Prime Minister Pham Minh Chinh has just signed Official Dispatch No. 211/CD-TTg on the establishment of an International Financial Center in Vietnam.
The Prime Minister requested to study the option of having a Steering Committee on behalf of the Government to direct the development of the International Financial Center, with members including the Minister of Finance, the Governor of the State Bank of Vietnam, a number of other relevant Government members, leaders of Ho Chi Minh City and Da Nang.
There is 1 management agency and 2 branches in Ho Chi Minh City and Da Nang; 1 supervisory agency sets out general standards and supervision to save resources; 1 dispute resolution agency for both locations of the Center (including specialized courts and international arbitration).
The International Financial Center in Vietnam operates on the basis of digitalization, artificial intelligence, high competition, publicity, and transparency to attract resources for development.
There are no barriers to other international financial centers, no physical barriers between members of the Center, ensuring connection, connectivity, synchronization, complementing and promoting each other for mutual development.
The activities of the International Financial Center must ensure connectivity between members of the Center, especially the sectors, banking, finance and related agencies to contribute to the development of the center, while not limiting commercial, investment and service activities in the center.
Research and develop a flexible and effective licensing and registration mechanism, the most convenient and fastest administrative procedures; completely eliminate unnecessary administrative procedures; increase post-inspections, reduce pre-inspections and must have effective inspection and supervision tools, associated with maximum decentralization and delegation of authority, along with reasonable and effective resource allocation.
The People's Committees of Ho Chi Minh City and Da Nang proactively coordinate closely with the Ministry of Finance, the State Bank of Vietnam and relevant agencies, according to their functions, tasks and authority, to urgently carry out the following tasks:
Urgently issue preferential mechanisms and policies according to authority and create the most favorable working and living environment possible to attract international investors, ensure living conditions, benefits in health, insurance, education, culture, and sports, to be completed before November 20, 2025.
Select high-quality, professional personnel working in the International Financial Center, interwoven with domestic experts and foreign experts to absorb international quintessence and intelligence into Vietnam.
Create the most favorable and competitive conditions to attract experts to work at the International Financial Center. Urgently propose and report to the Ministry of Finance on specific personnel before November 20, 2025 for synthesis and reporting to the Prime Minister.
Urgently prepare facilities, technical infrastructure, and necessary conditions to strive for the highest level to be able to put the International Financial Center in Vietnam into operation in November 2025.
Publicly announce preferential mechanisms and policies, attract according to the authority of each city, create momentum, create momentum, create force, call for investors, promote the strength of the two cities with the common strength of the whole country.
