Prime Minister Phạm Minh Chính has asked for efforts to be accelerated to develop a regulatory framework for the International Financial Centre (IFC) and submit it to the Government by November 15, emphasising that the policies must be open, transparent and globally competitive.

 

Speaking at the Government’s meeting on Tuesday to discuss eight draft decrees guiding the implementation of the National Assembly’s Resolution 222/2025/QH15 on the development of the IFC, the PM urged breakthrough and superior mechanisms to attract international investors and strengthen Việt Nam’s competitiveness.

 

The foundation of the IFC is considered one of the country’s key initiatives to unlock resources and promote the transition of growth models in alignment with economic restructuring.

 

To implement the resolution, the Government has established a steering committee, organised numerous conferences to consult with international experts and drafted eight related decrees.

 

The draft decrees cover the establishment and operation of the IFC in Việt Nam, the creation of an international arbitration centre, the licensing and operation of banks, foreign exchange management, anti-money laundering measures and counter-terrorism financing.

 

They also deal with the prevention of financing the proliferation of weapons of mass destruction, the establishment and operation of commodity exchanges and the trading of goods and services as well as the management of land, labour, finance and immigration within the IFC itself.

 

With the goal of creating a legal framework that is both competitive and innovative, yet stable and consistent, manageable and open, the Government said that incentives comparable to and in some aspects exceeding international standards would be offered, but they would be tailored to Việt Nam’s conditions.

 

The Government agreed that the IFC in Việt Nam would have one steering committee, one executive board for two locations, one supervisory body and a dedicated court to handle related disputes.

 

Chính said that the draft decrees aligned with Việt Nam’s conditions while adhering to global practices with competitive incentives to ensure openness, appropriateness and feasibility.

 

He called for maximum decentralisation, enhanced post-audit mechanisms and simplified administrative procedures to create favourable conditions for investors.

 

The PM also asked for final drafts to be completed and submitted to the Government for approval by November 15.

 

Authorities in HCM City and Đà Nẵng, where the IFC is located, are required to finalise policies and prepare locations and operational structures by the same deadline.

 

The PM asked relevant ministries, agencies and localities to act proactively, decisively and creatively to accelerate progress and ensure breakthroughs and efficiency, with a goal of putting the IFC into operation by the end of this month. — VNS