A conference discussing the building of an international financial center (IFC) in Vietnam was held under the chair of Prime Minister Pham Minh Chinh on November 1.
The event, connected with the UK, the Czech Republic, Hong Kong (China), Indonesia, and Australia via teleconferencing, was attended by representatives of Vietnamese and international financial institutions, enterprises, banks, investment funds, and law and auditing companies.
In his remarks, PM Pham Minh Chinh underscored the particularly important role of IFCs in the era of digitization and extensive integration, when the flows of capital, technology, and knowledge among countries, regions, and around the world are being promoted at an unprecedented speed. IFCs are the places where markets are connected, innovation is fostered, and governance and transparency standards are applied.
To Vietnam, he said, the building of an IFC aims to not only attract investment or connect with the world but also develop new and efficient governance mechanisms, policies, and models, helping create momentum for socio-economic development, especially economic growth of at least 8 percent in 2025 and double-digit rates from 2026 onwards, in efforts to realize the two centenary goals.
Given this, with its accelerated building and early operation, the IFC will help clearly position and connect Vietnam with the global financial network; promote future financial models such as crypto assets, carbon credits, derivative commodities, green finance, and sustainable finance; and contribute to the successful implementation of the strategic breakthroughs in terms of institutional perfection, human resources, and infrastructure, as well as the recent policies of the Politburo, the PM added.
The Ministry of Finance reported that the Government is working to establish the IFC in Ho Chi Minh City and Da Nang City.
The IFC in HCMC is expected to feature a diverse and modern financial ecosystem, supplying specialized financial services and leveraging the ripple and complementary effects of different financial and support services. It will develop a capital market linked with financial products, financial derivatives, asset management services, fund management, insurance, and green financial products and services; nurture a banking system and products of the monetary market; and offer fintech and innovation services.
Meanwhile, the branch in Da Nang will focus on innovation ecosystem development and the application of strategic technologies. It will develop based on technological infrastructure and innovation while operating stably and transparently in line with international practices and development trends. It is set to create a friendly and identity-rich living and working environment with high-quality services, security, safety, and transparent governance to attract international capital sources, large investors, developers, startups, and technology experts with a global-level mindset, along with financial talents.
The IFC in HCMC is set to cover about 899 ha, while the establishment in Da Nang is about 300 ha. The center is scheduled to become operational this year, according to the Ministry of Finance.
