New Era for Việt Nam’s Financial Sector
In a significant move to transform the nation’s financial landscape, Prime Minister Phạm Minh Chính recently chaired a conference in Ho Chi Minh City to officially launch the implementation of the National Assembly’s Resolution No. 222/2025/QH15 on Việt Nam’s International Financial Centres (IFCs). This landmark resolution, which takes effect on September 1, is set to introduce a series of breakthrough mechanisms specifically designed to support the development of IFCs in both Ho Chi Minh City and Đà Nẵng. The Prime Minister’s direct involvement as the head of the new steering committee for the project underscores the government’s unwavering commitment and clear direction for this initiative. The establishment of these IFCs is a key strategic driver for achieving an ambitious economic growth target of 8.3–8.5 percent for 2025, with an eye towards potential double-digit growth in subsequent years. It is an effort to attract foreign investment, advanced technology, and high-quality talent, which will ultimately elevate Việt Nam’s position in the global value chain for finance and high-end services, thereby boosting the country’s economic development and global competitiveness.
Navigating the Complexities of Financial Modernization
The development of the IFCs is seen as a difficult and unprecedented task that requires a careful and balanced approach. During the conference, the Prime Minister emphasized the need to avoid both haste and “perfectionism,” highlighting the intricate balancing act of ensuring financial freedom while maintaining financial security, and upholding transparency and adherence to international laws. To this end, he has instructed all ministries and central agencies to quickly issue the necessary legal documents to provide Ho Chi Minh City and Đà Nẵng with a solid foundation to establish their executive and supervisory bodies. This directive is a crucial step towards making the IFCs fully operational by the end of 2025, demonstrating the government’s determination to execute the plan efficiently and within a strict timeframe.This phase of development is not just about building physical infrastructure but also about creating a robust legal and regulatory environment that can support a sophisticated financial ecosystem capable of handling complex international transactions and attracting global players.
Laying the Groundwork for Long-Term Success
In preparation for the launch, Ho Chi Minh City and Đà Nẵng have been tasked with preparing resources and favorable conditions to smoothly build their respective IFCs. They are also instructed to actively engage with strategic investors and global financial partners to develop new financial products and policies that align with international standards. The Prime Minister has underscored the importance of learning from the experiences of other countries and continuously improving the institutional framework, noting that success requires adaptability and a forward-thinking mindset. This vision is not limited to short-term gains but is part of a long-term strategic plan to position Việt Nam as a regional financial leader. The ultimate goal, as set forth by the Prime Minister, is for Việt Nam’s IFCs to be ranked among the world’s top 75 financial centers by the end of 2035, a testament to the country’s long-term commitment to becoming a major player in the global financial landscape.
