The Prime Minister’s Command: ‘Victory is Non-Negotiable’

On August 2nd, Prime Minister Pham Minh Chinh attended a conference in Ho Chi Minh City to deploy the National Assembly’s resolution on establishing an International Financial Center in Vietnam.

At the conference, leaders of ministries and sectors presented the fundamental contents of Resolution No. 222/2025 on the International Financial Center in Ho Chi Minh City. They also announced the Prime Minister’s decision to establish a National Steering Committee for the International Financial Center in Vietnam and the issuance of an action plan for its development.

Leaders of Ho Chi Minh City and Da Nang outlined specific tasks to implement the National Assembly’s resolution and the Steering Committee’s action plan. Representatives from enterprises and international partners reaffirmed their strong commitment to accompanying and participating in the realization of the goal to establish an International Financial Center in Vietnam.

International Financial Center to Commence Operations on September 1st, 2025

In his speech, Prime Minister Pham Minh Chinh emphasized that establishing and developing an international financial center is a crucial driver for attracting financial resources and is in line with global trends and practical demands. He asserted the determination to succeed in this endeavor.

The Vietnamese Government, National Assembly, and Prime Minister recognize that the establishment of an international financial center will contribute to a strategic breakthrough in institutions and policies. It will involve the creation and application of numerous specific mechanisms and policies in the coming years, with continuous improvements. This crucial decision aims to unlock resources, promote a shift in the growth model associated with economic restructuring, and elevate Vietnam’s position in the global financial, investment, and high-end service value chain.

The Prime Minister also highlighted the strategic and comprehensive benefits of a successful international financial center, underscoring its importance in helping Vietnam achieve its grand objectives.

The Head of the Government stated that Ho Chi Minh City and Da Nang are among the region’s most dynamic and innovative cities, endowed with solid fundamental factors and strategic advantages.

To successfully establish the International Financial Center in Vietnam, the Prime Minister emphasized the need to embody a high determination, great efforts, breakthrough actions, resoluteness, and effectiveness. He stressed the importance of “only discussing how to do it, not whether to do it,” “thinking broadly and acting boldly,” completing tasks thoroughly, learning and gaining experience along the way, gradually expanding, avoiding perfectionism and haste, valuing wisdom, saving time, and making decisive judgments when necessary.

The Prime Minister pointed out that internal resources are fundamental, strategic, long-term, and decisive, while external resources are essential, breakthrough, and constant. He emphasized that “resources stem from thinking, motivation from innovation, and strength from the people and businesses,” concluding with the determination to “succeed.”

Prime Minister Pham Minh Chinh informed that, under the guidance of the Politburo and General Secretary To Lam, and with a strong and innovative mindset, decisive but sure actions, and a determination to succeed, the Government, ministries, sectors, and the authorities of Ho Chi Minh City and Da Nang have actively implemented the National Assembly’s Resolution 222. They have focused on constructing and issuing guiding documents and preparing the necessary infrastructure and resources to establish the international financial center.

Central ministries and sectors have been working closely with the two cities to develop government decrees on the establishment and special mechanisms and policies for financial and foreign exchange products and dispute resolution at the international financial center. These efforts aim to ensure that the center can immediately commence operations when the Resolution takes effect on September 1st, 2025.

Additionally, the Prime Minister mentioned the “quadruple pillar” resolutions issued by the Politburo, which are well-aligned and conducive to the development of the International Financial Center. These resolutions boost confidence, motivation, and excitement among investors.

A Hub for Capital, Progressive Ideas, and Innovative Thinking

Moving forward, to continue implementing the National Assembly’s resolution on the International Financial Center in Vietnam, the Prime Minister proposed that levels, sectors, and localities unify their perception and strictly adhere to several key directives.

Firstly, establishing the International Financial Center is a breakthrough in institutions, policies, and resource mobilization.

Secondly, institutions are pioneering, infrastructure is foundational, and human resources are pivotal.

Thirdly, there must be a balance between financial freedom and sustainable financial safety. While financial freedom is essential, attractive, and foundational for inspiring creativity and generating resources, financial safety is a fundamental principle that cannot be overlooked.

The Prime Minister requested that central ministries and sectors promptly construct guiding documents to provide Ho Chi Minh City and Da Nang with a legal basis for establishing governing and supervisory agencies. He also emphasized the importance of close collaboration with financial organizations in Vietnam and internationally and policy consultations based on international experience.

Regarding Ho Chi Minh City and Da Nang, the Prime Minister instructed them to allocate resources and prepare fundamental conditions and conveniences, including institutions, human resources, living environments, and ecosystems, to develop the International Financial Center. Additionally, they should mobilize the state budget and domestic and foreign resources to invest in infrastructure serving the center’s establishment and operation.

Furthermore, the two cities should approach and attract strategic investors, financial institutions, banks, and investors to participate and invest in the local financial centers. They should also maintain and expand cooperation with domestic and international partners in the financial sector, jointly develop new financial services and products, and establish mechanisms, policies, and superior incentives.

The Prime Minister acknowledged that establishing an international financial center is a novel, challenging, and sensitive endeavor without precedent in Vietnam. However, we cannot afford to wait for all conditions to be met before taking action. Instead, we will create the necessary conditions, build capabilities, draw lessons, and innovate to succeed.