Dr. Tran Du Lich , Vice President of VIAC, emphasized that institutional reform is one of the breakthrough steps of the Party and Government - Photo: VGP/Le Anh
At the conference "Update on new legal regulations in the financial sector: Impacts on investors" organized by the Ho Chi Minh City Investment and Trade Promotion Center (ITPC) in collaboration with the Vietnam International Arbitration Center (VIAC) on July 31, speakers clarified important legal changes that affect businesses and shape the legal foundation for the operation of the international financial center (TTTC) in Vietnam.
Building a more competitive and transparent legal environment
Dr. Tran Du Lich, Vice President of VIAC, emphasized that institutional reform is one of the breakthrough steps of the Party and Government to deal with the "bottleneck of bottlenecks". In particular, the financial sector is where the most powerful legal changes are witnessed, with profound impacts on the stock market, real estate and private investment channels.
One of the biggest problems today, according to Mr. Tran Du Lich, is that the Vietnamese capital market has not yet created a direct channel for mobilizing medium- and long-term capital. Most businesses are still dependent on bank credit channels, which are only suitable for short-term capital needs. To develop sustainably, the stock market must be built into an effective channel for mobilizing medium- and long-term capital.
Representatives from EY Law Vietnam and VIAC focused on analyzing two new laws recently passed by the National Assembly : Law No. 48/2024/QH15 (Law Amending Tax Laws) and Law No. 56/2024/QH15 (Law Amending Laws Related to Securities, Real Estate Business, etc.). These two laws not only regulate the technical aspects of VAT, tax refunds, and e-commerce, but also clarify regulations on information disclosure, corporate governance, and conditions for offering and listing securities.
These changes are considered a step in preparation for a more competitive investment environment and closer to international practices, especially when Vietnam is promoting the construction of an international financial market.
Ms. Cao Thi Phi Van, Deputy Director of ITPC, said that Ho Chi Minh City is taking the lead in efforts to develop modern finance, logistics and high technology after expanding its administrative boundaries. "A clear and stable legal corridor will be the key to realizing the goal of making Ho Chi Minh City an international financial center in the near future," Ms. Van said.
Ms. Cao Thi Phi Van, Deputy Director of ITPC, said that Ho Chi Minh City is taking the lead in efforts to develop modern finance, logistics and high technology after expanding its administrative boundaries - Photo: VGP/Le Anh
Resolution 222 creates many breakthrough mechanisms to attract international investors
Along with Da Nang, Ho Chi Minh City will be the first place to implement Resolution 222/2025/QH15 recently passed by the National Assembly on the establishment of the Vietnam International Financial Center. This resolution mentions the establishment of derivatives exchanges, carbon credits, green financial products and financial technology.
Notably, Article 30 of the Resolution specifically addresses dispute resolution methods appropriate to the modern financial environment. This is an opportunity for VIAC to develop into a specialized arbitration center, playing a key role in protecting the interests of international investors.
Resolution 222/2025/QH15 also devotes a chapter to specific mechanisms in financial management, aiming to liberalize capital accounts and attract strategic investors. Fiscal and monetary policies in this center are expected to have greater flexibility than the general level.
From a legal perspective, lawyer Nguyen Trung Nam, Deputy Director of the Vietnam Mediation Center (VMC), VIAC Arbitrator, said that based on Resolution 222/2025QH15, the international financial market model in Vietnam operates under a legal framework that is not only open, but also integrates many outstanding preferential policies on tax and foreign exchange. Accordingly, this is expected to stimulate the development of new financial products and services, such as green finance and digital assets; thereby attracting investment capital flows, financial institutions and advanced financial technology from abroad.
At the same time, the application of international management and supervision standards also poses many requirements for compatible dispute resolution mechanisms. Through comparison with some international financial market models in the world, Mr. Nam pointed out that the specific dispute resolution mechanisms in international financial markets are often a specialized court or international arbitration under the international financial market.
Lawyer Nguyen Trung Nam assessed that Resolution 222/2025/QH15 of the National Assembly creates many breakthrough mechanisms to attract international investors - Photo: VGP/LA
Notably, Resolution 222/2025/QH15 mentioned the strengthening of the authority of arbitration at the international financial center, which Mr. Nam considered a progressive point. However, he also emphasized that to ensure feasibility and international integration, Vietnam needs to continue researching and building a legal framework in line with the common law system, clarifying regulations related to the organization, operation and dispute resolution mechanism in the center. This will be an important legal foundation to help strengthen investor confidence, while enhancing the competitiveness and reputation of the Vietnamese financial market in the international arena.
The speakers said that in order to catch the wave of capital movement and position Vietnam as a "new destination" in the regional financial chain, the legal framework must be a support, not a barrier. This is also the reason why legal updates need to be carried out regularly and effectively, not only for compliance but also to create sustainable competitive advantages.
Recently, the National Assembly also passed Resolution 222/2025/QH15, establishing the Vietnam International Financial Center, operating in Ho Chi Minh City and Da Nang.
Through this Resolution, Vietnam is choosing new mechanisms to help the Vietnamese financial market compete in the world arena as a young, latecomer market.
Accordingly, the Resolution has proposed trading floors for commodities, derivatives, carbon credits, green financial products, etc. In particular, the fintech and innovation sectors have received much attention. This Resolution has proposed a series of outstanding incentives to mobilize financial investment corporations, strategic investors, investment funds, etc. to operate in these centers.
Le Anh
Source: https://baochinhphu.vn/de-viet-nam-tro-thanh-ben-do-moi-trong-chuoi-tai-chinh-khu-vuc-102250731173646887.htm
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