Chairing a meeting in Hanoi on March 6 to review the development strategy and operational framework for the international financial center, Permanent Deputy Prime Minister Nguyen Hoa Binh acknowledged the progress made by relevant ministries and localities in a short period of time. However, he noted that current efforts have largely focused on building the organizational structure and legal framework.
He emphasized that two tasks must proceed in parallel: continuing to finalize the legal and institutional framework, infrastructure, and human resources while at the same time launching concrete initiatives that can contribute to economic activity.
To that end, the Deputy PM directed the Ministry of Finance (MoF) to work with the Government Office to promptly organize a meeting with relevant ministries to finalize and approve the operational regulations for the center. Once consensus is reached, the regulations should be issued without delay.
Regarding the governing council’s 2026 work plan, Permanent Deputy Prime Minister Nguyen Hoa Binh asked the MoF to incorporate feedback from parties and particularly from Ho Chi Minh City and Da Nang in order to complete the plan. The two cities, he said, should then develop their own operational plans based on the overall framework. He also called on local authorities to introduce at least one concrete initiative or activity each month to demonstrate progress.
The principle is to prioritize feasible initiatives first, such as agricultural exchanges and traditional services that meet immediate market demand, while more complex areas like fintech and regulatory sandboxes continue to be studied, he said. Ho Chi Minh City, for instance, is preparing to launch a national agricultural trading platform where international buyers could directly trade Vietnamese products such as rice, durian, and seafood instead of relying on fragmented transactions.
On policy mechanisms, the Deputy PM noted that the Government is preparing a decree to establish a regulatory framework for its management body. At the same time, local authorities may adopt more flexible and competitive personnel policies for the financial center's operating agencies if needed, as the Government’s regulations will serve as a general legal framework.
He also tasked ministries with accelerating preparations for supporting institutions, including dispute-resolution bodies, supervisory mechanisms, and the establishment of a specialized court within the international financial center in Ho Chi Minh City.
