On 20 May 2025, the Ministry of Finance (MOF) organised conference in Hanoi on “Developing a National Assembly Resolution on the Establishment of an International Financial Centre (IFC) in Vietnam.” The conference was chaired by Deputy Prime Minister Nguyen Hoa Binh and attended by key leaders from ministries, provinces, and international organisations.
Notable participants included:
- Vice Minister of Finance Nguyen Thi Bich Ngoc
- Vice Minister of Industry and Trade Phan Thi Thang
- Vice Chairman of Ho Chi Minh City People’s Committee Nguyen Van Dung, and
- Secretary of Da Nang City Party Committee Nguyen Van Quang.
Also present were high-level leaders from major local and international consulting firms and financial institutions like Tony Blair Institute, BCG, VinaCapital, Terne Holding Singapore, and the World Alliance of International Financial Centers, among others.
Representing EuroCham were Chairman of Sustainable Finance Sector Committee (SFSC) Giando Zappia and Head of Hanoi Office and External Relations Van Nguyen.
Vietnam takes concrete steps towards building its IFC
Recognising Vietnam’s leading application of future financial technologies and the country’s preparedness to develop a modern financial market, the Vietnamese government has shown strong political will to establish an International Financial Centre (IFC) in Vietnam.
This effort was formally initiated via Politburo Conclusion 47-TB/TW dated 15 November 2024, which proposed the development of a regional and international financial centre. The Politburo requested agencies to pull great determination and effort to execute this important proposal. This was followed by Government Resolution 259/NQ-CP dated 31 December 2024 on “Action plan to build a regional and international financial centre in Vietnam”, assigning the Ministry of Finance (MOF) to lead this project.
Experts share inputs on Vietnam’s IFC
The conference provided a platform for domestic and international experts to offer recommendations, including:
- General best-practices in building and managing an IFC – balancing government control and business leadership
- Framework for management, operation, monitoring, and connection between IFCs in other nations – case studies from Dubai, Ireland, and other nations with successful IFCs
- Recommended competitive financial services and key areas for Vietnam – sustainable finance, fintech, digital payment, etc.
- The importance of human and institutional capacity to support long-term success
Experts supported Vietnam’s dual-centre strategy, which IFCs proposed in both Ho Chi Minh city and Da Nang.
A “Golden” opportunity for strategic breakthrough
At the conference, Deputy Prime Minister Nguyen Hoa Binh affirmed that the construction of an international financial centre is not simply an economic development policy, but a strategic institutional breakthrough. He called this a “golden” opportunity for Vietnam to integrate more deeply into the global financial system and strengthen national competitiveness via mobilised high-quality financial resources and improved state governance capacity.
“Vietnam has high political determination, long-term vision and practical opportunities to form an international financial centre,” Deputy Prime Minister Nguyen Hoa Binh stated.
As the voice of the European business community in Vietnam, EuroCham remains committed to supporting the country’s sustainable development journey — providing practical insights and policy recommendations to help shape Vietnam’s financial future.
