The Vietnamese government has approved the development plan for the International Financial Centre (IFC) until 2035. Decision No. 04/QD-HDDHTTTC was signed on July 22 by Deputy Prime Minister Nguyen Van Thang, who also heads the Executive Council for the establishment of the International Financial Centre.
According to the approved plan, the International Financial Centre is intended to become a key mechanism for attracting, allocating, and effectively utilizing domestic and international financial resources, contributing to sustainable economic growth and enhancing economic efficiency.
By 2035, Vietnam's International Financial Centre aims to be among the top 75 financial centers globally, top 25 in the Asia-Pacific region, and rank third among ASEAN countries. Additionally, the project is designed to gradually strengthen Vietnam's position in the regional and global financial system.
The plan is divided into two phases. From 2026 to 2030, authorities intend to establish a special legal and institutional framework for the International Financial Centre's operations, creating a governance, regulatory, and supervisory system that aligns with international standards of transparency, security, and efficiency. During this same period, the first priority financial products and services are planned to be launched, and the financial, digital, legal, and social infrastructure necessary for the center's operation will be developed.
One of the key objectives of the first phase will be to attract international banks, investment funds, financial institutions, professional market participants, and highly qualified specialists. This is intended to lay the groundwork for the further development of the International Financial Centre and its deeper integration into the global financial system.
In the second phase, from 2031 to 2035, the financial ecosystem is planned to be expanded, encompassing capital markets, green finance, digital financial services, and financial technologies (fintech). The center is expected to become a significant hub for international capital flows and strengthen its position in the Asia-Pacific region.
According to the approved plan, Ho Chi Minh City will develop as a universal international financial center with a focus on capital markets, traditional and specialized financial services, asset and fund management, green and digital finance, as well as commodity markets and financial derivatives related to international trade and logistics.
Da Nang will become a hub for the development of financial technologies and innovations. Priority areas include digital assets, digital payments, asset tokenization, specialized trading platforms, innovation and startup financing, trade and supply chain finance, sustainable finance, and the application of regulatory "sandboxes" for testing new financial products, services, and business models.
The document also provides for the creation of competitive support measures for International Financial Centre participants, the digitalization of administrative procedures, the development of financial, digital, transport, and urban infrastructure, as well as the introduction of special visa, migration, and incentive mechanisms to attract foreign specialists in finance, technology, and law.