PM Chairs High-Level Conference on Vietnam’s International Financial Centre Implementation

Ho Chi Minh City, The Gulf Observer: Prime Minister Phạm Minh Chính chaired a high-level conference in Ho Chi Minh City to discuss the implementation of the National Assembly’s Resolution No. 222/2025/QH15 concerning the development of Vietnam’s International Financial Centre (IFC).

The event brought together senior government and city officials, alongside international financial experts and representatives from global institutions. The resolution, which comes into effect on September 1, 2025, introduces a comprehensive and competitive framework aimed at advancing Vietnam’s financial sector through the creation of an internationally integrated IFC.

Under the resolution, the IFC will be jointly located in Ho Chi Minh City and Đà Nẵng City, with unified operational, supervisory, and management structures that leverage the respective strengths of both urban centres.

To oversee the strategic development of the IFC, a steering committee has been established, chaired by the Prime Minister. The committee is tasked with crafting a specialised legal framework, developing modern infrastructure and essential services, and building an internationally competitive financial ecosystem. It will also be responsible for establishing effective mechanisms for coordination and supervision.

An action plan has been outlined with the goal of completing and operationalizing the IFC by the end of 2025. During the conference, Ho Chi Minh City and Đà Nẵng presented their respective action plans, detailing infrastructure readiness and policy frameworks. International participants shared insights based on global best practices and pledged their support for Vietnam’s financial ambitions.

In his remarks, Prime Minister Chính underscored the strategic importance of the IFC in achieving Việt Nam’s dual centennial development goals by 2030 and 2045. He reiterated the Government’s ambitious economic growth targets—8.3 to 8.5 percent in 2025, with expectations for double-digit growth in the following years.

“The IFC is a cornerstone initiative that will attract high-quality foreign investment, advanced technology, and a skilled workforce, thereby boosting national competitiveness and economic resilience,” the Prime Minister stated. “It will elevate Vietnam’s role in the global value chain for finance, investment, and high-end services.”

He emphasized that the IFC will also lead innovation in emerging financial sectors, including digital assets, carbon credits, digital banking, and commodities and derivatives exchanges—defining features of future finance.

The Prime Minister acknowledged the unprecedented scale and complexity of the IFC initiative, cautioning that while rapid progress is necessary, it should not come at the expense of quality. He stressed the importance of balancing financial openness with security, and called for policies that are both disruptive and preferential to attract top-tier global players.

He directed ministries, agencies, and central authorities to swiftly issue guiding regulations to enable the establishment of executive and supervisory bodies in both cities. He also encouraged continuous learning from international models and adaptive improvements to Vietnam’s institutional framework to ensure competitiveness and legal alignment with global standards.

Ho Chi Minh City and Đà Nẵng were instructed to proactively prepare infrastructure, mobilize resources, and engage with strategic investors to roll out innovative financial products and services. The cities were also advised to collaborate closely to ensure their IFC components develop synergistically.

“Recommendations from business communities and international experts must be carefully studied to ensure Vietnam’s IFC is well-positioned among global peers,” said Prime Minister Chính, adding that Vietnam’s IFC is projected to rank among the world’s top 75 financial centres by 2035.

Following the conference, the Prime Minister visited the proposed IFC site in Ho Chi Minh City. The 729-hectare area, covering parts of Sài Gòn, Bến Thành, and Thủ Thiêm wards, will include an urban administrative agency, a conference and exhibition centre, a planning information hub, and other integrated facilities.