Prime Minister: International financial center is where laws are "designed for the future"

Prime Minister Pham Minh Chinh emphasized that the International Financial Center in Vietnam is not a special urban area or a cluster of financial buildings, but first and foremost a special institutional design, where the law is "designed for the future", allowing new models to operate within a controlled framework, and will be a convergence of capital flows, people, culture, technology, laws and progressive, innovative ideas.

Báo Phụ nữ Việt Nam•02/08/2025

On the morning of August 2, in Ho Chi Minh City, Prime Minister Pham Minh Chinh, Head of the National Steering Committee on the International Financial Center in Vietnam, chaired the Conference to implement the National Assembly 's Resolution on the International Financial Center in Vietnam.

Attending the conference were Politburo members: Permanent Deputy Prime Minister Nguyen Hoa Binh , Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen; Party Central Committee members, leaders of ministries, central agencies, leaders of Ho Chi Minh City and Da Nang City; representatives of countries, international organizations, development partners; representatives of enterprises and associations.

Thủ tướng: Trung tâm tài chính quốc tế là nơi pháp luật được — Prime Minister Pham Minh Chinh chairs the conference to implement the National Assembly's Resolution on the International Financial Center in Vietnam - Photo: VGP/Nhat Bac

By the end of 2025, the Center will be established and put into operation.

On August 1, Prime Minister Pham Minh Chinh signed Decision No. 1646/QD-TTg to establish the Steering Committee on the International Financial Center in Vietnam, with the Prime Minister as Chairman.

The Steering Committee was established to assist the Government in directing orientation, strategy, and coordination to ensure smooth and consistent operation of the construction, operation, and development of the International Financial Center in Vietnam according to Resolution No. 222/2025/QH15 of the National Assembly.

On the same day, August 1, the Prime Minister signed a Decision to promulgate the Action Plan to implement the construction of an international financial center in Vietnam. The goal of the Plan is to establish and put into operation an international financial center in Ho Chi Minh City and Da Nang City by the end of 2025.

The implementation plan sets out major task groups according to the implementation roadmap from July to December 2025. The task groups include: Completing the legal framework and specific institutions for the Center (developing Decrees guiding Resolution No. 222 of the National Assembly; perfecting the management and operation apparatus of the Center); developing strategic infrastructure and urban space for the Center; developing services, financial markets and priority products; developing human resources and support ecosystem for the Center; organizing working groups to survey international experience; coordination, monitoring and supervision mechanisms for implementation.

In particular, Ho Chi Minh City will accelerate the preparation of facilities and infrastructure to build and develop the Financial Center in the area of Saigon Ward, Ben Thanh Ward and Thu Thiem with a total area of about 793 hectares. Da Nang City will review, complete and prepare infrastructure to serve the International Financial Center in the city.

At the conference, leaders of Ho Chi Minh City and Da Nang presented specific upcoming tasks to implement the National Assembly's Resolution and the Steering Committee's action plan; representatives of businesses and international partners strongly affirmed their commitment to accompany, participate in, and realize the goal of building an international financial center in Vietnam.

Delivering strategic and comprehensive benefits

Speaking at the conference, Prime Minister Pham Minh Chinh assessed that this is an event of important strategic significance in attracting international investment capital flows, technology and high-quality human resources to promote economic growth and enhance national position and competitiveness.

According to the Prime Minister, the large presence of delegates is a strong demonstration of a strategic vision, political determination and consensus of the entire political system, the participation of the business community, and the support from international organizations and development partners, for the goal of successfully building an international financial center of Vietnam.

The Prime Minister said that Vietnam is entering a new era, an era of strong, civilized, prosperous and prosperous development of the nation with the priority of successfully implementing two 100-year strategic goals (by 2030, the 100th anniversary of the founding of the Party, to be a developing country with modern industry and high average income; by 2045, the 100th anniversary of the founding of the country, to be a developed country with high income).

To achieve these strategic goals, the Party, State and Government set a growth target of 8% or more, striving for 8.3-8.5% in 2025, creating momentum, force, position, new determination and new motivation for double-digit growth in the coming period; at the same time, promoting the implementation of strategic breakthroughs (open institutions, smooth infrastructure, smart human resources).

"To grow at a double-digit rate, we must have many resources, including financial resources, while we are lacking financial resources. The construction and development of an international financial center in the current period is one of the driving forces to attract financial resources. This is also a world trend, a practical requirement and must be done successfully," the Prime Minister emphasized.

The Party, State, National Assembly and Government of Vietnam have determined that the construction of an international financial center will contribute to the implementation of strategic breakthroughs in institutions and policies with many specific mechanisms and policies being developed, applied and continued to be perfected in the coming years. This is an important decision to liberate resources, promote the process of transforming the growth model associated with economic restructuring, thereby enhancing Vietnam's position in the global value chain of finance, investment and high-end services, associated with promoting rapid and sustainable growth.

The Prime Minister said that the successful construction of the International Financial Center will bring strategic and comprehensive benefits , playing an important role in helping Vietnam achieve the following goals:

Regarding capital flows, expand connections with global financial markets, thereby attracting international financial institutions and investment flows, while optimizing and promoting domestic resources.

Regarding services , develop a modern financial - banking service ecosystem that meets international standards, meeting the increasing needs of businesses and investors.

Regarding the market , creating a breakthrough in quality for the Vietnamese financial market, helping the market operate openly, transparently, fairly, effectively, and approaching international standards.

Regarding national position , enhancing Vietnam's role, prestige and influence in the international arena, helping the country participate more deeply in the global value chain, global supply chain, and global production chain.

Regarding economic security, consolidate the foundation of a self-reliant, strong and sustainable economy, contribute to protecting national financial security; contribute to maintaining political stability, social order and safety, stability for development, development to bring an increasingly prosperous and happy life to the people.

The Prime Minister said that Ho Chi Minh City and Da Nang are two of the most dynamic and creative cities in the region, where many solid fundamental factors and strategic advantages converge. The successful construction and development of the International Financial Center in these two cities according to a suitable and scientific implementation roadmap and based on a cooperative and complementary model will create a combined strength to help the International Financial Center in Vietnam make a breakthrough, affirming Vietnam's new position on the global financial map.

"If you do something, you must win and succeed."

The Prime Minister emphasized that in order to successfully build and develop an international financial center, we must thoroughly grasp the spirit of high determination, great efforts, breakthrough actions, drastic and effective, "only discuss, do not retreat", "look far and wide, think deeply and do big", do each job and finish it, do each job well, "do, learn, gain experience, improve, gradually expand, not be perfectionist, nor be hasty to miss opportunities", "value intelligence, save time and make timely decisions", identify internal resources as fundamental, strategic, long-term, decisive, external resources as important, breakthrough, regular, "resources originate from thinking, motivation originates from innovation, strength originates from people and businesses", "if you do something, you must win, succeed", bring benefits to the country and the nation, bring an increasingly prosperous and happy life to the people, bring benefits to related subjects, contributing to peace, stability, cooperation and development in the region and the world.

According to the Prime Minister, the National Assembly's issuance of Resolution No. 222 has created the first legal framework and is an important and solid foundation for the construction, operation and development of the International Financial Center in Vietnam. The construction of the legal framework for the International Financial Center has been and is being implemented and completed on the basis of a number of core principles.

Firstly, build and implement a breakthrough policy for developing an international financial center, maximizing Vietnam's unique potential, outstanding opportunities, and competitive advantages. The policy must keep up with international trends, comply with advanced standards, ensure the principles of the rule of law, publicity, transparency, and stability; at the same time, encourage innovation and sustainable development, digital development, green development, and circular economy.

Second , develop an international financial center that applies special and outstanding incentive mechanisms and policies; set clear criteria for selecting qualified financial organizations and enterprises to participate (the legal environment must be competitive, transparent, progressive, and open; the infrastructure must be modern, smooth, meeting development requirements, in line with world trends and specific conditions and circumstances of Vietnam; human resources must be professional and of high quality; there must be necessary conditions to operate the center; management must be smart and modern).

Third, ensure a balance of interests between the State, investors and people in the spirit of harmonizing interests and sharing risks; proactively have appropriate risk monitoring and management mechanisms from the beginning to protect the safety of the system (ensure property rights, ensure freedom and creativity in business, freedom of movement, convenient entry and exit, have favorable visa policies, create a favorable, safe and stable living environment...; at the same time, still have a monitoring mechanism according to international practices, safety, transparency, fairness and equality).

Fourth, selectively refer to international practices and experiences in new fields (fintech, green finance, digital assets, etc.) on the basis of digitalization, innovation, and artificial intelligence, thereby building breakthrough and specific incentive policies suitable to Vietnam's conditions to develop an international financial center quickly and sustainably.

The head of the Government said that under the direction of the Politburo and General Secretary To Lam, with a strong spirit, innovative thinking, decisive but certain actions and must be successful, immediately after the National Assembly issued Resolution No. 222/2025/QH15, the Government, ministries, branches and the authorities of the two cities have actively implemented the Resolution, focusing on building and issuing guiding documents and preparing infrastructure and resources to form and build an international financial center.

Specifically, the Government has established the Steering Committee on the International Financial Center with the task of directing, coordinating orientations and strategies to develop the International Financial Center.

The Steering Committee has issued an Action Plan to implement the construction of an International Financial Center, which sets out general and specific goals, tasks, key solutions, implementation roadmap and assignments for each ministry, branch and locality in the spirit of 6 clear: Clear people, clear work, clear time, clear responsibility, clear products, clear authority.

Central ministries and branches have been coordinating with the two cities to develop Government decrees on the establishment and specific policy mechanisms for financial products, foreign exchange, dispute resolution... at the International Financial Center; in order to implement synchronously, immediately allowing the Center to come into operation right after the Resolution takes effect from September 1, 2025.

Along with that, the Prime Minister said that the "four pillars" resolutions issued by the Politburo are also very synchronous and serve the development of the International Financial Center, thereby creating trust, motivation, and excitement for investors.

Proactively lead new financial models, creating space for emerging industries

In the coming time, to continue implementing the National Assembly's Resolution on the International Financial Center in Vietnam, the Prime Minister requested that all levels, sectors and localities thoroughly grasp and unify their awareness to seriously implement a number of key viewpoints and directions.

Firstly, building an international financial center is a breakthrough in terms of institutions, policies, and resource mobilization.

"The International Financial Center is not a special urban area or a cluster of financial buildings, but first of all a specific institutional design, with relatively specific geographical limits, its own legal regulations, a specialized, professional management apparatus and a space for policy testing. The International Financial Center is a place where laws are "designed for the future", to allow new models to operate within a controlled framework," the Prime Minister emphasized.

Second, institutions are the vanguard, infrastructure is the foundation, and human resources are the key.

"Only when institutions are removed, high-quality capital flows will come, and only when there is flexible and effective infrastructure and people, will added values be realized. We do not develop an international financial center just to welcome investors, but must proactively lead a new financial model, create space for emerging industries, motivate and inspire investors to develop digital assets, green economy, circular economy, carbon credits, digital banking, commodity and derivatives exchanges - the pillars of future finance; create a spillover effect between the new financial model and the real economy, serving production, within the overall economy," the Prime Minister said.

Third, ensure harmony and balance between financial freedom and sustainable financial security. Financial freedom is necessary, important, and the foundation for attracting creativity, inspiring, and creating development resources, but financial security is a very basic principle that cannot be ignored.

Regarding the key and specific tasks in the coming time , the Prime Minister requested central ministries and branches to urgently develop documents guiding the National Assembly's Resolution so that Ho Chi Minh City and Da Nang have a legal basis to establish an executive agency and a supervisory agency, and soon put the International Financial Center into operation; closely coordinate with financial institutions in Vietnam and internationally, and consult on policies based on international experience.

Ministries and sectors regularly update and perfect the institutional framework for the International Financial Center to ensure the maintenance of new, competitive mechanisms, to avoid falling behind, and to make the International Financial Center in Vietnam attractive to international investors.

For Ho Chi Minh City and Da Nang, the Prime Minister requested to allocate resources, prepare basic conditions and create favorable conditions for the development of the International Financial Center such as: institutions, human resources, living environment, ecosystem...; at the same time, allocate budget and mobilize domestic and foreign resources to invest in developing infrastructure to serve the construction and operation of the Center.

Along with that, mobilize, approach and attract strategic investors, financial institutions, banks, investors to participate and invest in the local Financial Center. Continue to maintain and expand cooperation with domestic and international partners in the financial sector in the process of building and developing new financial services and products, building mechanisms, policies and outstanding incentives.

Continue to research, listen, and accept comments and recommendations from organizations, business communities, and international experts on financial fields and services that can be developed in the International Financial Center to increase competitiveness, ensuring that the two locations develop harmoniously and complement each other.

According to the Prime Minister, the construction of an international financial center is a new, difficult, sensitive and unprecedented issue for Vietnam, but we do not wait for all conditions to be met before doing it. Instead, during the implementation process, we will create conditions, build capacity, draw lessons and build a development model to be successful.

The Prime Minister hopes that the delegates attending the Conference will be pioneers, accompanying the Government in realizing the aspiration of building a modern, transparent, equal, public and effective financial center - where Vietnam affirms its stature, capacity and role in the global value chain of finance, investment and high-end services.

The Prime Minister affirmed his determination and vision that by 2035, the International Financial Center in Vietnam will be among the 75 financial centers in the world and the 25 financial centers in the Asia-Pacific region. The International Financial Center in Vietnam will not only be a place for pure financial transactions, but also a "convergence of capital flows, people, culture, technology, laws and progressive, innovative ideas", a place that operates on market principles, international competition, openness, transparency, fairness, safety but at the same time still ensures the requirements of national governance and financial and monetary sovereignty, opening up many new opportunities to promote the development and prosperity of Vietnam, of investors, related entities, partners and international friends.

Source: VGP

Source: https://phunuvietnam.vn/thu-tuong-trung-tam-tai-chinh-quoc-te-la-noi-phap-luat-duoc-thiet-ke-cho-tuong-lai-20250802130456977.htm