Investments

Vietnam’s Commitments to Developing an International Financial Center

In a world of constant flux, the World Alliance of International Financial Centers (WAIFC) stands as a beacon of collaboration and stability. Deputy Prime Minister Nguyễn Hòa Bình underscored Vietnam’s unwavering commitment to advancing its International Financial Center through three bold pledges, reinforcing its role as a pivotal player in the global financial landscape.

Administrator

2 October, 2025

Deputy Prime Minister Nguyen Hoa Binh delivers a speech at the World Alliance of International Financial Centers (WAIFC) Annual Conference – Photo: VGP/Nguyen Hoang

During his working visit to the Federal Republic of Germany, Deputy Prime Minister Nguyen Hoa Binh attended and addressed the World Alliance of International Financial Centers (WAIFC) Annual Conference on the afternoon of September 29th (local time).

The conference was attended by leaders from over 30 WAIFC member International Financial Centers, an organization that plays a crucial role in fostering extensive cooperation among global financial hubs. This marks the first time Vietnam has participated in the WAIFC Annual Conference, following the National Assembly’s Resolution No. 222/QH15 on the establishment of an International Financial Center in Vietnam (June 2025).

Swiftly Transforming Political Will into Concrete Actions

Expressing his delight at attending the conference in Frankfurt, one of Europe’s and the world’s most significant economic and financial centers, Deputy Prime Minister Nguyen Hoa Binh shared that after study tours to learn from the development of financial centers in several European countries, Vietnam has swiftly transformed its political will into concrete actions, with urgency and a strong spirit of innovation.

The National Assembly of Vietnam has issued a resolution to establish an International Financial Center, aiming to create a comprehensive, modern, and globally connected financial ecosystem. This decision seeks to attract capital for strategic breakthroughs: building a comprehensive and advanced legal framework, developing synchronized and modern economic infrastructure, and attracting high-quality human resources. It also aims to create a new policy implementation zone and governance model that is flexible, compatible with globalization requirements, and digital transformation trends.

The government is committed to building a comprehensive legal foundation, from financial policies, taxation, foreign exchange management, and banking to international standard dispute resolution mechanisms, ensuring absolute confidence and trust for investors.

Concurrently, two Vietnamese cities, Ho Chi Minh City and Da Nang, have proactively studied and learned from various international financial centers. Most recently, in the UAE, the two cities signed official cooperation memorandums with the Abu Dhabi International Financial Center, focusing on sharing experiences in building and developing financial centers, perfecting legal tools, and particularly training human resources.

Vietnam has introduced preferential policies to attract international experts, sending talented personnel for training at prestigious financial centers, and commissioning domestic universities to implement training programs with the participation of international lecturers.

Deputy Prime Minister Nguyen Hoa Binh also extended his gratitude to professors from Goethe University, Frankfurt, for their close cooperation with the Vietnamese-German University in successfully organizing specialized training courses on financial centers. He emphasized, “As of today, the management and operational apparatus for the Financial Center in Ho Chi Minh City and Da Nang has been thoroughly prepared and is ready to operate, welcoming global partners.”

Unique Advantages for Building a Successful Financial Center

Deputy Prime Minister Nguyen Hoa Binh affirmed that Vietnam not only has the potential but also unique advantages for building a successful Financial Center.

Deputy Prime Minister Nguyen Hoa Binh affirmed that Vietnam not only has the potential but also unique advantages for building a successful Financial Center – Photo: VGP/Nguyen Hoang

These advantages include Vietnam’s pride as a politically stable nation with a healthy and safe living and investment environment, a multilateral and open foreign policy, and being a trusted friend and partner of the international community. This forms a solid foundation for all long-term investment decisions.

Additionally, the Vietnamese government is committed to building a service-oriented administration, always accompanying, listening to, and supporting the business community. Vietnam is implementing a comprehensive reform, reorganizing administrative boundaries, streamlining government apparatus, promoting administrative reforms, and reducing at least 30% of administrative procedures and 30% of compliance costs, creating an open, transparent, and friendly investment environment.

Vietnamese people are diligent, eager to learn, and have a strong aspiration to rise above challenges, recognized by the World Intellectual Property Organization (WIPO) as one of the nine middle-income countries with the fastest improvement in innovation rankings since 2013. The younger generation quickly absorbs advanced knowledge and experiences, ready to work wholeheartedly for development, serving as a crucial workforce for developing high-tech financial services.

Vietnam boasts a solid macroeconomic foundation, supporting the success of the International Financial Center. Despite facing numerous global challenges, Vietnam has controlled inflation, with a GDP growth rate of 7.52% in the first half of 2025, the highest in 15 years; the economy is expected to exceed $510 billion this year, and high-quality FDI continues to increase.

Entering a new era with the goal of rapid and sustainable growth, the demand for economic infrastructure investment such as airports, seaports, high-speed railways, renewable energy, and digital infrastructure requires significant financial resources. Therefore, establishing an International Financial Center is considered a breakthrough step at present.

Furthermore, although Ho Chi Minh City has only naturally developed and has not been invested in according to a systematic strategy, it has been recognized as a financial center, ranking 98th out of 119 cities in the Global Financial Centers Index (GFCI) in March 2025, up 7 places. This serves as an initial basis for Vietnam to continue developing its financial center.

Vietnam has taken steps to embrace digital financial trends. According to Chainanalysis (September 2025), Vietnam is among the top four countries in crypto acceptance, with a prevalence rate 3 to 4 times higher than the global average; over 17 million Vietnamese are involved in cryptocurrency transactions, with an annual transaction value exceeding $100 billion. Vietnam aims for its International Financial Center to be an advanced “sandbox,” a hub for developing future financial products.

Vietnam’s Commitments in Developing the International Financial Center

Deputy Prime Minister Nguyen Hoa Binh emphasized that in a world full of volatility, the role of WAIFC is like a lighthouse guiding cooperation and stability. The Alliance is not only a connector but also a center of knowledge, a strategic architect, and a guardian of global financial connectivity.

The Alliance plays a crucial role in ensuring healthy competition among financial centers, promoting the spread of best financial practices, encouraging innovation, and developing responsible and ethical finance, contributing to building a sustainable, inclusive, and secure global economic system.

For a new financial center like Vietnam, the Alliance is an indispensable guide, a source of profound knowledge, and a gateway to integration into the international community.

At this important forum, Deputy Prime Minister Nguyen Hoa Binh affirmed three strong commitments of Vietnam in developing the International Financial Center.

Specifically, first, Vietnam commits to building a transparent, modern legal system, compatible with the best international standards and practices; the safety and trust of investors are Vietnam’s top priority. Simultaneously, Vietnam will actively coordinate and connect with international financial centers and leading stock exchanges to enhance the attractiveness and liquidity of financial products and services in Vietnam.

Second, Vietnam will develop and implement specific, superior, and highly competitive preferential policies, including mechanisms for taxes, fees, administrative procedures, and flexible operations, to make the International Financial Center in Vietnam an attractive and distinctive destination.

Third, Vietnam aims to create a safe, healthy, world-class living and working environment, with high living standards and modern social infrastructure, to attract and retain the best financial talents.

“With the cooperation philosophy of ‘Together We Build – Together We Win – Together We Enjoy,’ we not only invite you to invest but also wish for you to become strategic partners in our journey towards shared prosperity. We also hope that the Financial Center in Ho Chi Minh City and Da Nang will be welcomed and soon become official members, making significant, dynamic, and positive contributions to the goals and development of the WAIFC family,” stated Deputy Prime Minister Nguyen Hoa Binh.

Nhat Quang

– 13:25 01/10/2025