A smooth policy
The policy of building an international financial center is identified as a national strategy, demonstrated through a series of important directives such as Resolution No. 43-NQ/TW, Conclusion No. 79-KL/TW and Notice No. 47-TB/TW of the Politburo. The action plan issued by the Central Steering Committee has outlined a clear roadmap, focusing on perfecting a specific and transparent legal framework and building outstanding mechanisms and policies to attract international capital, technology and talent.
Speaking at the National Assembly's Resolution Implementation Conference on August 2, Politburo member and Prime Minister Pham Minh Chinh affirmed that building an international financial center is an "essential task" with strategic significance in the context of Vietnam needing large capital for development.
This is not only a financial transaction center, but a place to connect capital, people, technology, and innovative ideas, within a specific mechanism, with clear boundaries and a separate legal framework - the Prime Minister emphasized.
Ho Chi Minh City, Da Nang urgently deploy infrastructure
Seizing this golden opportunity, Ho Chi Minh City and Da Nang are implementing a series of specific actions to prepare for the birth of TTTC.
In Ho Chi Minh City, the International Financial Center of Vietnam will be built in the Thu Thiem New Urban Area and part of Saigon Ward, Ben Thanh Ward with a total area of about 793 hectares. In particular, the 10ha core area in the center of Thu Thiem will be the first place to implement, with headquarters for financial management, supervision and accounting agencies.
The total preliminary investment capital for the entire project is up to 172,000 billion VND (about 7 billion USD). The core area alone needs about VND16,000 billion to be implemented in the first 2-3 years. During the construction period, the center's temporary headquarters will be located at building No. 8 Nguyen Hue (Saigon Ward), ensuring initial operations in the transition phase.
Meanwhile, Da Nang City has recently announced the decision to establish a Steering Committee under the management and operation of the TTTC headed by Chairman Luong Nguyen Minh Triet.
Da Nang has planned land funds and made a systematic investment plan. In the immediate future, Software Park No. 2 will be used as a temporary headquarters, and it is expected that by the fourth quarter of 2025, the 22-storey building here will be completed and ready to serve the operations of the TTTC. The core area of the center is planned at "golden" plots of land on Vo Van Kiet Street with an area of 6.17 hectares. Along with that, financial technology zones, training and testing zones are also arranged in prime locations, creating a complete ecosystem.
Other key infrastructure projects such as Lien Chieu Port, Chu Lai airport expansion, ALC marine fiber optic cable installation... are being accelerated to create a synchronous and modern connection network.
Developing high-quality human resources
Chairman of Ho Chi Minh City People's Committee Nguyen Van Duoc said that the city has identified three pillars to develop international financial markets: perfecting institutions, mobilizing infrastructure resources and developing high-quality human resources. The city has built an organizational apparatus of 4 departments, and is recruiting experienced personnel in the fields of finance, securities, fintech, etc.
In particular, Ho Chi Minh City will coordinate with Viet Duc University to train specialized human resources, then send them to internships at major financial centers around the world before returning to serve at domestic centers. The city also promotes the signing of bilateral and multilateral international cooperation agreements with regional and global financial markets to learn from experience, establish long-term, mutually beneficial relationships.
The construction of an international financial center in Vietnam is not simply the construction of a financial center, but the construction of national trust and position on the global map. With high political determination and drastic action, Ho Chi Minh City will strive to realize this aspiration" - Chairman Nguyen Van Duoc said.
For Da Nang, the city is promoting international cooperation to learn from experience and attract strategic partners. The meeting and exchange of cooperation memorandums of understanding with the Terne Holdings Group Joint Venture and The One Destination Joint Stock Company in July was an important step forward. This consortium not only commits to long-term investment support but also supports the training of high-quality human resources, awarding 10 scholarships to city officials to study in Singapore in August 2025.
Da Nang City Party Secretary Nguyen Van Quang said that the city has prepared infrastructure, human resources and necessary conditions to gradually realize the international financial center in the locality.
The construction of the International Financial Center in Da Nang is considered favorable when Da Nang simultaneously deploys the construction of a Free Trade Center with many advantages in terms of mechanisms and preferential policies. In particular, the logistics sector (oseports, airports, duty-free warehouses, etc.); commercial and service centers, high-tech parks and industrial parks, etc. are attracting many large domestic and foreign investors.
With the resonance of the Central Government's strategic orientation, local political determination, a clear roadmap of action and the cooperation of prestigious international partners, Da Nang and Ho Chi Minh City are taking steady steps on the path to becoming an international financial center. The goal of putting the center into operation by the end of 2025 is challenging but completely feasible.
* Associate Professor, Dr. Tran Hoang Ngan: After the merger, Ho Chi Minh City will develop based on three main pillars. The first is industry and industrial clusters and industrial parks, with a focus on linking the old Binh Duong. Second is seaports, tourism, logistics, connecting Ba Ria - Vung Tau (old), Can Gio and Cai Mep port cluster to form a large international transit port, thereby promoting trade and finance. Ho Chi Minh City will also form a free trade zone, free of tariffs. Third is the commercial center, finance - banking, science and technology, innovation, high-quality healthcare and education.
For the International Financial Center to be effective, it is necessary to attract large financial groups to set up headquarters, because they will create a spread and attract global partners and investors. This is a lesson from many major financial centers in the world. Ho Chi Minh City needs to invest heavily in infrastructure: Transportation, energy, data - especially digital infrastructure.
* Dr. Truong Minh Huy Vu - Director of the Ho Chi Minh City Institute for Development Studies: In addition to infrastructure development, the city needs to prepare human resources for key areas such as finance, banking, blockchain, artificial intelligence and risk management. High-quality human resources will provide professional financial services, meeting international standards, contributing to enhancing the reputation and attractiveness of financial centers.
