Prime Minister Phạm Minh Chính on Sunday announced the establishment of an international financial centre (IFC) in Việt Nam, describing it as a turning point that will open the country to financial technology integration and green economy transformation.

The centre will operate in two locations – HCM City and Đà Nẵng.

The PM’s decision to establish and launch the Steering Council of Việt Nam’s International Financial Centre, chaired by Permanent Deputy Prime Minister Nguyễn Hòa Bình, was announced at a conference .

It also unveiled senior appointments to the centre’s executive agencies in HCM City and Đà Nẵng.

PM Chính said: "If agricultural development in 1986 helped Việt Nam escape poverty and industrial development with foreign investment helped Việt Nam become an upper-middle-income country, then today marks the moment Việt Nam opens the door to financial technology integration and green economy transformation to become a developed, high-income nation."

The government has issued eight decrees to implement National Assembly Resolution 222/2025/QH15 on the international financial centre in Việt Nam, covering its establishment in both cities as well as financial policy, trade procedures, residency rules, land use, labour, arbitration, banking, foreign exchange and anti-money laundering.

PM Chính said the centre aimed to mobilise large-scale, low-cost capital for strategic infrastructure without increasing public debt. The establishment represented a structural breakthrough designed to unleash resources and drive economic transformation whilst raising productivity and national competitiveness.

Việt Nam did not intend to compete directly with existing regional and international financial centres, the Prime Minister said. The country would instead develop a complementary model with special policies to create an interconnected financial ecosystem.

He drew historical parallels to the rise of London in the 19th century, New York in the 20th century and Singapore and Shanghai in recent decades.

"More than a century ago, the Dragon Wharf and Hội An trading port were bustling gateways connecting Việt Nam with the world. Today marks the beginning of reviving that prosperity flow with a new mindset and new tools: finance and technology," PM Chính said.

The centre will help position Việt Nam as an important link in the global financial security network, according to the prime minister. It will also serve as a platform for Vietnamese enterprises to access international markets and advanced governance standards.

Representatives from domestic and international financial institutions pledged to channel capital into Việt Nam and invest in digital transformation, green finance and inclusive finance.

Leaders from HCM City and Đà Nẵng said both cities were actively implementing development plans to make Việt Nam a credible and attractive financial destination.

Delegates at the conference. — VNA/VNS Photo Dương Giang

PM Chính called for a fundamental shift in administrative thinking.

"We must completely eliminate the mentality of asking and giving, of arbitrary power, of managing what we don't understand, and of banning what we can't manage," he said.

All investor issues at the centre must be handled through special one-stop procedures with sufficient authority. Unresolved matters should be reported directly to the Prime Minister.

The government would accelerate infrastructure projects including airports, seaports, metro systems and ring roads. Cities must build international-standard healthcare, education and cultural facilities to help experts and investors settle comfortably, PM Chính said.

Supervisory agencies must operate independently and transparently while adhering to international anti-money laundering commitments, the prime minister said.

The approach must balance financial freedom with system safety without creating obstacles for clean capital linked to technology and modern management skills.

The Prime Minister asked international partners to share both success and failure experiences to help Việt Nam develop faster and more sustainably. He pledged the government would continue improving the business environment and protecting legitimate rights and interests based on the principle of harmonised benefits and shared risks.

Operations begin immediately following the announcement. Agencies must allocate resources, funding, offices and necessary equipment without delay.

Any obstacles must be reported to the Prime Minister by December 25, PM Chính said.

The government aimed to build a financial centre that is 'free, digital, green, safe, transparent, competitive, efficient and sustainable'. — VNS

Read original article here