Deputy Prime Minister Nguyen Hoa Binh
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This information was reported by Deputy Prime Minister Nguyen Hoa Binh regarding several issues in the drafting of decrees related to the International Financial Center in Vietnam.
Implementing the National Assembly’s Resolution on the International Financial Center in Vietnam, the Prime Minister issued Decision No. 1646/QĐ-TTg on August 1, 2025, establishing the Steering Committee for the International Financial Center in Vietnam. The committee has since released an action plan, assigning eight ministries to draft specific decrees.
The eight decrees include: Decree on the Establishment of the International Financial Center in Vietnam; Decree Guiding Financial Policies within the International Financial Center in Vietnam; Decree Regulating Bank Licensing, Foreign Exchange Management, Anti-Money Laundering, Counter-Terrorist Financing, and Counter-Proliferation Financing in the International Financial Center; Decree Guiding Import-Export Policies, Goods and Services Distribution, Trading Platforms, and Transaction Systems within the International Financial Center; Decree Guiding Labor, Employment, and Social Welfare in the International Financial Center; Decree Guiding Land, Construction, and Environmental Policies in the International Financial Center; Decree on the International Arbitration Center within the International Financial Center and the Application of Law and Dispute Resolution; Decree Guiding Residency and Immigration Policies in the International Financial Center.
This morning (November 4), Prime Minister Pham Minh Chinh chaired a Government session dedicated to discussing these decrees, which will guide the implementation of National Assembly Resolution No. 222/2025/QH15 on the International Financial Center in Vietnam.
Reporting on the drafting process, Deputy Prime Minister Nguyen Hoa Binh noted that the National Assembly issued Resolution No. 222/2025/QH15, empowering the Government to create decrees for the operation of these centers. Unlike other countries, which operate under financial center laws, Vietnam is taking an initial step with decrees. This approach allows for quicker adjustments compared to the lengthy process of creating a law. The Politburo directed the Government to report to the National Assembly, which granted permission to treat these decrees as laws. After five years, or an adjusted period, a comprehensive law on the International Financial Center will be developed. The Prime Minister emphasized a pragmatic approach: “We don’t aim for perfection; we’ll proceed with caution, making adjustments as needed to ensure maximum flexibility.”
The drafting of these eight critical decrees has been assigned to various ministries, with each bearing significant responsibility. To inform this process, the Government organized two delegations to study models in the UK, Luxembourg, Germany, and the UAE. Additionally, ministries and key localities like Ho Chi Minh City and Da Nang conducted further research, including in Singapore, Shanghai (China), and Kazakhstan. The State Bank of Vietnam also studied banking regulations across multiple countries.
During the drafting phase, numerous meetings were held, and Deputy Prime Minister Binh personally reviewed progress three times, making necessary adjustments. However, some challenges remain, requiring input from international experts. Recently, the Prime Minister hosted an international seminar where experts provided recommendations on outstanding issues. The Prime Minister’s conclusions were incorporated into the proposals presented at today’s meeting.
Experts highlighted Vietnam’s advantage as a latecomer, able to learn from global best practices in establishing and operating international financial centers. However, they cautioned that without superior mechanisms and policies, success is unlikely.
“At this meeting, it’s essential to align with the Prime Minister’s directives, identifying breakthrough policies and addressing remaining challenges for Government approval. Of the eight draft decrees, four have already been reviewed by the Government, while the remaining four will be discussed today, as directed by the Prime Minister. After incorporating feedback from Government members, please submit your opinions via ballot to the Government Office before finalization,” Deputy Prime Minister Nguyen Hoa Binh emphasized.
– 10:35 04/11/2025
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