Vietnam Politburo okays international, regional financial centers in HCMC, Danang

Vietnam’s highest decision-making body, the Politburo, has greenlighted the establishment of an international financial center in Ho Chi Minh City and a regional financial center in the central city of Danang.

The decision marks a significant step towards realizing Vietnam's ambition to strengthen its position in global finance.

In its decision, the Politburo has emphasized a phased, strategic approach to developing the financial centers, with clearly defined geographical boundaries and target sectors.

It has advocated the piloting of a model that will combine special policies designed to foster competitiveness while ensuring adequate risk management and regulatory oversight.

Several key bodies including a management agency, a supervisory body and a dispute resolution authority will be set up based on international standards.

The Politburo has agreed that between now and 2030, the government will issue and form eight core policy groups that align with international practices and are tailored to Vietnam’s economic conditions. Six policy groups used at major financial centers worldwide will be piloted.

Full implementation of the policies will take place from 2030 to 2035, with gradual adaptation to Vietnam’s local context. This timeline will be flexible, allowing accelerated progress when conditions are favorable.

The Politburo tasked the Government’s Party Committee with overseeing the initiative, including the establishment of a steering committee dedicated for the project implementation; assessing the impact of breakthrough policies to develop the financial center model; and working with the Party Committee of the National Assembly, the legislature of Vietnam, to issue legal documents on financial centers.

The Government’s Party Committee, along with the standing boards of the HCMC and Danang Party Committees, will lead the drafting and issuance of specific documents and invest resources to implement the project.

They will also ensure close coordination and clear allocation of responsibilities at central and local levels.

The Politburo has urged all involved agencies to show strong political determination in “carrying out this important project. “This is not just a task for HCMC and Danang but for the entire political system,” it has said.

On September 15, the Government appointed Prime Minister Pham Minh Chinh as head of the steering committee for formulating the project. Its deputy head is Minister of Planning and Investment Nguyen Chi Dung.

Other members include deputy ministers of: Planning and Investment, Finance, Industry and Trade, National Defence, Public Security, Information and Communications, Natural Resources and Environment, and Justice; as well as representatives from the State Bank of Vietnam and the Government Office.

Chairman of the HCMC People's Committee Phan Van Mai, and Vice Chairman of the Danang People's Committee Ho Ky Minh are also part of the steering committee.