Lawmakers scrutinize dual-city international financial center plan

Discussing a draft resolution on establishing an international financial center in Vietnam, some parliament members have proposed careful consideration of a dual-city model based on regional development strategies and investment efficiency.

At the ongoing session of the National Assembly, legislators expressed strong support for establishing an international financial center, viewing it as a critical step toward elevating the country's financial standing and economic development.

Delegate Nguyen Quang Huan (Binh Duong province) noted that Hanoi and Ho Chi Minh City have existing infrastructure advantages, enabling quicker implementation. However, to ensure balanced regional development, Danang could be a strategic choice to develop a new center from scratch in line with international standards.

He cautioned that establishing an international financial center in two cities would require simultaneous infrastructure investments in both locations, which may strain Vietnam’s limited land and resources.

Sharing similar concerns, delegate Nguyen Van Than (Thai Binh province) warned against spreading investments too thin, especially in light of infrastructure, human resources, and technical constraints.

He cited past global examples of failed financial centers, urging Vietnam to begin with one well-executed location and consider expansion later based on results and investor interest.

Delegate Trinh Tu Anh (Lam Dong province) proposed that Vietnam should define its international financial center around key strengths, such as becoming a hub for digital transformation and green finance in Southeast Asia, SME financial services, and global supply chain finance.

She also highlighted the importance of robust digital infrastructure and cybersecurity, describing them as foundational for any modern international financial center.

Anh further called for the creation of a legal “sandbox” framework to allow fintech companies to pilot innovative products and services without being restricted by rigid regulations, following the successful examples of Singapore and the UK.