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| PM Pham Minh Chinh announces the establishment of the Vietnam International Financial Centre in Ho Chi Minh City. (Photo: VNA) |
Ho Chi Minh City (VNA) – Prime Minister Pham Minh Chinh reaffirmed Vietnam’s firm resolve to build an international financial centre at the launch ceremony of the Vietnam International Financial Centre in Ho Chi Minh City (VIFC-HCMC) on February 11, saying the direction is clear, mechanisms are ready, resources are available, determination is steadfast, and success is within reach.
In his remarks, the PM said the development of an IFC is both an objective requirement and a strategic choice for Vietnam, as well as a concrete step in its development path. The centre is expected to attract and steer capital into priority sectors such as strategic infrastructure, core industries, logistics, green growth and digital transformation, while equipping Vietnamese businesses with modern financial tools to deepen their participation in global value chains. It will also help shift Vietnam’s role from a passive capital recipient to an active contributor to regional and global financial markets.
He stressed that meeting these ambitious goals hinges on three key factors: a legal and institutional framework that outperforms those of other international financial centres; a distinctive and innovative development model capable of creating breakthroughs; and flexible, efficient and effective management.
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| Prime Minister Pham Minh Chinh presents flowers to representatives of agencies under the Vietnam International Financial Centre. (Photo: VNA) |
PM Chinh welcomed early progress in shaping Vietnam’s IFC ecosystem, citing the aviation finance centre, which has mobilised 6.1 billion USD, the emerging maritime finance centre aligned with Vietnam’s logistics advantages, and the fintech and innovation hub attracting cutting-edge digital finance models. He noted that the official launch and operation of VIFC-HCMC’s core institutions lay a solid and essential foundation for sustainable, transparent and secure long-term development.
The PM pointed out that the development of VIFC-HCMC is a complex and challenging task that requires a high level of determination, great effort, and decisive, persistent, and unwavering action, with no room for delay or half-hearted measures.
“The success of the International Financial Centre in Ho Chi Minh City and Da Nang requires the responsibility and collective actions of the entire political system, all people, businesses, and individuals, and organisations,” he affirmed.
To ensure the ultimate goal of success for the Vietnam International Financial Centre in Ho Chi Minh City and Da Nang, PM Chinh said he believes that the Government and central ministries must take decisive actions, assume direct responsibility, conduct regular inspections and monitoring, and resolve difficulties effectively and decisively.
He stressed the need to promptly complete superior institutional frameworks in line with international standards, address legal and administrative procedural hurdles, decentralise powers alongside resource allocation, enhance implementation capacity at lower levels, prioritise resources for digital infrastructure and green financial infrastructure, invest strongly in financial security, use AI and Big Data to monitor risks, and establish strict monitoring mechanisms with quarterly reports on specific indicators, such as the amount of capital attracted, number of participating organisations, and transaction scale.
The Ministry of Justice and the Ministry of Finance will closely coordinate with the Supreme People's Court to ensure an efficient dispute resolution system when the Vietnam International Financial Center begins operation.
Emphasising that the Government will create a stable, transparent, and highly competitive investment environment where all parties can "win together" and "share" common benefits while safeguarding national interests and reputation, the leader stated that the Government will immediately establish an advisory board for the Executive Council, which will include foreign experts.
The PM asked the People's Committees of Ho Chi Minh City and Da Nang to take a pioneering and proactive approach, be bold in their thinking and action, and deliver results with efficiency, with a view to building an International Financial Center with essential, modern, and suitable infrastructure.
Ho Chi Minh City and Da Nang should immediately implement sandbox mechanisms for new financial products, propose breakthrough incentives to attract investments from at least 50 international financial organisations within the first three years, digitise 100% of procedures with competitive costs for investors, and make the Vietnam International Financial Center in these cities a key player in contributing significantly to the nation's development, he said.
Da Nang must coordinate closely, leveraging its advantages to build supplementary centres focusing on maritime finance and logistics, implement strong administrative reforms, and ensure a business environment as attractive as Ho Chi Minh City's.
Both cities should focus on investing in high-quality human resource training, particularly increasing international cooperation in training financial experts and attracting personnel to operate the International Financial Centre, he noted.
The Prime Minister called on the business community, especially domestic enterprises and Vietnamese people abroad, to actively engage in the VIFC development, seeing this as a development opportunity. International investors should immediately fulfill their commitments, expand their presence, transfer financial management technology, and deeply engage in sectors like aviation, maritime, and fintech, he went on.
Vietnamese businesses, especially large groups such as Petrovietnam, EVN, Viettel, VNPT, Vingroup, FPT, Hoa Phat, and banks like Vietcombank, VietinBank, and BIDV, should take the lead, becoming founding members, using the services of the centre to raise international capital, issue green bonds, and manage risks effectively. Small and medium-sized enterprises, especially startups, should boldly participate in the sandbox mechanism, test new products, and collaborate with foreign partners to enhance their competitiveness.
The Government leader said the preparation, development, and launch of the Vietnam International Financial Centre in Ho Chi Minh City and Da Nang represent the "first step" in the journey of developing world-leading financial technology in Vietnam.
He affirmed his belief that the Vietnam International Financial Center in Ho Chi Minh City and Da Nang will gradually assert Vietnam's position on the global financial map and make a substantial contribution to achieving the 2-digit growth target set by the 14th National Party Congress in the coming years, towards realising the 100-year strategic goals.
The centre will develop strongly, becoming a symbol of prosperity, a source of national pride, and contributing to the realisation of the burning aspiration for a rich, strong, prosperous, civilised and happy Vietnam that is steadily progressing towards socialism, he added.
According to the master plan, VIFC-HCMC will span 898 ha across Saigon and Ben Thanh wards and the Thu Thiem New Urban Area. Designed as a ring encircling the Saigon River, the centre will form a concentrated financial and service hub, closely linking the existing downtown area with the city’s eastern urban zone. Its development will rest on four pillars: international capital markets, financial services, digital banking and fintech, and new financial products and services.
At the ceremony, authorities introduced VIFC-HCMC’s key institutions, including its executive authority, specialised court and international arbitration centre. The official VIFC-HCMC website was launched, and certificates were awarded to founding and strategic members.
Representatives of financial institutions, banks and domestic and foreign enterprises voiced strong support and commitment to partnering in the development of VIFC-HCMC, particularly in connecting global capital flows to Vietnam, rolling out financial and banking services, investing in digital transformation, green and inclusive finance, and helping attract capital, talent and technology to ensure fast and sustainable growth.
Chairman of the Ho Chi Minh City People’s Committee Nguyen Van Duoc said the city is determined to develop VIFC-HCMC with the mindset of “thinking differently, acting differently and doing it to the end”. Key priorities include further improving a stable, transparent and predictable institutional framework; promoting focused development while closely aligning financial activities with capital demand in infrastructure, industry, logistics, innovation and green transition; and placing strong emphasis on high-quality human resources and international cooperation, with each development phase tied to clear goals and measurable targets./.
