Viet Nam sets up Executive Council for International Financial Center

The Council shall be headed by Standing Deputy Prime Minister Nguyen Hoa Binh, who is assisted by Minister of Finance Nguyen Van Thang, Governor of the State Bank of Viet Nam Nguyen Thi Hong, Chairman of Ho Chi Minh City People's Committee Nguyen Van Duoc and Chairman of Da Nang City People's Committee Pham Duc An as deputy heads.

Members of the Council include Deputy Minister of Justice Nguyen Thanh Tinh, Deputy Minister of Home Affairs Nguyen Manh Khuong, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan and Deputy Minister of Agriculture and Environment Nguyen Hoang Hiep.

* On December 19, the Government promulgated a Decree on the establishment of the IFC, which consists of seven chapters and 23 articles.

The Decree shall be aplicable to members of the IFC, investors, organizations and individuals involving in investment and business activities and dispute resolution within the IFC; executive, supervisory, and dispute resolution bodies of the IFC; and other relevant agencies, organizations, and individuals.

The Decree stipulates that the IFC is a unified legal entity operating in both Ho Chi Minh City and Da Nang City.

All standards, regulations, procedures, rules, operational forms, and licensing criteria within the IFC are issued in a unified manner and applied simultaneously in both cities.

In Ho Chi Minh City, the IFC is designed to provide traditional and specialized financial services and leverage the advantages of financial services such as capital mobilization, investment, payments, issuance and trading of financial products, asset management, technology-enabled financial services (fintech), green finance, and other financial services.

In Da Nang City, the IFC is envisioned to provide testing environment for new financial models; pioneer in deployment and expansion of digital asset products, digital payments, specialized trading platforms and exchanges, among others./.