On October 22, the Executive Authority of the International Financial Center in Ho Chi Minh City (VIFC-HCMC) held a consultation conference to gather feedback on a draft set of regulations guiding operations in the investment fund and asset management sector at the Vietnam International Financial Center.
At the conference, Nguyen Hong Van, Vice Chairman of the VIFC-HCMC Executive Authority, emphasized that investment funds and asset management are among the key pillars of an international financial center, helping attract and channel international investment capital.
The executive authorities of VIFC-HCMC and the Vietnam International Financial Center in Da Nang (VIFC-DN) have identified key requirements for developing the legal framework, licensing procedures, and supervisory mechanisms for this sector. These include transparency, modernity, alignment with international practices, robust regulatory standards, and suitability to Vietnam’s practical conditions.
 "An expert shares recommendations at the conference. (Photo: SGGP)")
From the perspective of an organization that directly advises and supports asset management companies, Tyler McElhaney, Country Director of Apex Group, praised the level of detail in the draft regulations, particularly given that the Vietnam International Financial Center has only recently commenced operations.
He said that, alongside a sound legal foundation, the center needed to further develop its commercial environment to enhance its appeal to the international investment community. He expressed hope that the regulations would be implemented soon, allowing feedback to be gathered from asset managers and financial institutions worldwide.
From the perspective of an organization that directly advises and supports asset management companies, Tyler McElhaney, Country Director of Apex Group, praised the level of detail in the draft regulations, particularly given that the Vietnam International Financial Center has only recently commenced efforts to enhance its appeal to the international investment community. He expressed hope that the regulations would be implemented soon, allowing feedback to be gathered from asset managers and financial institutions worldwide.
Under the draft regulations, asset management companies would be licensed at three levels: investment advisory and portfolio management; private and professional investment fund management; and public investment fund management.
The draft also provides for streamlined licensing procedures for foreign asset management organizations that are already licensed and supervised in their home jurisdictions. The application review period would be set at between 20 and 45 working days.
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