Vietnam launches international financial center in Danang in regulatory milestone

Vietnam on Friday officially launched its International Financial Center (IFC) in the central city of Danang, marking a major regulatory milestone in the country’s strategy to deepen its integration into global financial markets.

The center, inaugurated at Danang Software Park No. 2, is designed to focus on digital finance, sustainable finance, and controlled regulatory sandboxes for new financial products and business models, officials said.

The country has adopted a “one center, two destinations” model for the IFC, with hubs in Ho Chi Minh City and Danang.

The Danang-based IFC component aims to become a modern financial hub closely linked with innovation ecosystems, digital technology, and green finance, while providing a testing ground for digital assets, digital payments, and specialized trading platforms.

The project will also promote supply chain financing, third-party financial services and non-deposit-taking lenders to complement the traditional financial system and support the development of flexible and specialized financial products.

The IFC has been planned across an area of around 300 hectares, including key zones at Software Park No. 2, the Nguyen Tat Thanh coastal corridor, and other strategic locations in the city.

Speaking at the launch ceremony, Ho Ky Minh, standing Vice Chairman of the Danang People’s Committee and head of the center’s executive authority, said the IFC was established as Vietnam enters a new phase of development that requires more efficient mobilization and allocation of financial resources to support innovation and the digital economy.

He said the city is committed to operating the center in line with international standards, while ensuring compliance with Vietnamese law, system transparency, and financial safety, alongside flexibility under special policy mechanisms approved by the National Assembly and government.

Danang will adopt a streamlined governance structure, focus on attracting high-quality talent in finance, technology, and law, and learn from the management experience of established international financial centers, Minh noted.

"The city prioritizes investors, financial institutions, and the market in its service offerings; continues to improve the one-stop shop mechanism; shortens processing times, reduces compliance costs, and enhances the satisfaction level of participating members," he added.

At the ceremony, standing Deputy Prime Minister Nguyen Hoa Binh said the creation of the IFC was a strategic choice enabling Vietnam to proactively participate in global capital flows amid ongoing restructuring of global value chains.

He said the National Assembly has adopted a resolution treating the center as a historic institutional breakthrough, aimed at creating a competitive legal framework to attract high-quality international capital.

Binh stressed the need for a shift from a “permit-based” mindset to a partnership-oriented and facilitative approach, urging regulators to adopt flexible supervision, regularly review legal frameworks, and boldly pilot new financial models.

Nguyen Thi Phuong Thao, chairwoman of Sovico Group, said trust in legal institutions, modern financial and digital infrastructure, and transparent business culture were critical to the success of financial centers, drawing on her experience in hubs such as London, Hong Kong, and Dubai.

She said Sovico would continue to support international capital mobilisation into Vietnam and invest in digital transformation, green finance, inclusive finance, and logistics.

Vietnam also launched the official online information portal of the Danang International Financial Center at the event, aimed at improving investor access to policies, information, and support services.

Officials said the center’s success will serve as a key test of Vietnam’s ambition to become a destination for high-quality capital and a new driver of economic growth in the coming development phase.