Deputy Prime Minister Nguyen Hoa Binh chaired a meeting with leaders of several ministries and sectors regarding the draft Decree on the establishment of an International Financial Center in Vietnam – Photo: VGP/Nguyễn Hoàng
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On the afternoon of October 22, Deputy Prime Minister Nguyen Hoa Binh chaired a meeting with leaders of various ministries, sectors, and Ho Chi Minh City, Da Nang regarding the draft Government Decree on the establishment of an International Financial Center in Vietnam.
This Decree, led by the Ministry of Finance, is one of eight decrees assigned by the Steering Committee for the International Financial Center in Vietnam to various ministries and sectors to implement Resolution No. 222/2025/QH15 of the National Assembly. Specifically, the Ministry of Finance is responsible for drafting two decrees, while the State Bank of Vietnam, the Ministries of Industry and Trade, Home Affairs, Agriculture and Environment, Justice, and Public Security will each draft one decree.
Deputy Minister of Finance Nguyen Thi Bich Ngoc stated that, in accordance with the Law on Promulgation of Legal Documents and related guidelines, the Ministry of Finance has solicited opinions from ministries, sectors, and two localities (Ho Chi Minh City and Da Nang) on the draft Decree. Additionally, the Ministry of Finance has submitted a document to the Ministry of Justice seeking appraisal of the proposal to draft the Decree and organized meetings and workshops to gather further input to refine the draft Decree.
Based on the appraisal from the Ministry of Justice and relevant units, the Ministry of Finance has supplemented, revised, and finalized the draft Decree, submitting it to the Government via Report No. 722/TTr-BTC dated October 13, 2025. During the meeting, leaders of ministries, sectors, and the two localities provided feedback on the contents of the draft Decree, particularly on the Ministry of Finance’s proposal regarding the legal status of the management and supervisory bodies of the International Financial Center.
Deputy Chairman of the Ho Chi Minh City People’s Committee Nguyen Van Dung noted that during the drafting process of the decrees, the city’s Working Group has actively contributed to refining the drafts. Once all eight draft decrees are available, Ho Chi Minh City and Da Nang will organize sessions to gather expert opinions.
Mr. Dung emphasized that the selection of the International Financial Center model must attract investor interest, “to get them to engage with us.” The overarching model should be centrally governed, with the Government and the Prime Minister overseeing the organization of the financial center’s “playground.” He also proposed the establishment of a management body and a supervisory body.
Concluding the meeting, Deputy Prime Minister Nguyen Hoa Binh requested the Ministry of Finance to incorporate the feedback from the meeting and continue seeking expert opinions, particularly from international experts, to enhance the draft Decree. He stressed that the most critical issue is the organizational model of the International Financial Center, which must be informed by international perspectives.
The Deputy Prime Minister also provided specific feedback on the proposed options for the supervisory body, management body, and dispute resolution body within the International Financial Center in Vietnam, analyzing the functions, tasks, advantages, and limitations of each option proposed by the Ministry of Finance.
Furthermore, Deputy Prime Minister Nguyen Hoa Binh instructed ministries, sectors, and especially Ho Chi Minh City and Da Nang to continue providing input on the contents of all eight decrees. The Ministry of Finance and relevant sectors are to incorporate reasonable feedback from participating agencies. Ho Chi Minh City is to carefully draft the operational regulations for the International Financial Center, seek input from Da Nang, the Ministry of Finance, and the Ministry of Justice, and finalize it for Government issuance.
– 08:52 23/10/2025
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