Hanoi (VNA) – Prime Minister Le Minh Hung has urged consideration of new regulations in June to create breakthrough mechanisms enabling the rapid introduction of key financial products and services for the Vietnam International Financial Centre (VIFC).
Chairing a meeting in Hanoi on June 2, PM Hung affirmed that the Party’s policy on developing the VIFC is clearly defined and progress has been made. To date, a substantial volume of complex and challenging work has been completed.
Upcoming tasks must be swift, effective and quality, he noted, citing Party Central Committee’s Conclusion 18-KL/TW underscoring the urgency of bringing VIFC into operation. The overall goal is to establish the centre with a transparent, clear and robust legal framework capable of attracting foreign investors. This is seen as a key solution to raise medium-and long-term capital flows supporting rapid and sustainable economic development.
According to him, VIFC development still faces challenges amid a complex global environment, with financial centres worldwide competing intensely for capital. As a late entrant, Vietnam must adopt sufficiently strong mechanisms and policies to attract investors while maintaining effective oversight, controlling risks, safeguarding macroeconomic stability and ensuring sustainable growth.
On future tasks and solutions, he assigned Deputy Prime Minister Nguyen Van Thang as Chairman of the VIFC Executive Council with direct oversight. Any issues exceeding his authority are to be reported to the PM for consideration.
Relevant agencies must submit proposals this week to complete the Executive Council restructuring. The Council Chairman is tasked with directing ministries and agencies to review, appraise and finalise operational regulations governing the VIFC, its Executive Council and the executive body, with completion required before June 10.
Thang was also directed to instruct the Executive Council to work closely with Ho Chi Minh City and Da Nang - the two host cities - to study an optimal model for the executive body and suggest the most feasible, appropriate and effective option in the broader national interest.
The Ministry of Finance must partner with relevant ministries, agencies and the two cities to propose and define a portfolio of financial products and services for the VIFC. Priority should go to products and services linked to trade and investment to attract development resources for the two cities and support major local infrastructure projects.
He instructed relevant agencies to study and propose amendments and supplements to existing regulations for submission to competent authorities, aiming to further drive the VIFC’s effective operation.
The VIFC has been provided with a legal framework under a “one centre, two destinations” model, pursuant to the National Assembly’s Resolution 222/2025/QH15 dated June 27, 2025, together with eight Government decrees guiding its enforcement.
These foundational legal documents establish governing principles, policy framework and special mechanisms designed to attract strategic investors, while also setting out dispute settlement and supervisory mechanisms for the VIFC’s operation./.
