Deputy Prime Minister Nguyen Van Thang chaired a meeting to discuss the Vietnam International Financial Center (VIFC), which aims to establish a regional financial hub and attract international capital. The meeting was held online with Ho Chi Minh City and Da Nang.
Nguyen Thi Bich Ngoc, deputy minister of finance, reported that the institutional framework and organizational structure of the financial center had been established. VIFC was officially launched with operations spanning Ho Chi Minh City and Da Nang.
Establishing a Regional Financial Hub
Six groups of products and services have been proposed for the financial center, including investment funds and asset management, real-world asset-backed digital assets, and bond issuance. These product groups will be rolled out in phases.
The Ministry of Finance proposed focusing on three key programs: selecting energy, infrastructure, logistics, and green-transition projects; developing an ecosystem for international investment funds and asset management; and developing commodity markets linked to trade and supply-chain financing.
The ministry also proposed continuing to operate the financial center under the current model while establishing common standards for services, procedures, data, and coordination between Ho Chi Minh City and Da Nang.
Ho Chi Minh City’s Progress
A representative of the center’s executive authority in Ho Chi Minh City said the city was shifting from the establishment phase to ‘practical operations,’ with a focus on four pillars: institutions, members, products, and infrastructure. The procedure for admitting members was completed in August.
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The city is screening potential members, with a focus on selecting organizations tied to specific products and real-economy projects. Between now and early 2027, around seven to 12 members are expected to be licensed.
Regarding products, the city is working with investors to mobilize capital for infrastructure projects and preparing the groundwork for international and municipal bond issuance. A pipeline of more than 21 projects has been prepared.
Next Steps
Deputy Prime Minister Nguyen Van Thang stressed that establishing and putting VIFC into operation was an important task that needed to be carried out urgently. The executive authorities in Ho Chi Minh City and Da Nang should not wait until all conditions are fully completed before taking action.
Nguyen Van Thang urged the executive authorities to proactively work with investment funds and businesses. Products that are ready and meet all necessary conditions should be proposed for immediate implementation. By November, the two executive authorities must have specific products and deals in place.
The government should clearly identify the mechanisms and policies required for each product, and a feasible and effective inspection, examination, and supervision mechanism should be established. Nguyen Van Thang assigned the executive authority in Ho Chi Minh City to consider hiring consultants to develop the architectural design for VIFC’s IT platform.