National conference debates IFC resolution

National conference debates IFC resolution

The draft resolution aims to introduce breakthrough incentive policies that go beyond the current legal framework and attract global capital into a single international financial centre across two cities.

Standing Deputy Prime Minister Nguyễn Hòa Bình at the conference. VGP Photo

A national conference was held yesterday at the Government Headquarters in Hà Nội to gather experts' feedback on the draft resolution for establishing an international financial centre (IFC) in Việt Nam.

Chaired by Standing Deputy Prime Minister Nguyễn Hòa Bình, the event brought together central and local leaders, international financial institutions, domestic and foreign businesses, as well as legal and consultancy firms. It marked the final consultation before the draft is submitted to the National Assembly for discussion at its upcoming 9th session.

Việt Nam has emerged as a standout in global economic performance, with strong growth, macroeconomic stability and increasing appeal to foreign investors. At the same time, the country is embracing digital finance, laying the groundwork for a modern financial market capable of integrating with global systems, Bình said.

The Politburo’s Conclusion No. 47 (November 2024) called for decisive action to develop a regional and global financial hub. In response, the Government issued Resolution No. 259 (December 2024), assigning the Ministry of Finance to draft a resolution to provide the legal basis for such a centre.

This draft aims to introduce breakthrough incentive policies that go beyond the current legal framework and attract global capital. It is expected to offer superior conditions to international investors while ensuring effective risk management.

He said domestic and international forums have shaped the proposal, including consultations in Europe. “Experts affirmed that this is a timely and strategic move for Việt Nam, laying the foundation for deeper global integration and economic breakthroughs,” he said.

He emphasised that the legal framework must meet three key criteria: alignment with international standards, strong investment appeal, and robust risk control. He called on participants to offer practical feedback to refine the resolution before submission.

One centre, two cities

The Deputy PM confirmed that Việt Nam plans to build a single international financial centre operating across both Đà Nẵng and Hồ Chí Minh City. This model would leverage the strengths of each city, while ensuring coordination and complementarity.

Participants discussed governance models, global case studies, legal frameworks, human resource needs and strategies to build a competitive, world-class financial hub.

Many agreed that the project represents more than an economic policy, it is an institutional breakthrough. They viewed it as a key driver for attracting high-quality capital, modernising public governance and enhancing Việt Nam’s global competitiveness.

The Global Ambassador of Terne Holding and policy advisor to the Ministry of Finance, Richard McClellan, said the idea of a Vietnamese IFC has shifted from theory to a concrete national initiative backed by the Politburo. He highlighted Đà Nẵng’s infrastructure, education system and strategic position, saying the dual-city model would allow for a unified but flexible centre.

The CEO of The Metis Institute, Andreas Baumgartner, cited Dubai’s experience and recommended a system of shared governance and legal consistency across both cities.

International organisations and firms voiced strong support, pledging investment and technical assistance once the legal foundation is in place.

Đà Nẵng Party Secretary Nguyễn Văn Quảng acknowledged the challenges of balancing global practices with Việt Nam’s legal system. However, he confirmed that Đà Nẵng is ready in terms of both digital and physical infrastructure, as well as policy and ecosystem support.

Vice Chairman of Hồ Chí Minh City People’s Committee Nguyễn Văn Dũng said the city is preparing infrastructure, reviewing its legal landscape and investing in human resources to meet the demands of the IFC.

In his closing remarks, Deputy PM Nguyễn Hòa Bình expressed appreciation for the constructive feedback and said it would be used to finalise the resolution and implementation plans. He noted that both cities are actively promoting the centre and prepared to connect with global partners.

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