Vietnam sets up committee to build international financial centre

PM Chinh signed a decision dated May 20 approving the list of members for the committee.

Accordingly, PM Chinh will serves as the head of the committee. Other deputy heads include Permanent Deputy Prime Minister Nguyen Hoa Binh, Secretary of Ho Chi Minh City Party Committee Nguyen Van Nen, Minister of Finance Nguyen Van Thang, Governor of the State Bank of Vietnam Nguyen Thi Hong, and Secretary of Danang Party Committee Nguyen Van Quang.

The committee also includes other members, including deputy ministers, heads of people's committees, a judge, and a deputy governor of the State Bank of Vietnam.

According to a decision made on December 31, 2024, the steering committee is tasked with providing direction on the development strategy for a regional and international financial centre in Vietnam, guiding the formulation and refinement of institutions and policies applicable to such a centre to ensure consistency with the orientation set by the Politburo, and overseeing the establishment and operations of management and executive bodies within the centre.

In addition, the committee is responsible for directing resource allocation and mobilisation for infrastructure development and growth of the financial centre, presiding over and organising cooperation, consultation, and exchanges with domestic and international agencies and organisations regarding the establishment of regional and international financial centres in Vietnam, and performing other related tasks assigned by the government.

The emergence of Vietnam from its struggles through wars and state planning in years past has been remarkable in terms of improving living standards and taking its place in the global economic and political community. Hong Kong has been involved in this transition, serving as a window to the world’s best practices in nearly every facet of the economy.

Vietnam’s plans to establish international financial centres (IFCs) in Ho Chi Minh City and the central city of Danang reflect its ambition to become a regional hub for capital, innovation, and financial services. This initiative comes at a pivotal moment, as ASEAN emerges as a new engine of global growth and regional capital flows deepen.

The National Assembly Standing Committee in April reviewed a draft resolution proposing a unified international financial centre in Vietnam, split between Ho Chi Minh City and Danang. VIR’s Bich Ngoc spoke with Richard D. McClellan, founder and principal of RMAC Advisory, about the strategic implications of this dual-location model.