International financial centre marking Vietnam’s new global position
Vietnam’s aspiration to establish itself as a new destination on the global financial map is taking shape following the National Assembly’s adoption of Resolution No. 222/2025/QH15 on an International Financial Centre (IFC). The resolution is not only seen as an institutional breakthrough but also a powerful step towards making Vietnam a hub for capital, technology, human resources and high-quality financial services.
At the conference to disseminate and implement the resolution on August 2, which also launched the national steering committee and action plan for the IFC development, Prime Minister Pham Minh Chinh stressed: "This is a critical decision to unlock resources and accelerate the shift in growth models alongside economic restructuring. It will elevate Vietnam’s position in the global value chain of finance, investment and high-end services, in association with rapid and sustainable growth."
Turning aspiration into reality
Effective from September 1, Resolution 222/2025/QH15 provides the legal framework for establishing an IFC in Vietnam. It also places pressing demands on the selected localities to act with substance, speed and efficiency.
The action plan aims to establish and operate an IFC in both Ho Chi Minh City and Da Nang by the end of 2025.
On this basis, the Ministry of Finance has drafted two key decrees, one on the establishment of IFC and another on financial policies applicable to the centre.
In HCM City, the IFC will focus on developing the capital market, with services including asset and fund management, insurance, financial products and derivatives. It will host a modern banking system, money market products, and sandbox mechanisms for fintech and financial innovation. Specialised exchanges and new trading platforms will be created, alongside commodity markets linked to both domestic and international supply chains.
The IFC in HCM City is planned across the Saigon, Ben Thanh and Thu Thiem wards, covering 793 hectares. Its 9.2-hectare core in Thu Thiem will house regulatory, supervisory and judicial headquarters. In Da Nang, the IFC is being designed with a focus on green finance, trade finance for SMEs and start-ups, services for non-resident organisations and individuals, and cross-border trade connected to the free trade zone, hi-tech parks and industrial zones. It will also feature a regulatory sandbox for new models such as digital assets, cryptocurrencies, payments, money transfers, and other digital technologies.
Da Nang has allocated a 22-storey building at Software Park No. 2, with over 27,000 m² of floor space, due for use by late 2025. Between 2025 and 2027, the city will prioritise attracting investment in infrastructure and developing the IFC ecosystem on nearly 6.2 hectares of planned coastal land. Recently, Da Nang also approved its first fintech sandbox trial – also the first of its kind in Vietnam – for Basal Pay, a digital asset conversion project. The move marks Da Nang’s ambition to position itself as a centre for digital finance and assets, not merely as a technical experiment but as a strategic institutional step.
Accelerating implementation
Both HCM City and Da Nang are ramping up preparations for the IFC.
In the southern metropolitan, the highlight is the inauguration of the Saigon Marina IFC Tower, the first landmark building within the IFC zone. The city is also deepening international cooperation, notably with a memorandum of understanding signed with the Abu Dhabi Global Market (ADGM) in the United Arab Emirates (UAE) and collaboration with the Astana International Financial Centre (AIFC) in Kazakhstan. At the same time, training programmes for high-quality banking and finance talent are underway in partnership with domestic and international institutions.
In the central economic hub, Secretary of the municipal Party Committee Luong Nguyen Minh Triet noted that Da Nang is working with ministries and central agencies to devise financial mechanisms to attract global financial experts from Europe, Singapore, Dubai and the US.
The city has already designated strategic land reserves with full legal clearance to attract investment. The 22-storey Software Park building will serve as an initial hub.
Preparing infrastructure and human resources
According to the government, the IFC development is a new and complex undertaking with no precedent in Vietnam. Challenges may arise that go beyond current legislation and parliamentary resolutions. Success, therefore, depends not only on robust legal and policy frameworks but also on adequate infrastructure and skilled human resources in both cities.
Assoc. Prof. Dr Tran Hoang Ngan (HCM City) stressed that highly skilled professionals with international outlooks are vital for the IFC to function effectively and sustainably. People must lead the way. Beyond financial and technical expertise, Vietnam needs talent with creativity, global vision and the willingness to take risks.
From the domestic corporate sector, Mai Huy Tuan, CEO of SSI Digital, said that building a sound legal framework and nurturing financial professionals experienced in global markets is the foremost requirement. These experts will drive business models, connect traditional and non-traditional financial systems, and manage diverse capital flows.
Building a strong mechanism, investor confidence, and risk-prevention regulations will also be decisive, Tuan added.
Assoc. Prof. Dr Nguyen Huu Huan of the University of Economics HCM City added that Vietnam will need exceptional mechanisms and a genuine one-stop-shop model” if it is to leapfrog existing financial centres in the world.
Pham Luu Hung, Chief Economist and Director of Research at SSI Securities, argued that sustainable investment inflows require a focus on long-term investors. It is necessary to encourage them to establish headquarters in Vietnam, host international financial conferences, develop innovative financial products, build a national brand and work closely with leading international financial institutions.
“The successful development of the IFC in Ho Chi Minh City and Da Nang, on a scientific roadmap and based on cooperation rather than competition, will create combined strength for a breakthrough – affirming Vietnam’s new position on the global financial map,” Prime Minister Pham Minh Chinh assessed.
Minister of Finance Nguyen Van Thang acknowledged risks in establishing trading platforms. He underlined the need for a synchronised legal framework and stringent, transparent and internationally aligned supervisory systems to manage such transactions.
The establishment of the IFC is not only a strategic move to attract global resources but also a clear demonstration of Vietnam’s determination to integrate more deeply with the world economy and raise its standing on the international financial stage. To achieve this ambition, there is a need for strong coordination across all levels of the authorities and sectors, a sound legal foundation, modern infrastructure and a skilled workforce.