VIETNAM APPROVES ROADMAP FOR INT’L FINANCIAL CENTERS THROUGH 2035

Vietnam has approved a development plan through 2035 for its international financial centers, with the one in Ho Chi Minh City positioned as a comprehensive global financial hub.

Ho Chi Minh City has reserved land for the Vietnam International Financial Center. Photo: Van Trung

Deputy Prime Minister Nguyen Van Thang, chairman of the governing board of the Vietnam International Financial Center, has signed the decision approving the development plan.

As per the plan, the Vietnam International Financial Center in Ho Chi Minh City will focus on three strategic pillars, including capital market development, asset management, and commodity markets.

The Vietnam International Financial Center in Ho Chi Minh City will provide traditional and advanced financial services, while leveraging synergies among capital raising, investment, payments, and the issuance and trading of financial products.

It will focus on asset management, fund management, green finance, and digital finance.

Besides, it will develop commodity trading and derivatives linked to international trade and logistics.

Meanwhile, the Vietnam International Financial Center in the central city of Da Nang will focus on innovation and financial technology.

The governing board will establish a competitive legal framework recognized internationally, including mechanisms for dispute resolution and enforcement of rulings.

The plan prioritizes attracting leading financial institutions, intermediaries, and major investment funds from the region and the world.

Infrastructure development will cover finance, digital systems, data, transportation, and urban facilities to ensure seamless domestic and international connectivity.

For the 2026-30 period, the government aims to complete a comprehensive legal framework, governance model and supervisory mechanism aligned with international standards, while launching pilot operations for priority financial products and services.

Core financial, digital, legal and social infrastructure supporting the international financial centers will also be completed during this phase.

Vietnam plans to attract major international financial institutions, investment funds, global banks, professional market participants, and highly skilled financial professionals to pave the way for sustainable growth and deeper global integration.

During the 2031-35 period, the government intends to expand and complete a modern financial ecosystem covering capital markets, green finance, digital finance and fintech, while improving market depth, diversity, and connectivity.

By 2035, Vietnam aims for its international financial centers to become key gateways for capital flows with a prominent position in the Asia-Pacific and global financial networks.

The plan targets ranking among the world's top 75 financial hubs, the top 25 in the Asia-Pacific region and the top three within ASEAN under the Global Financial Centres Index or equivalent benchmarks.

Source: Tuổi Trẻ News