Vietnam's Ambitious Leap
In a landmark decision on June 27, 2025, Vietnam’s National Assembly (NA) officially passed a resolution to establish international financial centers (IFCs) in Ho Chi Minh City (HCMC) and Da Nang. This pivotal approval ushers in a new era for Vietnam’s financial landscape, backed by a range of breakthrough and competitive policies designed to propel the nation onto the global financial stage.
Strategic Locations and Differentiated Development
The resolution designates two key cities for the IFCs, each with a distinct focus to maximize their unique strengths:
Ho Chi Minh City (HCMC) – Capital Market & Innovation Hub:
Leverages its position as Vietnam’s largest economic and financial hub with a mature ecosystem (banks, securities, insurance, international financial institutions).
Focus Areas: Capital markets, banking, money markets, FinTech sandbox mechanisms, financial innovation, establishment of specialized exchanges/new trading platforms, and commodity markets.
Da Nang – Sustainable & Green Finance Gateway:
Benefits from its central geographic location in Central Vietnam and its role as a gateway to the East-West economic corridors.
Focus Areas: Ideal for piloting new models like sustainable finance, green finance, and the application of financial technology and digital services.
Overarching Goals for Both IFCs:
Achieve a unified operational, management, and supervision framework while developing distinct product offerings.
Become leading international financial centers, elevating Vietnam’s global financial standing and driving economic growth.
Promote sustainable finance, foster green financial products, and mobilize resources for energy transition and green projects.
Operate under advanced international standards, connecting with major global markets and financial hubs.
Attract and develop high-quality human resources, including domestic and international financial experts.
Ensure a harmonious balance of benefits among the State, investors, and the public, while maintaining financial safety, economic security, and political stability.
Breakthrough Policies & Competitive Edge
Following extensive consultation with major financial institutions, investors, and experts, the Ministry of Finance confirmed that the proposed mechanisms within the resolution are indeed groundbreaking and highly competitive.
Superior Incentives: Policies related to taxation, land, infrastructure, human resources, and certain insurance regulations are designed to be superior to those in some existing international financial centers.
International Alignment: Key policies such as management models, language use, immigration, accounting standards, labor laws, FinTech sandboxes, and Public-Private Partnership (PPP) methods are designed to align closely with international best practices.
Specific Enabling Mechanisms:
Government Flexibility: Acknowledging the novelty and complexity of IFCs in Vietnam, the resolution grants the Government the authority to issue decrees to flexibly and timely address new issues that may arise during implementation, even if they differ from existing laws or ordinances.
Specialized Dispute Resolution: Dispute resolution within the IFCs will involve specialized courts and international arbitration centers.
Risk-Based Supervision: Oversight of the IFCs will adhere to international best practices and be risk-based.
Streamlined Supervision Coordination: While the State Bank of Vietnam and ministries (Finance, Industry and Trade, Public Security) retain their inspection and supervision functions, a new coordination mechanism with the IFC Supervisory Authority will minimize direct interference, ensuring a “single point of contact” for handling issues.
Implications for Businesses and Investors
The official approval of IFCs represents a monumental opportunity for both domestic and international businesses in the financial sector.
New Investment Opportunities: The creation of specialized exchanges, platforms, and the emphasis on green/sustainable finance will open diverse avenues for investment.
Favorable Operating Environment: The promised competitive tax, land, and human resource policies aim to make Vietnam a highly attractive location for financial institutions and professionals.
FinTech & Innovation Hubs: The specific focus on FinTech sandboxes and innovation in HCMC and Da Nang positions Vietnam as a testbed for cutting-edge financial technologies.
Access to High-Quality Talent: The commitment to attracting and developing a skilled workforce, along with a conducive living and working environment, will benefit businesses seeking top financial professionals.
Increased Transparency & International Integration: Adherence to international standards and enhanced dispute resolution mechanisms will foster greater trust and facilitate integration with global financial markets.
How Henrison Law Can Assist
The establishment of International Financial Centers introduces a complex, yet highly promising, legal and regulatory landscape. Navigating these new frameworks will be critical for businesses looking to capitalize on the opportunities.
Henrison Law offers comprehensive legal advisory services to support your engagement with Vietnam’s new IFCs:
Financial Services Licensing & Compliance: Guidance on obtaining necessary licenses and ensuring compliance with new regulations within the IFCs.
Investment & Corporate Structuring: Advising on optimal legal structures for financial institutions and investment vehicles operating in the IFCs.
FinTech & Digital Asset Advisory: Legal counsel on developing and operating FinTech solutions within the sandbox environment, and navigating emerging digital asset regulations.
Tax & Incentives Consultation: Interpreting and advising on the specific tax and other incentives applicable within the IFCs.
Dispute Resolution & Arbitration: Representing clients in specialized courts or international arbitration centers located within the IFCs.
Employment & Immigration Law: Assisting with attracting and managing international talent, including visa and work permit procedures.
As Vietnam solidifies its position as a regional financial player, ensuring your operations are strategically sound and legally compliant is paramount. Contact Henrison Law today for tailored legal advice and strategic support regarding the new International Financial Centers.
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