HÀ NỘI — Việt Nam is revving up its ambition to become a regional financial hub, with momentum driven by digital infrastructure and modern, internationally competitive services.

The Government has instructed the rapid development of the country’s first two international financial centres (IFCs) in Ho Chi Minh City and Đà Nẵng. Ho Chi Minh City alone is expected to attract US$7 billion in investment. Yet capital must be complemented by an open regulatory framework, robust technology and global‑scale enterprises to make these centres viable.

A member of the National Assembly’s Finance and Budget Committee, Professor Dr Hoàng Văn Cường, told VTV’s Made in Vietnam programme that selecting Ho Chi Minh City and Đà Nẵng as IFC locations affords clear advantages.

He noted that global finance is shifting from traditional transactions to digital assets — a trend that Việt Nam is well‑positioned to harness, thanks to its strategic maritime crossroads location, strong telecom infrastructure, rapidly advancing technology and adaptable young workforce.

This moment offers unique opportunities for FDI firms, e‑commerce platforms and cross‑border service providers entering Việt Nam. Yet regulatory hurdles persist.

Under Circular 40/2024/TT‑NHNN, all domestic payment intermediaries conducting international transactions must partner with banks to convert and execute payment orders.

Foreign businesses often confront complex questions around licensing, tax compliance and regulation. They may spend considerable time choosing between costly Big Four consultancies and smaller local advisers lacking cross‑border expertise — leading to delays and added costs, especially when scaling operations.

In response, multinational corporations increasingly seek licensed payment intermediaries to facilitate cash flow, as local banks are not yet offering tailored, direct payment solutions. To fill this gap, 9Pay — a fintech licensed by the State Bank of Việt Nam — has introduced an integrated payments platform that meets international standards while addressing local regulatory needs.

“We do not simply provide a single payment solution, but act as a financial and legal partner that understands the Vietnamese market, accompanying foreign enterprises from payment integration to cash flow optimisation and compliance with regulations, suitable for the business characteristics of each enterprise and financial institution,” said 9Pay’s Sales Director, Lê Tuấn Anh.

This philosophy is embodied in the company's cross‑border remittance service, 9Remit. Using 9Pay accounts as domestic bank accounts allows foreign businesses to operate in Việt Nam without needing to establish a legal entity or obtain a separate licence.

These accounts enable real‑time collections and payments, full tax and legal compliance, and legitimate international transfers.

9Pay’s strengths lie in its speed, flexibility and dual expertise: understanding both global partners' needs and Việt Nam’s complex regulatory framework.

The platform integrates fully with all domestic banks, major international card networks — Visa, MasterCard, JCB, American Express — and global payment providers like Ria Money Transfer and WireBarley.

Technologically, 9Pay processes between 400 and 500 transactions per second, with a peak capacity of 1,000, while maintaining stability. What once took up to 10 business days for international remittance is now T+0 settlement — funds arrive the same day, often within two hours.

Security and compliance are central. 9Pay holds the highest level of PCI DSS certification, employs encryption and biometric authentication and uses AI‑driven fraud detection in real time. These measures have built trust with regulators and partners, an essential foundation for cross‑border operations 9Pay+1.

9Pay has ambitious plans: it aims to double the number of foreign companies it serves within three years and expects at least 30 per cent annual revenue growth from its FDI clients in 2025. It is expanding into advanced cash‑management tools and AI‑powered payment analytics.

As Đà Nẵng emerges as an IFC hub, especially for green finance and fintech, 9Pay has opened a new office there. This underscores its commitment to delivering Vietnamese fintech solutions that support the nation’s broader digital finance strategy.

By leveraging its payment technology and enterprise experience, 9Pay aims to build a modern financial ecosystem — facilitating global capital flows and digital payment services for businesses and communities across central Việt Nam.

Thus, firms like 9Pay are not merely successful startups — they are pivotal to Việt Nam’s aspiration to join Asia’s financial‑centre ranks. While challenges remain, fintech advances allow Việt Nam to leapfrog traditional development stages and integrate directly into the global digital economy.

“Việt Nam has both the demand and the determination. With the right partnerships and infrastructure, fintech will help position our country as a trusted player in the international financial landscape,” said Tuấn Anh.

As the nation charts its long‑term course, 9Pay’s ascent demonstrates that Vietnamese innovation is no longer confined domestically — it is reaching outward, connecting investors, businesses and consumers and helping to shape the foundations of Việt Nam’s financial future. — VNS