The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.

Legislators expressed strong support for establishing an IFC, viewing it as a critical step toward elevating Vietnam’s financial standing and boosting economic development.

Introducing the centre’s role and significance at the 15th legislature’s ongoing 9th session, Binh stated that it will be a diverse ecosystem of financial services concentrated within a specific area, bringing together many financial institutions such as banks, investment funds, financial service companies and trading platforms like securities, currency, and commodities exchanges, along with a wide range of supporting services.

Lawmakers will listen to a proposal and a verification report on the reorganisation of provincial-level administrative units in 2025 on June 11.

An IFC serves as an ecosystem of interconnected financial and non-financial services linked to global markets. With its existing infrastructure and a well-developed financial sector, HCM City is prioritising investment in information technology, physical infrastructure, and human capital to lay the foundation for the centre’s operations.

Vietnam’s international financial centre must be a “free and equal playing field, with harmonised benefits and shared risks, said Prime Minister Pham Minh Chinh.

Tasked with developing comprehensive training programmes, the University of Da Nang aims to supply high-quality human resources for the International Financial Centre.

Under the Politburo's conclusion, an international financial centre in Ho Chi Minh City and a regional financial centre in Da Nang will operate under exceptional management mechanisms that enhance competitiveness while implementing appropriate risk management and oversight protocols.

The establishment of an international financial centre is expected to serve as a catalyst to accelerate the city’s transformation and position it for breakthrough growth in the coming years.

Speaking at a meeting with representatives from ministries, agencies, international institutions, banks, investment funds and investors in Hanoi, Binh said that the Government of Vietnam is committed to always accompanying businesses, creating the most favourable conditions for enterprises to expand their investment in international financial centres in Vietnam as well as invest in other ecosystems that they are interested in.

According to Richard D. McClellan, former Country Director of the Tony Blair Institute in Vietnam, establishing an international financial centre is not a matter of if but when, and it is a necessity.

PM Pham Minh Chinh stressed that it is necessary to build modern, digitally advanced financial centres with smart operation and management systems as well as high-quality human resources.

Financial experts expressed their willingness to share knowledge, expertise, and support Vietnam’s access to vital capital, while as assisting Vietnam in training and recruitment of highly skilled financial professionals to ensure the swift and effective development of the financial centres. Additionally, they committed to connecting Vietnamese businesses with German and international investors.

Pham Thi Huong Ly, Master of Accounting and Audit, Financial Reporting Manager at Aztec Luxembourg which specialises in investment fund financial services, shared that drawing from her experience in Luxembourg, Vietnam, and Singapore to establish a successful international financial centre, it is necessary to build a transparent institutional framework that protects investor rights.

Deputy Prime Minister Bui Thanh Son proposed the UAE consider establishing a transit and storage centre for crude oil and petrochemical products in Vietnam, and support the Southeast Asian nation in green transition and renewable energy initiatives.

Within the framework of the 55th Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland, Prime Minister Pham Minh Chinh on January 21 (local time) attended a roundtable on developing the Centre for the Fourth Industrial Revolution and an international financial centre in Ho Chi Minh City, during which he expressed his hope to learn from foreign friends’ experiences in this work.

The following is a list of selected news summaries reported last night by the Vietnam News Agency.

Prime Minister Pham Minh Chinh on January 21 attended a roundtable on developing the Centre for the Fourth Industrial Revolution (C4IR) and an international financial centre in Ho Chi Minh City, during which he expressed his hope to learn from foreign friends’ experiences in this work.

Permanent Deputy Prime Minister Nguyen Hoa Binh has demanded ministries, sectors, and localities to concentrate on five key tasks to make it easier for developing international financial centres in Vietnam.

Argentine media has lauded Vietnam’s landmark decision to establish an international financial centre in Ho Chi Minh City – the nation’s economic and commercial powerhouse, marking a pivotal shift in the Government’s economic development strategy.