The Vietnam International Financial Center will commence operations in November.

At the Conference on implementing the Resolution of the National Assembly on the establishment of the Vietnam International Financial Center, Prime Minister Pham Minh Chinh emphasized the spirit of “one center – two destinations”, located in Ho Chi Minh City and Da Nang, with a unified supervisory authority and a single court to settle disputes. The Prime Minister requested ministries and sectors to finalize the related decree in the coming days to promptly put the center into operation.

According to the report of the Ministry of Finance, in implementing the policy of the Party Central Committee and the Politburo and based on the Resolution of the National Assembly on the Vietnam International Financial Center, with the model of “one center, two destinations”, the Government is expected to establish the Vietnam International Financial Center, located in Ho Chi Minh City and Da Nang.

In this model, Ho Chi Minh City will serve as a major financial hub, focusing on the development of the stock market, bond market, banking, fund management, and listing services. Da Nang will focus on developing financial services related to logistics, maritime affairs, free trade, and industrial–agricultural supply chains. It is expected that the Center’s area in Ho Chi Minh City will cover approximately 899 hectares, while the area in Da Nang will cover about 300 hectares.

The Prime Minister has assigned ministries and sectors to develop 08 related decrees. Among them, according to Minister of Finance Nguyen Van Thang, the Government’s Decree on the establishment of the Vietnam International Financial Center is considered a fundamental and pivotal document for the entire subsequent implementation process. The Decree will specifically stipulate the organizational structure for the management, administration, and supervision of the Vietnam International Financial Center, the functions and powers of the agencies within the Center, as well as special mechanisms and policies for the Center to operate in accordance with international practices.

The objective is to create a legal framework that is both breakthrough and competitive, while remaining stable and consistent, capable of establishing and operating the Vietnam International Financial Center successfully and sustainably. If designed in a methodical, rigorous, and transparent manner, the Decree will help build strong confidence among investors and international financial institutions from the outset.

According to Minister of Finance Nguyen Van Thang, Vietnam seeks to selectively learn from and build upon the experiences of preceding models while ensuring national independence, sovereignty, and distinct characteristics. Regarding the organizational model of the management and supervisory agencies of the Vietnam International Financial Center, the Ministry of Finance is studying and proposing four options, each with its own advantages and limitations that need to be considered in an overall context.

With a vision for rapid and sustainable development, the Government is formulating breakthrough mechanisms and policies that align with international practices while safeguarding Vietnam’s sovereignty and specific national conditions. The Center will operate on a foundation of digitalization and artificial intelligence, implement a liberal licensing and post-inspection model, and create a competitive and attractive environment for domestic and international financial institutions and professionals.

The Prime Minister emphasized: “Nothing is easy, but nothing is impossible either. We must turn difficulties into opportunities and overcome our own limitations to expand the space for development.”

Accordingly, the host localities, Ho Chi Minh City and Da Nang, are synchronously preparing infrastructure, legal frameworks, and urban living standards — from education, healthcare, and transportation to culture and sports — in order to create the best environment to attract talent and international investors.

The establishment and operation of the Vietnam International Financial Center not only carry economic significance but also affirm Vietnam’s strategic vision in the process of integration — one that is confident, proactive, and innovative — bringing the country closer to its goal of becoming a regional financial center.