"Four cleared” factors to realize the international financial center in Ho Chi Minh City

At the Forum, the Prime Minister not only listened to recommendations but also devoted most of his time to clarifying the vision, development pillars, and policy commitments aimed at turning Ho Chi Minh City into a regional financial center before 2035 and advancing to a global level by 2045.

Recently, Ho Chi Minh City’s ranking in the Global Financial Centres Index (GFCI 38) has improved, moving from 98th to 95th with 664 points. However, according to the Prime Minister, this is only the initial step. To make a breakthrough, Viet Nam must focus comprehensively on four pillars: policy and institutions, infrastructure, human resources, and programmes for continuously improving the ranking, alongside promptly and decisively addressing investors’ concerns and recommendations from the early stages of establishing the international financial center.

From the demand for “very necessary capital” of a developing and transforming economy, the head of government summarized the principle of “four cleared”: cleared institutions, cleared infrastructure, cleared governance, and cleared practices. This is not merely a slogan but a set of action criteria guiding the entire policy design for the international financial center. Cleared institutions mean that the legal framework must be sufficiently specific, competitive, and stable in the long term; cleared infrastructure requires seamless physical, digital, and social connectivity; cleared governance is based on data, technology, and transparency; while cleared practices mean that all procedures and processes must be simple, understandable, and easy to implement, minimizing compliance costs for investors.

Regarding institutions, the National Assembly has issued Resolution 222/2025/QH15, creating a special legal framework for the International Financial Center (IFC) in Ho Chi Minh City. The Resolution allows a free foreign exchange mechanism, exempts foreign exchange controls for 100% foreign-owned members, and provides a highly competitive tax incentive package: a 10% corporate income tax rate for 30 years for priority sectors, and exemption from personal income tax until 2030 for senior experts. The Ministry of Finance is leading and coordinating with other ministries and agencies to finalize draft implementing decrees, while the Government continues to complete transparent and competitive policies in line with international standards, strongly encouraging investment in fintech, capital markets, and green finance. This is the “institutional foundation layer” that determines the attractiveness of the financial center to global financial institutions.

The infrastructure pillar is summarized through large-scale projects in the Saigon – Ben Thanh – Thu Thiem area, with a total expected investment of approximately 7 billion USD, scheduled to commence in 2026 and be completed within five years. The focus is on hard infrastructure serving finance, such as internationally-standard data centers, metro lines and connecting transport networks, and piloting new digital and technical infrastructure models, as well as smart urban development. Simultaneously, the Government directs strong investment into social infrastructure: high-quality urban areas, international schools, modern hospitals, and cultural–creative spaces. A regional financial center is not only a place for capital flows but also a place where international professionals and families can “settle and work” for the long term.

Human resources are considered a “soft pillar” but a decisive one. Viet Nam prioritizes building an internationally-standard financial and banking workforce through training programmes, partnerships with universities and international organizations; emphasizing digital skills, STEM foundations (science, technology, engineering, mathematics), and proficiency in English. Long-term visas of up to 10 years and exemption from work permits for foreign experts in certain cases are designed to create a competitive environment for attracting global talent, while also promoting a “soft transfer” of management skills and professional standards to the domestic workforce.

In terms of improving the ranking, the Government directs the implementation of deep cooperation programmes with successful financial center models such as the Dubai International Financial Centre (DIFC), the Astana International Financial Centre (AIFC), and UK partners. Alongside this, controlled pilot mechanisms (sandboxes) are being expanded in fintech, green finance, and institutional reform to test new models and products before scaling them up. The objective is to quickly enhance Ho Chi Minh City’s position on the GFCI ranking, while taking advantage of new-generation free trade agreements such as CPTPP and RCEP to connect more deeply with the global financial value chain.

Addressing investors’ concerns frankly, the Prime Minister emphasized that the recommendations “have all been and are being addressed.” Regarding energy security - a key infrastructure factor closely watched by the financial sector - the Prime Minister affirmed that Viet Nam currently has no shortage of total electricity supply; the local power shortages in 2023 were due to management issues. The Government has made strong adjustments in policy, direction, and administration to ensure sufficient electricity supply for overall economic development and for the stable operation of investors, based on simultaneously controlling five aspects: power sources, power grids, supply, usage, and electricity pricing. This approach demonstrates that the international financial center cannot operate sustainably without a systematically designed “underlying infrastructure ecosystem.”

From a management perspective, the Prime Minister repeatedly emphasized the need to innovate thinking and practices, with the spirit of “what is promised must be done, what is committed must be implemented, what is done must have concrete, measurable results”; valuing investors’ intelligence and initiatives while simultaneously requiring parties to save time, act swiftly, decisively, and “stay one step ahead” in designing mechanisms, infrastructure, and services. He also candidly acknowledged that “everything new is difficult,” but such difficulties “must be overcome” to “turn the impossible into possible, the difficult into easy, and the unachievable into achievable".

The final message that the head of government conveyed to the international financial community is the spirit of “co-journeying”: listening to and understanding one another between the State, enterprises, and citizens; sharing visions and acting together for rapid and sustainable development; doing together, succeeding together, benefiting together, and taking pride together. The Government of Viet Nam commits to facilitating investors to the greatest extent, always listening, understanding, and acting with results, on the principle of “harmonized benefits, shared risks.” Within this picture, the international financial center in Ho Chi Minh City is not merely a financial–infrastructure project but a symbol of qualitative transformation in institutions, governance capacity, and the competitiveness of Viet Nam’s economy for the coming decades.