Ms. Nguyen Thuy Hanh, CEO and Head of Corporate, Institutional, and Investment Clients at Standard Chartered Vietnam
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First and foremost, the establishment of an international financial center in Vietnam presents a significant opportunity for domestic and foreign businesses and financial institutions. International financial centers are known for offering low operating costs, a clear and flexible legal framework, and a conducive business environment.
Investors who choose to locate their headquarters or trading offices in Vietnam’s international financial center can expect favorable tax policies, simpler legal compliance, and more efficient business operations. Additionally, the range of financial services will be more diverse, including digital banking, digital currencies, commodity index trading, greater freedom in foreign currency trading and business, centralized cash management—which is not commonly found in traditional banks—and commodity trading with more sophisticated risk management tools.
Secondly, in terms of legal compliance costs, if the international financial center is governed by a unified regulatory body, compliance costs and processes will be streamlined and consistent, enabling businesses to expedite transaction processing. Moreover, the flow of funds into and out of this financial center may enjoy greater freedom compared to the regular economic system.
A particular point of interest for investors is the potential adoption of ESG (environmental, social, and governance) standards and regulations such as IFRS (International Financial Reporting Standards). Currently, banks in Vietnam have not fully implemented these standards. By embracing international best practices, the international financial center can offer Vietnamese businesses a significant opportunity to access green capital from domestic and foreign sources to finance sustainable projects in Vietnam and the region.
Regarding the recent US countervailing duty on Vietnam, in April, the US government’s policy shift drew significant international attention. The Vietnamese government promptly responded by actively engaging and negotiating with the US to protect the interests of both countries and their business communities.
Standard Chartered Vietnam swiftly assessed the impact within 24 hours of the US announcement. The bank scrutinized its entire client portfolio in Vietnam and across its international network to identify specific risks and provide timely financial support.
Over the past two months, Standard Chartered Vietnam has been in constant dialogue with its clients to develop scenarios and strategies to navigate the potential tax implications. Fortunately, the first two rounds of negotiations, as well as the third round, have yielded positive signals. The bank’s clients have also been diligent in preparing their strategies and cash flow management, and as of now, no significant risks have been identified.
Throughout this period, clients have proactively developed various response scenarios, moving beyond a passive stance. They have prepared alternatives, such as supply chain adjustments, market diversification, and financial restructuring, to mitigate the impact of potential new tax rates.
– 15:43 06/18/2025
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