HÀ NỘI — Prime Minister Phạm Minh Chính has instructed ministries and local authorities to accelerate preparations so that Việt Nam’s International Financial Centre (IFC) can begin operations by November 2025.

In a directive just signed, the Prime Minister called the IFC a “new and complex task” that requires strong determination, effective coordination, and measurable results. The centre will be developed simultaneously in HCM City and Đà Nẵng as part of Việt Nam’s broader financial reform and digital transformation strategy.

Under the plan, the Ministry of Finance will work with other ministries and local governments to finalise a set of decrees guiding the implementation of National Assembly Resolution 222/2025/QH15, issued on June 27 this year, on the establishment of the IFC. These legal documents, expected to be submitted to the Government by mid-November, will define the centre’s governance structure, regulatory framework, and operating principles.

The proposed model includes a national steering committee headed by the Minister of Finance, the central bank governor, other key officials, and the leaders of HCM City and Đà Nẵng, supported by one executive body overseeing two branches – one in HCM City and another in Đà Nẵng – along with a supervisory agency to set common standards and an international dispute resolution mechanism.

The IFC is envisioned to operate on a digital and AI-driven platform, ensuring high transparency, competitiveness, and open access for both domestic and foreign participants. It will allow full integration among banking, finance, investment, and trade activities while maintaining regulatory oversight aligned with global standards.

 

The Government will also simplify administrative procedures for licensing and registration, replacing unnecessary pre-licensing approvals with stronger post-licensing monitoring systems.

The legal framework will be designed to match international norms, clearly separating domestic and offshore activities while allowing cross-border cooperation and technology transfer, especially in financial management and smart governance.

HCM City and Đà Nẵng authorities are tasked with creating the most favourable working and living conditions for international investors and experts, including benefits in healthcare, insurance, education, and culture. They are also required to prepare physical and digital infrastructure to enable the IFC to go live as early as November 2025.

Local governments must identify and nominate qualified professionals – both domestic and foreign – to work at the centre by November 20, and publicly announce investment incentives to attract global financial institutions and fintech firms.

The Government Office will monitor progress and report directly to the Prime Minister, while Deputy Prime Minister Nguyễn Hoà Bình will oversee coordination and resolve emerging issues.

The IFC is expected to serve as a key platform for global capital flows, financial innovation and digital finance development, supporting Việt Nam’s ambition to become a regional financial hub. — BIZHUB/VNS