Financial centres to create space for emerging industries

Speaking on August 2 at a conference on establishing an international financial centre (IFC) in Vietnam, the PM described the event as a strategic milestone for attracting international capital flows, advanced technology, and high-quality human resources to spur economic growth and enhance national competitiveness.

He stressed that building and developing a successful IFC requires high determination, effort and action, decisiveness, and efficiency.

The PM noted that Resolution No.222/2025/QH15 has provided the first legal framework and a solid foundation for the construction, operation, and development of an IFC in Vietnam. Work is already under way to complete the legal architecture.

To implement the resolution effectively, he called on all levels of government to thoroughly grasp and seriously execute several core directives.

PM Chinh emphasised that developing an IFC represents a breakthrough in institutions, policies, and resource mobilisation. An IFC, he explained, is not simply a special urban area or a cluster of financial skyscrapers, but foremost a distinct institutional design, defined by specific geographic boundaries, its own legal provisions, a specialised and professional management body, and a policy sandbox.

"This is a place where laws are designed for the future, allowing new models to operate within a controlled framework," he said.

He reiterated that only when institutional bottlenecks are removed can quality capital flows arrive, and only with adaptive infrastructure and human resources can add value be realised.

"We are not developing an IFC merely to welcome investors; we must actively lead new financial models and create space for emerging industries, driving and inspiring investment in digital assets, the green economy, the circular economy, carbon credits, digital banking, and commodity and derivatives exchanges," he stated.

At the same time, he stressed the need to strike a balance between financial freedom and sustainable financial safety. While financial freedom is vital for fostering creativity, inspiration, and resources for development, financial safety remains a fundamental, non-negotiable principle.

The PM urged central ministries and agencies to swiftly issue guiding documents for Resolution 222, enabling Ho Chi Minh City and Danang to establish management and supervisory bodies and bring their IFCs into operation. This will require close coordination with domestic and international financial institutions and drawing on global best practices.

Ministries and agencies were assigned to regularly update and refine the institutional framework to maintain a competitive, innovative mechanism that keeps pace with global trends and remains attractive to international investors.

For Ho Chi Minh City and Danang, local authorities are to allocate resources, prepare essential conditions, and foster enabling environments, covering institutions, personnel, quality of life, and the broader ecosystem. “This includes mobilising both domestic and foreign capital to develop the infrastructure necessary for the IFC’s construction and operation,” the PM added.

Localities should also proactively approach and attract strategic investors, financial institutions, banks, and other stakeholders to participate in the IFC, while expanding domestic and international partnerships in developing financial services, products, and preferential policies.

Acknowledging that building an IFC is a complex and sensitive undertaking for Vietnam with no precedent, the PM stressed that the country must not wait until all conditions are perfect. Instead, conditions should be created during implementation, capacity built along the way, lessons learned, and a development model forged through practice.

Looking ahead to 2035, PM Chinh expressed his determination for Vietnam’s IFC to rank among the world’s top 75 financial centres and the top 25 in the Asia-Pacific region.

"This will not only be a venue for financial transactions but a convergence point for capital, talent, culture, technology, law, and progressive, innovative ideas, operating under market principles, global competition, transparency, and fairness, while opening new opportunities to drive the prosperity of Vietnam, investors, stakeholders, and international partners alike," PM Chinh explained.

The submission of a draft resolution on Vietnam’s international financial centre (IFC) to the National Assembly marks a pivotal moment, heralding a new developmental era for Vietnam.

The resolution also aims to create an attractive environment for investment in the financial service sector to promote investment attraction and the free movement of international capital between the International Financial Centre and the world develop the stock and insurance markets, banking activities, fintech, digital assets, commodities, and e-commerce in Vietnam and integrate with international markets.

The planned international financial hub in Vietnam could bring a stable investment and business environment, opening up a new development stage for the financial sector.