Strategic decisions, creating new momentum for the economy
On August 2, the Ministry of Finance coordinated with the Ho Chi Minh City People's Committee to organize a conference to announce Resolution 222/2025/QH15 of the National Assembly on the development of international financial centers in Vietnam.
Speaking at the conference, Prime Minister Pham Minh Chinh emphasized that to achieve double-digit growth, Vietnam needs many resources, including financial resources - a field that we are currently lacking.
Therefore, the construction of an international financial center at the present time is extremely necessary, both an inevitable trend in the world and a requirement from domestic practice.
According to the Prime Minister, the Party, the State, the National Assembly and the Government, the development of the International Financial Center is one of the strategic decisions, to contribute to the implementation of institutional and policy breakthroughs.
Specific mechanisms will continue to be built, applied and perfected in the coming time to free up resources, shift the growth model, restructure the economy, and enhance Vietnam's position in the global value chain of finance, investment and high-end services.
The National Assembly's issuance of Resolution No. 222 is considered the first legal step, creating an important and solid foundation for implementing the construction and operation of the International Financial Center in Vietnam.
The International Financial Center is not a special urban area or a cluster of financialocs, but first of all, a special institutional design - the Prime Minister emphasized.
This center has specific geographical boundaries, operated by a specialized apparatus, with separate legal regulations and policy testing space.
This is where the law framework is designed for the future, allowing new financial models to be tested and operated within a controlled framework, in line with the global innovation trend.
The Prime Minister affirmed: "Only when institutions are removed will high-quality capital flows come, and only when there is infrastructure and people who adapt flexibly and effectively will the added values be realized".
The development of the International Financial Center does not stop at attracting investors, but must aim to proactively lead the new financial model. This will create space for emerging industries such as digital assets, green economy, circular economy, carbon credits, digital banking, commodity exchanges and derivatives. At the same time, it is necessary to create a spreading effect from the new financial model to the real economy, serving production and sustainable development.
In addition, the Prime Minister emphasized the need to ensure harmony between financial freedom and financial safety. freedom is a condition to attract investment and creativity, but safety is still a basic principle that cannot be ignored in the center's operation.
Aim to be in the top 75 global financial centers by 2035
The Prime Minister requested central ministries and branches to promptly develop documents guiding the implementation of the Resolution so that Ho Chi Minh City and Da Nang have a legal basis to establish operating agencies, supervise and put the International Financial Center into operation.
At the same time, it is necessary to closely coordinate with domestic and international financial institutions, consult policies, and update international experiences. Relevant agencies also need to continuously improve the institutional framework so that the International Financial Center in Vietnam can maintain competitiveness and attractiveness to international investors.
For Ho Chi Minh City and Da Nang - two localities selected to deploy financial centers - the Prime Minister requested full preparation in terms of institutions, human resources, living environment and ecosystem. It is necessary to arrange the budget, mobilize domestic and foreign resources to invest in developing infrastructure to serve the construction and operation of the center.
In addition, it is necessary to proactively mobilize, approach and attract strategic investors and large financial institutions to participate in investing in local financial centers. At the same time, continue to expand domestic and foreign cooperation in the process of developing new financial products and services and building outstanding incentive mechanisms.
The Prime Minister affirmed that the construction of the International Financial Center is a new, difficult, sensitive and unprecedented issue in Vietnam. However, we cannot wait to meet the conditions to do it, but must do it in the process of creating conditions, forming capacity and drawing practical lessons to gradually succeed.
The goal by 2035 is that the International Financial Center in Vietnam will be in the group of 75 global financial centers and the group of 25 leading financial centers in the Asia-Pacific region.
