The Ministry of Finance is drafting a decree on the establishment of international financial centers with 5 chapters and 27 articles.
Controlled experimentation with digital assets and digital currencies
Notably, the draft proposes that the international financial center in Danang will experiment with controlled models, including digital assets, digital currencies, digital payments, and remittances. It will also involve the establishment of new trading platforms and exchanges.
On the other hand, the center in Ho Chi Minh City will focus on developing the capital market in conjunction with asset management, fund management, insurance, financial products, and derivatives.
The international financial center in Ho Chi Minh City aims to attract concentrated financial resources, technology, and human capital from financial organizations, institutions, banks, and large investment funds.
The goal is to form an interconnected cluster and become a hub for specialized financial services, harnessing the synergistic and mutually beneficial effects between financial services and supporting services such as capital raising, investment, savings, payments, and financial product issuance.
The center will focus on developing the capital market, asset management, fund management, insurance, financial products, and derivatives; the banking system and money market products; a regulatory sandbox for Fintech; and innovation in the financial sector.
The Ministry of Finance proposes the establishment of specialized exchanges and new trading platforms, the development of commodity markets, commodity exchanges, and derivatives, connecting with domestic and international physical commodity markets, and the formation of regional supply chain services, logistics centers, and port transportation.
The international financial center in Danang will focus on green finance, commercial finance for small and medium-sized enterprises, innovative enterprises, and non-resident organizations and individuals.
Cross-border commercial activities will be linked to free trade areas, high-tech parks, open economic zones, and industrial parks.
The center will also experiment with controlled models, including digital assets, digital currencies, digital payments, and remittances. It will attract investment funds, remittance funds, and small and medium-sized fund management companies, and encourage the development of startups providing financial solutions for consumption, tourism, commerce, and logistics related to free trade areas, along with supporting activities, consulting, and legal services.
The Ministry of Finance proposes that the Danang center prioritize innovation and the application of strategic technologies such as artificial intelligence (AI), cloud computing, quantum computing, big data, and blockchain to create a competitive advantage. It aims to attract large investors, developers, startups, and global-thinking technology experts to live and work, creating exceptional value…
The Ministry of Finance proposes controlled experimentation with digital assets and digital currencies at the international financial center in Danang, while the Ho Chi Minh City center focuses on capital market development. Image: AI |
Comprehensively addressing procedural obstacles for businesses
Additionally, the draft proposes that the People’s Committees of the two cities allocate land funds for the construction of independent international financial centers with suitable transportation and technological infrastructure.
To address the shortcomings in procedures and the business environment, the draft decree proposes a solution in the form of a “one-stop-shop” model.
Specifically, the managing body of the international financial center, established by the decision of the People’s Committee, has the function of state management and direct administration of all activities and independent authority within its scope.
At the same time, a Member Registration and Recognition System will be developed, connected to the National Business Registration System, to simplify administrative procedures for investors as much as possible.
Regarding the supervisory body, the Ministry of Finance has proposed two options. The first option is to establish an independent supervisory body to oversee the activities of the international financial centers in both Ho Chi Minh City and Danang.
The headquarters would be located in one of the two cities, and the personnel would be drawn from the supervisory units of the State Bank, SSC, and relevant agencies to ensure unity and reduce intermediary layers.
The second option is to establish a supervisory body at each center. The inspection, supervision, and audit results will be reported to the supervisory bodies of the State Bank, SSC, and relevant agencies for monitoring.
On this issue, the Ministry of Finance requested opinions from the State Bank, the People’s Committees of Danang and Ho Chi Minh City, and the Ministry of Home Affairs on the organizational structure and allowances for the leaders of the Management Board.
The proposed registration procedure for membership in the international financial center is very simple. Investors can register through the electronic portal, postal services, or directly.
MINH TRUC
– 06:14 16/08/2025
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