Việtnam Launches International Financial Centre, PM Chính Vows Global Financial Leadership
HCM City, The Gulf Observer: Prime Minister Phạm Minh Chính on Wednesday reaffirmed Việtnam’s unwavering commitment to building a world-class International Financial Centre (IFC), declaring that the direction is clear, mechanisms are prepared, resources are available, determination is steadfast, and success is within reach.
Speaking at the official launch ceremony of the Vietnam International Financial Centre in HCM City (VIFC-HCMC), the Prime Minister described the development of the IFC as both an objective necessity and a strategic choice in Việt Nam’s long-term growth trajectory.
Strategic Vision for Global Integration
PM Chính stated that the centre would attract and channel capital into priority sectors such as strategic infrastructure, core industries, logistics, green growth, and digital transformation. It will also equip Vietnamese enterprises with advanced financial tools to strengthen their participation in global value chains.
Importantly, the initiative aims to transform Việt Nam’s role from a passive recipient of capital into an active contributor to regional and global financial markets.
He emphasized that achieving these ambitious goals depends on three core pillars:
- A superior legal and institutional framework aligned with international standards;
- A distinctive and innovative development model capable of breakthrough performance;
- Flexible, efficient, and effective governance.
Strong Foundations and Early Progress
The Prime Minister welcomed the early development of Việt Nam’s IFC ecosystem, highlighting:
- An aviation finance centre that has mobilised US$6.1 billion,
- The emergence of a maritime finance centre leveraging logistical strengths,
- A fintech and innovation hub attracting advanced digital finance models.
The official launch of VIFC-HCMC’s core institutions—including its executive authority, specialised court, and international arbitration centre—marks a critical step toward ensuring sustainable, transparent, and secure development.
National Commitment and Institutional Reforms
PM Chính stressed that the development of VIFC-HCMC is a complex and challenging task requiring decisive and persistent action with no room for delay or half-measures.
He called for the collective responsibility of the entire political system, businesses, and citizens to ensure the centre’s success in both HCM City and Đà Nẵng.
The Government, he said, will:
- Complete internationally competitive institutional frameworks,
- Remove legal and administrative bottlenecks,
- Decentralise authority with adequate resource allocation,
- Invest in digital and green financial infrastructure,
- Deploy AI and Big Data systems for risk monitoring,
- Establish strict quarterly monitoring mechanisms covering capital inflows, transaction scale, and participating organisations.
The Ministries of Justice and Finance will coordinate closely with the Supreme People’s Court to ensure an efficient dispute resolution system once the centre becomes fully operational.
Bold Targets and Sandbox Mechanisms
The Prime Minister directed authorities in HCM City and Đà Nẵng to pioneer innovative policies, including:
- Immediate implementation of sandbox mechanisms for new financial products,
- Attracting at least 50 international financial organisations within the first three years,
- Digitising 100% of administrative procedures at competitive costs.
He also urged strong investment in high-quality human resource development and expanded international cooperation in financial training.
Role of Major Enterprises
PM Chính encouraged leading Vietnamese corporations—including Petrovietnam, EVN, Viettel, VNPT, Vingroup, FPT, Hoa Phat—and major banks such as Vietcombank, VietinBank, and BIDV to become founding members of the centre. He called on them to leverage the IFC to raise international capital, issue green bonds, and manage risks effectively.
Small and medium-sized enterprises, especially startups, were encouraged to participate in sandbox programs and collaborate with international partners to enhance competitiveness.
Master Plan and Long-Term Ambition
According to the master plan, VIFC-HCMC will span 898 hectares across Sài Gòn and Bến Thành wards and the Thủ Thiêm New Urban Area. Designed as a ring encircling the Sài Gòn River, it will integrate the existing downtown with the eastern urban zone.
The centre will be built on four strategic pillars:
- International capital markets
- Financial services
- Digital banking and fintech
- New financial products and services
The Prime Minister termed the launch as the “first step” toward positioning Việt Nam among the world’s leading financial technology hubs.
Expressing strong confidence in the project’s future, PM Chính stated that the Vietnam International Financial Centre in HCM City and Đà Nẵng will steadily assert Việt Nam’s presence on the global financial map and significantly contribute to achieving double-digit growth targets set by the 14th National Party Congress.
He concluded that the centre will become a symbol of prosperity, a source of national pride, and a cornerstone in realising Việt Nam’s long-term vision of becoming a rich, strong, prosperous, and modern nation.
