Lawmakers approve Resolution on International Financial Center
VGP - The National Assembly (NA) on Friday approved a resolution on the establishment of an International Financial Center (IFC) in Viet Nam.
Viet Nam will build a financial centre in Ho Chi Minh City and another in Da Nang City
The resolution, which consists of six chapters and 35 articles, shall take effect on September 1, 2025.
It provides a comprehensive legal framework for the establishment, operation, governance, oversight, and implementation of special mechanisms and policies for Viet Nam's IFC.
IFC will be developed in both Ho Chi Minh City and Da Nang, following a unified model for operation, supervision, and governance.
Each city will develop financial product strategies tailored to its strengths, while ensuring balance, fairness, and mutual complementarity. The IFC aims to boost Viet Nam's role in the global financial network and serve as a key driver of economic growth.
The center will also act as a platform for promoting sustainable finance, advancing green financial products, and mobilizing capital for energy transition and green development initiatives. It will operate in line with advanced international standards, connect with major global financial markets, and enhance integration between domestic and international exchanges. The IFC is expected to attract capital flows and encourage innovation, particularly in financial technology.
In addition, the IFC will focus on building a highly skilled workforce by attracting both domestic and international financial professionals. It also seeks to create a business-friendly and livable environment for global investors and experts.
The development of the IFC must ensure a balance among the interests of the State, investors, and the public, while maintaining financial security, economic stability, political order, and social safety.
Special mechanisms and policies
The resolution outlines a range of special mechanisms and policies in key areas, including: Foreign exchange and banking operations; capital markets and tax incentives; social security and employment; land use, construction, and environmental management, controlled pilot frameworks for fintech and innovation, strategic investor incentives and infrastructure development, trade and service regulations, including import/export, distribution, and service fees Dispute resolution in investment and business activities.
English will be the official working language of the IFC, either solely or accompanied by Vietnamese translation. All regulations and internal rules will be published in both English and Vietnamese.
Viet Nam is laying the legal, institutional, and physical foundations to create a globally comparable financial center which is expected to serve as major drivers for capital flow, innovation, green finance, fintech, and international integration, aligned with Viet Nam’s vision to shift up the global value chain./.
