The Ministry of Finance’s portal has just published a draft decree on the establishment of an International Financial Center.
According to the draft decree, the International Financial Center is established with the aim of strongly promoting emerging fields, in line with current international financial trends, including financial innovation based on technology, the development of green finance, future financial products, and allowing financial institutions to experiment with services that the financial market outside the International Financial Center has not yet regulated or has regulations but no implementation guidelines.
Accordingly, the International Financial Center is located in Ho Chi Minh City and Da Nang with different functions and tasks.
International Financial Center in Ho Chi Minh City
According to the draft decree, the development orientation of the International Financial Center in Ho Chi Minh City is to promote the concentrated participation of financial resources, technology, and human resources of organizations, financial institutions, banks, and large investment funds towards an industry cluster to become an International Financial Center that provides specialized financial services, exploiting the synergistic and mutually beneficial effects of various financial services and other supporting services such as capital mobilization, investment, savings, payment, and financial product issuance.
The financial center in Ho Chi Minh City focuses on developing the capital market associated with asset management services, fund management, insurance, financial products, financial derivatives; the banking system, monetary market products; the sandbox mechanism for Fintech, innovation in the financial sector; establishing specialized exchanges, new trading platforms; commodity markets, Commodity Exchange, commodity derivatives, connecting with physical commodity markets in the country and internationally; regional supply chain services, logistics center, transportation and port services.
International Financial Center in Da Nang
The International Financial Center in Da Nang, according to the draft decree, will focus on developing green finance, commercial finance serving small and medium-sized enterprises, innovative startups, non-resident organizations and individuals (offshore financial services), cross-border trade activities associated with Free Trade Areas, high-tech parks, open economic zones, and industrial parks.
Experimenting with controlled models such as digital assets, digital money, digital payments and remittances; establishing new trading floors and platforms.
Attracting investment funds, remittance funds, small and medium-sized fund management companies; promoting the development of startups providing financial solutions for consumption, tourism, trade, and logistics, and linking them with services in the Free Trade Area; supporting, consulting, and developing related legal services.
The International Financial Center in Vietnam in Da Nang will strongly focus on innovation and the application of strategic technologies such as artificial intelligence, cloud computing, quantum technology, big data, and blockchain… to create a competitive advantage.
Attract large investors, developers, startups, and global technology experts to live, work, and create outstanding value in Da Nang thanks to a friendly, characteristic living and working environment, high-quality services, security, safety, and transparent governance.
Phan Trang
“Vice-Prime Minister Ho Duc Phoc Leads a Meeting with Ministries on Crucial Matters Concerning the Securities Law”
Vice Prime Minister Ho Duc Phoc gave specific instructions regarding the following matters: Maximum foreign ownership ratio; commercial banks acting as clearing members in the underlying securities market, central counterparty (CCP) clearing mechanisms; financial institutions guaranteeing bonds; and trading accounts.
The City of Dreams: Unveiling 22 New Projects with 20,000 Social Housing Units
By the end of 2025, Ho Chi Minh City is set to complete an additional 6,300 social housing units. The city plans to grant construction permits for 22 social housing projects, totaling approximately 20,000 apartments.
The Birth of a New Administrative Hub: A Home for 7,000 Civil Servants in Ho Chi Minh City
The Ho Chi Minh City People’s Committee has proposed the city’s new administrative center be built on the central lake area of the Thu Thiem New Urban Area. With construction slated to begin in early 2026, this ambitious project will serve as a pivotal landmark for the city’s administrative functions.
The Devastating Floods: A Costly Rescue Mission for Ho Chi Minh City
“The notorious flooding site along National Highway 13, near the Suoi Giua toll station, is finally getting the attention it deserves. The Ho Chi Minh City administration has allocated a substantial budget of over VND 3,000 billion for a much-needed drainage project named ‘Suoi Giua – Bung Cau Drainage Axis.’ This ambitious undertaking aims to eradicate the perennial flooding that has plagued this stretch of road for far too long. With this initiative, drivers can soon look forward to smoother and safer journeys, even during the rainy season.”
“MSB – 34 Years of Innovation: Leading the Charge for Vietnamese Banking in the Digital Age.”
As Vietnam’s first joint-stock commercial bank, the Vietnam Maritime Commercial Joint Stock Bank (MSB) has consistently remained at the forefront of innovation over the past 34 years, anticipating trends to meet the evolving needs of its customers.
