VIETNAM FAST-TRACKS INTERNATIONAL FINANCIAL CENTER

A view of downtown HCMC at night - PHOTO: LE VU

HCMC – Prime Minister Le Minh Hung has instructed ministries and agencies to draft additional regulations this month to create breakthrough mechanisms beyond the eight existing decrees and accelerate the launch of key financial products and services at the Vietnam International Financial Center (VIFC).

At the same time, Deputy Prime Minister Nguyen Van Thang has been appointed chairman of the VIFC Executive Council and tasked with directly overseeing the completion of operating regulations for the center and related agencies by June 10.

The VIFC, envisioned as “one center, two destinations” spanning HCMC and Danang City, is expected to provide a strong legal framework to attract strategic investors and unlock medium- and long-term capital flows.

The directives were announced at a meeting chaired by Prime Minister Le Minh Hung on June 2 to review the project’s progress.

Under the plan, the Ministry of Finance will coordinate with ministries, agencies, and the two cities to identify a portfolio of core financial products and services. Priority will be given to products linked to trade and investment activities to mobilize funding for major infrastructure projects.

Authorities will also study the establishment of inspection and supervisory mechanisms under central agencies to provide specialized oversight across different sectors. The executive council has been instructed to work closely with HCMC and Danang City to examine governance models and select the most feasible and effective structure for local operating bodies.

The VIFC project has already completed substantial preparatory work and secured a dedicated legal framework through National Assembly Resolution No. 222/2025/QH15 and eight government decrees that outline key principles, policy frameworks, and dispute-resolution mechanisms.

Building on that foundation, both HCMC and Danang City have established operating bodies, gradually strengthened staffing structures, and completed planning for the core areas designated for the financial center.

Outlining the project’s strategic vision, the prime minister said that putting the VIFC into operation is an urgent task under Conclusion No. 18-KL/TW of the Party Central Committee to mobilize capital flows to support rapid and sustainable economic development.

Source: The Saigon Times