Vietnam accelerates plans to launch international financial centers

Vietnam is pushing to launch Vietnam International Financial Center (IFC) this November, following Prime Minister Phạm Minh Chính’s directive to expedite its establishment. The initiative marks a key step in the country’s ambition to strengthen its financial sector and position itself alongside regional hubs such as Singapore and Hong Kong. According to the Ministry of Finance, the IFC will adopt a “one center, two destinations” model, with Hồ Chí Minh City focusing on capital markets and financial services. At the same time, Đà Nẵng develops finance related to logistics and trade.

The government’s decisive push to have the center operational within weeks signals its determination to turn vision into reality and build the foundation for Vietnam’s rise as a competitive player in global finance. Let’s look into how the nation is driving the plan forward.

The government’s push for early operation

On November 1st, Prime Minister Phạm Minh Chính convened a high-level meeting with local and national authorities to accelerate the launch of Vietnam International Financial Center. He directed the Ministry of Finance to finalize the draft decree and submit it to the Government within days, stressing that all preparatory work must be completed to allow them to begin operations in November.

The Prime Minister acknowledged the complexity of the task, noting that it is something Vietnam has never done before, but emphasized that it must deliver real, measurable results rather than wait for perfection.

The urgency behind this directive reflects Vietnam’s broader ambition to reform its financial system, attract capital, and strengthen its digital economy.

Furthermore, each center is expected to serve as a gateway for international investment and an anchor for new financial products and technologies. The decision to target November aligns with the Government’s drive to showcase tangible progress before the end of the year, marking a milestone in its economic reform agenda. It also provides time for a pilot phase before full operations expand in 2026.

By pushing for immediate implementation, the Government signals strong confidence in Vietnam’s readiness to compete regionally. This early momentum aims to build investor trust, streamline regulations, and lay the groundwork for a transparent, innovation-driven financial ecosystem that can integrate with global markets.

Key points of the legal and governance structure

Vietnam is establishing a modern legal and administrative framework to ensure its international financial center operates efficiently, transparently, and in line with global standards.

Streamlined approval process

The center will implement a “one-door, one-seal, one-person” mechanism, enabling investors and financial institutions to complete all approvals through a single-window system.

The new approach reduces bureaucratic steps, shortens processing time, and simplifies interactions with regulatory bodies. Oversight will focus on post-inspection rather than pre-approval, allowing institutions to start operations quickly while maintaining compliance with national regulations.

International standards with local context

The Ministry of Finance plans to integrate global best practices with Vietnam’s legal system to ensure they operate efficiently and transparently. Key features include self-governance, where institutions can manage routine activities independently, transparent reporting for accountability, and independent supervision to maintain market integrity.

Incentives for financial institutions

To attract global participation, the IFC will offer targeted incentives such as tax preferences, simplified licensing procedures, and innovation-friendly regulations. Special attention will be given to fintech, green finance, and digital financial services. These measures encourage new technologies, sustainable finance initiatives, and foreign investment.

The structure of one center, two destinations

Vietnam International Financial Center will operate across two strategic locations:

Hồ Chí Minh City will host capital markets, banking, fund management, and securities listings on an 899-hectare site, leveraging its well-established financial ecosystem, skilled workforce, and innovation platforms in fintech, AI, and risk management. HCMC International Financial Centre’s location and infrastructure position the city as a natural hub for attracting global investors and supporting sophisticated financial operations.

Đà Nẵng, covering 300 hectares, will focus on logistics-related finance, maritime trade, supply chain services, and free trade zones. The city’s proximity to deep-sea ports and major regional trade routes, combined with its growing digital and green finance initiatives, makes it ideal for supporting cross-border commerce and trade-related financial services within the International Financial Centre in Da Nang Vietnam.

This dual-location model allows the IFC to combine metropolitan financial expertise with regional trade support, creating a comprehensive ecosystem that can serve both domestic and international investors.

Building a globally competitive hub

The nation’s international financial center plans to integrate finance, commerce, and technology to attract global investors. The center will support capital markets, banking services, trade-related finance, and fintech activities, creating a comprehensive ecosystem for both domestic and international participants.

Digital transformation is central to the IFC’s design. The center will utilize fintech solutions, artificial intelligence, and blockchain technology to improve operational efficiency, transparency, and risk management. Vietnam’s progress in digital banking, e-payment systems, and recent capital market reforms underlines its readiness to implement these innovations.

The IFC will also encourage cooperation with ASEAN partners, multinational banks, and fintech startups, facilitating cross-border investment and regional financial integration.

Overcoming challenges and next steps

As Vietnam prepares to launch its international financial center, several challenges remain. Harmonizing domestic regulations with global standards, ensuring data governance, and improving coordination across ministries are key priorities. Developing a skilled workforce for finance, fintech, and digital operations will also be vital.

Building transparent governance is central to earning investor trust and global recognition. The upcoming decree will clarify the IFC’s management structure, incentive schemes, and risk-control mechanisms, forming the legal foundation for sustainable growth.

Vietnam also faces strong competition from established regional hubs like Singapore and Hong Kong. To compete effectively, the IFC must combine efficient regulation with innovation and digital transformation.

Despite these hurdles, the government remains firm on its goal to commence operations in November 2025, adopting a gradual rollout to refine systems and attract international confidence in the country’s long-term financial ambitions.

Conclusion

The launching preparation for the Vietnam International Financial Centers marks a decisive step toward joining Asia’s leading financial hubs. Under the direction of Prime Minister Phạm Minh Chính, the government is driving efforts to finalize the legal framework and begin the first operational phase in November 2025.

With a focus on technology, transparency, and regional collaboration, the center is designed to build a modern and competitive financial ecosystem. Although challenges remain, this initiative reflects Vietnam’s determination to strengthen its financial standing and emerge as a trusted gateway for investors in Asia.

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