Hanoi (VNA) – Prime Minister Pham Minh Chinh, head of the Steering Committee for Vietnam’s International Financial Centre (IFC), issued an action plan to develop and put the facility into operation in Ho Chi Minh City and Da Nang by the end of this year.

The initiative is a breakthrough step to attract medium and long-term financial resources, creating a foundation for Vietnam's socio-economic growth in the new development phase. Besides, the Government also aims to complete a legal framework for the IFC, ensuring harmony, transparency, systematic coordination, and special policies to attract capital, technology, modern management methods, high-quality human resources, financial institutions, and major international investors. It also emphasises strong oversight and risk management mechanisms to assure the national financial – monetary security and safety.

Harmonious essential infrastructure and services such as transport, telecommunications and logistics will be developed in the two cities to support the IFC’ operations. By late 2025, the Government expects to complete several key infrastructure projects, ensuring seamless connectivity.

Under the plan, the Steering Committee targets the development of a modern financial ecosystem which promotes emerging markets like commodity and carbon exchanges, fosters high-tech financial services such as fintech and digital banking, and cultivates international – standard support services in legal, auditing and technology sectors.

HCM City is ordered to speed up preparation for the facility, which will be developed in Saigon, Ben Thanh, and Thu Thiem wards, spanning 793 hectares. Besides, it should roll out the 5G network and work to assure technical conditions for smooth digital transactions as well as fintech and digital banking services.

Meanwhile, Da Nang must invest in computing server systems, storage, monitoring infrastructure, and intelligent operations at Software Park No. 2 to serve the centre, promote 5G coverage deployment, while investing in blockchain networks to pilot digital asset products, and completing national standards for IoT, Big Data, and data standards.

PM Chinh signed a decision dated August 1 on establishing the Steering Committee for Vietnam’s IFC.

Permanent Deputy Prime Minister Nguyen Hoa Binh serves as the standing deputy head, while other deputy heads include Secretary of the HCM City Party Committee Nguyen Van Nen, Minister of Finance Nguyen Van Thang, Governor of the State Bank of Vietnam Nguyen Thi Hong, and Secretary of the Da Nang city Party Committee Nguyen Van Quang.

Other members include representatives from key ministries, the People’s Committees of HCM City and Da Nang, and representatives of the defence, public security, judicial, and economic sectors.

The committee will help the Government direct strategies and development orientation, and ensure smooth operation of the IFC./.