will be drawn as part of the implementation.
It must ensure a balance of financial freedom and financial security, as well as transparency, oversight and adherence to international laws.
The PM also commended the support of businesses and international friends, and called for new policies for the IFC’s development to be disruptive and greatly preferential.
The PM has instructed ministries, branches and central agencies to quickly issue documents to guide the implementation of the NA’s Resolution, so that HCM City and Da Nang have a legal basis to establish executive agencies and supervisory agencies, and soon put the IFC into operation.
They must also work closely with other financial organisations in Vietnam and around the world, learn from other countries’ experiences, and regularly update and improve the institutional framework for the IFC to ensure new, competitive mechanisms.
HCM City and Da Nang are to prepare resources, infrastructure and favourable conditions to smoothly build their respective IFC, as well as working with strategic investors and financial partners as they build new financial products, services and policies.
“[The two cities] will continue to study the recommendations of organisations, business communities and international experts on financial fields and services that can be developed in the IFC to increase competitiveness, ensuring that the two locations develop harmoniously and complement each other,” the PM said.
Vietnam’s IFC will be among the world’s 75 financial centres by the end of 2035, he said.
After the conference, the PM visited the site for building the IFC in HCM City.
The 729ha IFC will span across Sai Gon, Ben Thanh and Thu Thiem wards, and feature an urban administrative agency, exhibition conference centre, planning information centre and other facilities. /.
