Concluding the inaugural meeting of the Steering Committee for International Financial Centers (IFCs) in Vietnam, Prime Minister Pham Minh Chinh, Head of the Steering Committee, set a hard deadline.
The IFC in HCMC must make its debut no later than February 9, 2026. It appears that numerous domestic and foreign banks have proactively mobilized resources, ready to participate and accompany the IFC on this ambitious journey.
According to Deputy Governor Pham Tien Dung of the State Bank of Vietnam (SBV), the legal framework and mechanisms for the IFC are now relatively complete and clear.
Notably, many regulations, particularly regarding foreign exchange management among financial center members, have been designed to be open, and in some aspects, reportedly superior to current policies. This is a pivotal factor helping the IFC approach international standards, creating a competitive edge in attracting medium and long-term capital flows.
Director Bui Hai Duong of Treasury and Global Markets at Nam A Bank suggested that through the IFC, the bank becomes a primary conduit for capital. This facilitates access to multi-currency funding sources with flexible costs and tenors, which can then be allocated to priority sectors such as infrastructure, energy, logistics, manufacturing, and innovation.
Drawing from international experience, Lim Dyi Chang, Head of Corporate Banking at UOB Vietnam, shared that an IFC operates effectively when cross-border payment transactions are processed safely and seamlessly.
In this ecosystem, foreign banks participating in the IFC will act as a bridge between the domestic financial system and the global financial network, strictly adhering to standards regarding anti-money laundering, counter-terrorism financing, and cross-border credit and forex risk management.
“Singapore currently boasts 55 billionaires, about 60 percent of whom are foreigners, with total assets under management reaching US$155 billion, equivalent to nearly one-third of Singapore’s GDP. This stands as testament to the magnetic pull of a financial center built on a foundation of stability, transparency, and efficiency.”
Head Lim Dyi Chang of Corporate Banking, UOB Vietnam.
From an investment attraction perspective, Representative Director Soung Di Yue of E.SUN Bank (Dong Nai Branch), noted that HCMC and Dong Nai Province are becoming strategic destinations for Foreign Direct Investment (FDI) flows.
In the first 11 months of 2025 alone, these two localities reportedly attracted over $10 billion in FDI, an increase of over 24 percent compared to the same period, reflecting the growing confidence of international investors. In this process, banks hold a core role in attracting, leading, and retaining international capital.
Within the framework of his working visit to Singapore, Standing Deputy Prime Minister Nguyen Hoa Binh held a session with UOB leadership. UOB representatives announced plans to increase their charter capital in Vietnam to VND10 trillion (approximately $393.7 million) and are currently constructing the UOB Plaza at the IFC in HCMC.
Alongside foreign banks, domestic commercial banks have proactively entered this playground. BIDV stated that the bank has defined a roadmap to participate in the IFC in phases. They aim not only to provide traditional banking services but also to develop high-tech digital services and outsourcing services. Currently, BIDV possesses a team of around 1,000 technology personnel and plans to expand further in the near future.
Five banks join IFC in Da Nang
Regarding the IFC in Da Nang City, the Da Nang People’s Committee has awarded Letters of Interest Approval to 11 organizations and enterprises, including five commercial banks, namely Vietcombank, VietinBank, Nam A Bank, HD Bank, and the digital bank Vikki.
Do Viet Hung, a member of the Board of Directors at Vietcombank, affirmed that the bank is committed to accompanying the development of finance-banking products and services aligned with the center’s orientation. This contributes to building financial service infrastructure, particularly in payments, trade finance, and green finance.
Meanwhile, Director Nguyen Quang Thinh of 9Pay Company Limited – the sole payment intermediary among the first 10 organizations to become members of the Da Nang IFC – stated: “The enterprise will actively support the Da Nang IFC in researching and evaluating pioneering financial technology models.”
