Hanoi (VNA) - Vietnam regards the establishment of an international financial centre as one of the key institutional breakthroughs and an important move to unlock resources, accelerate growth model transformation associated with economic restructuring and enhance national competitiveness, Prime Minister Pham Minh Chinh said on November 4.
The PM made the remarks while chairing a thematic government session on draft decrees guiding the implementation of the National Assembly (NA)'s Resolution No. 222/2025/QH15 on developing an international financial centre (IFC) in Vietnam.
Vietnam is building an independent, self-reliant economy associated with deep, substantive, and effective international integration according to the Resolution of the 13th National Party Congress, with the development of the IFC considered as an important decision, he said.
The NA approved Resolution No. 222 at its ninth session, setting out special mechanisms and policies for establishing the IFC. The PM subsequently set up a steering committee to lead implementation efforts and allocate maximum time and resources to make the project operational.
The government has convened a series of meetings and consulted international experts, financial institutions and scholars on regulatory frameworks and policy design. Most recently, it held a national conference to gather feedback on draft decrees for establishing the IFC, focusing on institutional frameworks and incentive mechanisms.
The government leader praised ministries and agencies for drafting the necessary decrees to guide the implementation of the resolution and urged participants to focus on addressing differing opinions and refining new regulatory issues to ensure smooth execution.
He said Vietnam plans to develop “one centre, two destinations” under a streamlined and efficient governance structure covering management, supervision and functional authority. The framework will feature competitive and preferential policies across finance, monetary operations, banking, labour, social welfare, land, environment and trade, ensuring the centre operates in line with international standards.
“The task is challenging,” the PM said, calling for balanced implementation — “not perfectionist, not hasty, but seizing opportunities.” He urged all ministries to act with determination, urgency and focus, stressing the speed, innovation and efficiency to build a stable and competitive legal environment that can underpin a successful and sustainable international financial centre.
During the session, the government is scheduled to review and opine on eight draft decrees related to the implementation of Resolution No. 222. These include regulations on labour, employment and social security; land and environmental policy; the establishment of an international arbitration centre; financial policies; and the legal framework for founding and operating the IFC.
Other decrees under consideration cover banking licences, foreign exchange management, anti–money laundering and prevention of financing for terrorism, as well as regulations on commodities exchanges, trade and services within the centre. Provisions on entry, exit and residence of foreign nationals working or investing in the centre will also be mulled over./.
