On December 21st, Vietnamese Prime Minister Pham Minh Chinh announced the establishment of an International Financial Centre (IFC) operating across two locations: Ho Chi Minh City and Da Nang. The project is viewed as a significant step in the development of the country's financial system and the expansion of its presence in international markets.
The IFC is intended to serve as a tool for attracting international investment and financing large-scale infrastructure projects without increasing national debt.
The government has already approved eight decrees regulating the activities of the IFC. These cover financial policy, banking regulation, trade procedures, residency rules, land issues, labor relations, currency operations, and anti-money laundering standards.
A special visa regime is being introduced for foreign investors and specialists. Key investors, experts, managers, highly qualified employees, and their families will be eligible for long-term visas of up to 10 years. Those working in IFC structures for at least three years will be able to apply for permanent residency.
The Prime Minister emphasized that Vietnam is not aiming to compete with major financial centers in the region, such as Singapore. The IFC model is intended to complement the existing Southeast Asian ecosystem and strengthen the country's participation in the global financial network.