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Establishing an International Financial Center in Vietnam: Local Communities and Investors Alike Are Ready.

5 August, 2025

The conference on the implementation of the National Assembly’s Resolution on the
International Financial Center (IFC) in Vietnam was held in Ho Chi Minh City on August 2,
2025, and was chaired by Prime Minister Pham Minh Chinh – Photo: VGP

Speaking at the conference on implementing the National Assembly’s Resolution on the
International Financial Center (IFC) in Vietnam (Resolution 222/2025/QH15), held in Ho Chi Minh
City on August 2, 2025, and chaired by Prime Minister Pham Minh Chinh, leaders of Da Nang and Ho
Chi Minh City shared that the two localities have actively coordinated with central ministries
and agencies and made thorough preparations for the establishment and operation of the IFC in the
near future.

Da Nang: Infrastructure and investment attraction roadmap for IFC

Nguyen Van Quang, Secretary of the Da Nang Party Committee, said that Da Nang has developed and
issued Plan No. 671 to synchronously implement the Resolution, clearly defining the tasks,
implementation roadmap, and responsibilities of each agency and unit in advising and organizing the
implementation of solutions for the IFC in Da Nang in line with the Government and the Prime
Minister’s directions.

Accordingly, Da Nang has established the Advisory Council for the IFC in Vietnam with 18 members
who are representatives of central ministries, sectors, and localities, including international
experts in finance and fintech. Da Nang has also set up a preparatory committee and a management
body for the IFC to advise and prepare the necessary conditions in terms of infrastructure,
organizational structure, and other requirements for the IFC’s operation.

Nguyen Van Quang, Secretary of the Da Nang Party Committee, said that the city has
prepared the infrastructure and investment attraction roadmap for the IFC – Photo: VGP

Following the issuance of the National Assembly’s Resolution, the city is working urgently with
the Ministry of Finance to build a decree on the establishment of the IFC. It aims to submit the
draft decree to the Prime Minister for consideration and issuance in September 2025.

In terms of infrastructure, Da Nang has proactively planned a strategic land fund, ensuring a
convenient location in the city center and connectivity between the IFC and Da Nang International
Airport within a radius of about 5 kilometers.

Initially, a 22-story building in Software Park No. 2, with a usable area of 27,000 square meters,
can be put into use by the end of 2025.

In the period of 2025-2027, the city will focus on promoting and attracting investment in
infrastructure and developing a financial ecosystem in a clean land area of 6.17 hectares that meets
international standards. Many investors have already expressed their interest in developing
infrastructure in this area. In addition, the city has prepared a land fund of 11.6 hectares to form a
digital financial center adjacent to Software Park No. 2.

At the same time, Da Nang is actively implementing a project to form a National Dynamic Urban Area
with five artificial islands spanning 1,500 hectares. This area aims to create an international
urban space that is green, smart, and ecological, including 300 hectares allocated for the
development of financial and commercial services and digital finance, connected to the city’s high-tech
park and free trade zone.

Regarding digital infrastructure, the city is promoting investment in many information technology and
innovation infrastructure projects and attracting FDI projects in the fields of semiconductors and AI.

In terms of human resources, Da Nang has proactively built policies to train and develop high-quality
human resources to meet the needs of the IFC. The city has also sent officials to study and train at
leading international financial centers to gain expertise and experience, and has established financial
mechanisms to attract talented professionals and international experts with extensive experience to work
in the IFC in Da Nang. The city is determined to build a professional team with international
experience as a foundation for the development of the IFC in Da Nang.

In terms of investment promotion and cooperation, Da Nang has been actively cooperating with strategic
international partners, including banks, investment funds, blockchain centers, and major financial
institutions worldwide. In August 2025, Da Nang will host the Annual Finance Forum 2025, contributing
to the formation and expansion of bilateral cooperation between Vietnam and the international
community in the financial sector. Da Nang aims to position itself as a center for digital finance,
industry, blockchain, and emerging financial centers globally.

Ho Chi Minh City focuses on six key solutions

Nguyen Van Duoc, Chairman of the Ho Chi Minh City People’s Committee, said that following the
directions of the Politburo, the Government, and the Prime Minister, the Ho Chi Minh City Party
Committee has issued a decision to establish a Steering Committee for the development of the IFC in Ho
Chi Minh City. The People’s Committee has also issued a plan to implement the conclusions of the
Politburo and the Resolution of the Government.

Chairman Nguyen Van Duoc shared six key solutions and action plans that Ho Chi Minh City is focusing
on:

First, organizing propaganda and education to raise awareness and create consensus within the entire
political system and the support of the people.

Second, building and implementing specific mechanisms and policies for the IFC in Vietnam as issued by
the National Assembly.

Third, concentrating resources to build the necessary infrastructure and space for the operation and
development of the IFC. Ho Chi Minh City has prepared an area of about 10 hectares in the center of the
modern Thu Thiem Urban Area, befitting the stature of the IFC. Initially, the city has chosen the
building at 8 Nguyen Hue Street, Saigon Ward, as the headquarters of the Ho Chi Minh City IFC during
the construction and completion of the IFC in Thu Thiem.

Fourth, developing financial services and capital markets, prioritizing green and digital financial products.

Fifth, preparing and training human resources to manage and operate the IFC. Ho Chi Minh City has
prepared a leadership team and organizational structure consisting of four departments and is in the
process of recruiting talented professionals with expertise and experience in finance and securities.
The city is also cooperating with the Vietnam-Germany University to train human resources and then send
them to leading international financial centers to gain practical experience before returning to work
in Ho Chi Minh City.

Sixth, promoting investment and international cooperation and promoting the brand of the IFC. In August
2025, Ho Chi Minh City will sign memoranda of understanding with two reputable international
financial centers.

International financial institutions and investors are excited about the upcoming IFC in
Vietnam – Photo: VGP

International financial institutions and investors await the IFC in Vietnam

Sharing at the conference, Johan Nyvene, Chairman of the Board of Directors of Ho Chi Minh City
Securities Corporation (HSC), emphasized that the establishment of the IFC creates a new momentum for
development, a “Renovation 2.0” for Vietnam, and will make significant contributions to the country’s
economy.

Mr. Johan Nyvene said that while many countries are still pondering their development direction,
Vietnam has chosen its unique path with a focus on the development of the digital economy and
high-tech industries. The IFC is expected to attract talented individuals in fields such as
technology, artificial intelligence, and encrypted assets.

“HSC is committed to being a bridge for financial funds, international investors, and financial
institutions to participate in the IFC in Vietnam, especially in Ho Chi Minh City. Enterprises and
financial institutions are eagerly awaiting and highly anticipating the establishment of the IFC in
Vietnam,” shared the Chairman of HSC.

Mr. Pham Hong Hai, General Director of OCB Bank, shared that the establishment of the IFC is an
inevitable development as Vietnam attracts more foreign investment. In the future, Vietnam will have
many significant opportunities as more global factories are expected to invest in the country.
Providing comprehensive financial services will be essential in this process.

However, Mr. Hai also acknowledged that there would be challenges as Vietnam is a latecomer in this
field. Therefore, identifying competitive advantages is crucial. “Vietnam can take the lead in digital
solutions, green finance, and providing financial support for startups, outpacing other financial
centers,” he suggested.

Mr. William Lawrenson, Deputy Consul General of the United Kingdom in Ho Chi Minh City, affirmed that
Vietnam has set clear goals for the IFC in Da Nang and Ho Chi Minh City, focusing on mobilizing
resources for green growth and digital finance.

The United Kingdom has been a trusted partner of Vietnam and has actively supported the country in
training and consulting for the establishment and operation of the IFC in Vietnam. British financial
institutions and investors are present in Vietnam and are ready to increase investment in the IFC,
creating a premise for stronger cooperation between the two countries.

Han Dong

– 14:29 02/08/2025