Vietnam PM sets Feb 9 deadline to launch International Financial Center in HCMC

Vietnam aims to launch its International Financial Center in Ho Chi Minh City by no later than February 9, Prime Minister Pham Minh Chinh said on Friday, adding that an international arbitration center and a specialized court would be inaugurated at the same time.

Speaking at the first meeting of the Steering Committee for Vietnam’s International Financial Center (IFC) on Friday, Chinh said the project is "not merely about building a district or a few office towers, nor about engaging in “a race of appearances”.

“This is a process of building an ecosystem of institutions, markets, infrastructure, people and smart governance,” he said. “Institutions are the key, people are decisive, infrastructure is the foundation, governance is the breakthrough, and market confidence is the prerequisite for an effective international financial center.”

At the meeting, the steering committee reviewed the implementation of conclusions and directives from the Politburo, as well as plans for building, operating and developing the IFC, located in both HCMC and Danang. It also discussed special policy mechanisms, the operating rules of the executive council, and the center’s governance framework.

The Prime Minister said developing an IFC is a new undertaking for Vietnam, and should follow the principle of “not seeking perfection, not rushing, and not missing opportunities”, while proceeding step by step and adjusting and expanding based on experience.

He highlighted challenges including intense competition among global and regional financial centers, shortages of high-quality human resources, mechanisms to attract international experts and finance-technology talent, as well as the need for clearer plans and resources for internationally standardized infrastructure, urban services, and living and working spaces.

The cabinet leader added that risk management, compliance control, data sharing, and supervisory mechanisms in line with international standards would need to be designed in a coordinated manner.

Chinh stressed that institutional reform should be the main breakthrough and core competitive advantage, with policies that are distinctive, aligned with international practices and suited to Vietnam’s conditions, while safeguarding sovereignty, financial security and data safety.

He said people must be placed at the center of the strategy, noting that an IFC requires a professional workforce of managers, operators and experts with integrity, competence and a strong sense of responsibility.

Infrastructure should serve as the foundation, he added, including not only transport, power and water supply but also digital infrastructure, data systems, cybersecurity, data centers, trading platforms, digital identification and information-sharing systems.

The Prime Minister said market demand and financial products would be the ultimate measure of success, stressing the need to clearly identify which institutions, products, markets and clients Vietnam aims to attract, and how the center would contribute to economic growth, employment and broader social benefits.

He also called for a clear division of roles between HCMC and Danang to avoid overlap and internal competition, and urged deeper and more effective international cooperation.

In the near term, Chinh instructed ministries and agencies to urgently draft a government decree on special mechanisms and policies for the executive council, finalize operating regulations, recruit personnel, and complete arrangements for the council’s headquarters.

He also tasked ministries and the two cities with developing a strategy for the IFC through 2035, with a vision to 2045, and ensuring integrated and shared technology infrastructure with accurate, complete and interoperable data.

“The goal is to launch the international financial center in Ho Chi Minh City by no later than February 9, together with the international arbitration center and a specialized court,” the Prime Minister said, expressing confidence that Vietnam would succeed in building and developing the center for the benefit of the region and the global economy.

Vietnam on January 9 launched its International Financial Center 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.

Twelve companies, including several foreign-invested firms, have officially joined the center in Danang. Membership certificates were awarded to the 12 companies on the same day.

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