Prime Minister Phạm Minh Chính who heads the Steering Committee for Việt Nam’s International Financial Centre (IFC), signed a decision on Friday approving an action plan to establish IFC in HCM City and Đà Nẵng by the end of 2025.

 

IFC is expected to create breakthrough in raising medium and long – term capital and building foundation for the country’s socio-economic growth.  

 

According to the plan, the Government will develop legal frameworks for IFC to ensure transparency, consistency together with robust incentives to attract international capital, technology, high-quality human resource and advanced management models while maintaining financial and monetary security.

 

Infrastructure and essential services, including transport, telecommunications and logistics will be developed to support IFC operations. Key infrastructure projects will be completed by the end of this year to ensure smooth operation.

 

The plan aims to develop an advanced financial ecosystem, including carbon and commodities exchanges, fintech and digital banking, outlining the development of international-standard support services such as legal support, audit and IT solutions by the end of this year.

 

Accordingly, HCM City will hasten infrastructure development in Sài Gòn, Bến Thành and Thủ Thiêm wards with a total area of 793 hectare designated for IFC together with soft infrastructure including 5G rollout and smart urban infrastructure.

 

Đà Nẵng wil prepare IFC infrastructure in designated zones together with enhancing digital infrastructure such as cloud server, surveillance system, smart control centres, digital asset and blockchain-based NFT products.

 

Priority will be given to pilot implementation of a regulatory sandbox for fintech innovations, upgrading commodities market, offering investment incentives to high-value financial services and developing a talent pool for the IFC.

 

The Steering Committee for Việt Nam’s IFC was officially formed under the Prime Minister’s Decision 1646/QĐ-TTg dated the same day, following the National Assembly’s Resolution 222/2025/QH15 dated on June 27, 2025 on IFC development.

 

Prime Minister Phạm Minh Chính chairs the committee which is tasked to guild the development strategy of IFC in Việt Nam. — VNS

 

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