Hanoi, November 02, 2025 – The Europe Today: Prime Minister Phạm Minh Chính has called for accelerated and coordinated efforts to ensure that Việt Nam’s International Financial Center (IFC) becomes operational this November, emphasizing determination, innovation, and practical action despite existing challenges.
The Prime Minister made the directive while concluding a conference on the establishment of the IFC held on Saturday. In line with the Party Central Committee, Politburo directives, and a National Assembly resolution, the Government plans to establish IFC branches in Hồ Chí Minh City and Đà Nẵng, covering approximately 899 hectares and 300 hectares, respectively.
PM Chính underlined that building an IFC is a new and demanding task but one that must be fulfilled through strong resolve, great effort, and decisive, coordinated implementation. He stressed the importance of avoiding both perfectionism and haste, while ensuring that each step taken yields tangible, high-quality results.
The Prime Minister urged that Việt Nam’s IFC draw on the experience of the world’s leading 20 international financial centers, while incorporating the country’s own creativity, cultural identity, and unique socio-economic conditions.
He also called for close collaboration between domestic and international partners, financial institutions, and State agencies; the integration of finance with production, trade, and investment; and the combination of internal and external strengths within the framework of international law and best practices, adapted flexibly to Việt Nam’s context.
According to PM Chính, the IFC will have a steering committee chaired by the Prime Minister, two governing boards in Hồ Chí Minh City and Đà Nẵng, a supervisory body, and dedicated courts to handle disputes. The centers will operate on a digital foundation, leveraging artificial intelligence (AI) to enhance efficiency, competitiveness, and resource attraction.
The IFCs are expected to draw top-tier domestic and global talent, offering a high-quality, sustainable living environment supported by access to education, healthcare, and culture—blending tradition with innovation and ensuring coordination between financial institutions and government agencies.
PM Chính emphasized that both financial and non-financial services, as well as licensing and registration processes, should be designed to promote flexibility, favoring post-approval supervision over pre-approval procedures. The IFC’s legal framework should be transparent, autonomous, and incorporate incentives, clearly separating domestic and international operations.
Highlighting technology transfer and digital transformation, he stated that the IFC should not create barriers to participation, but rather foster openness and collaboration among local and international players. The center should extend beyond financial services to encompass production, business, trade, and investment, ensuring global competitiveness and streamlined administration through a single-window system.
The Prime Minister instructed Hồ Chí Minh City and Đà Nẵng authorities to expedite preparations on infrastructure, policy frameworks, and operational conditions to guarantee the IFC’s timely launch in November 2025.
He underscored the need to harness science, technology, and innovation, encourage a bold and reform-driven mindset, and recognize that “resources come from vision and mindset, motivation stems from innovation and creativity, and strength derives from the people and businesses.”
Delegates at the conference exchanged insights and proposed mechanisms, policies, and operational measures for the IFC’s early and effective functioning, including legal frameworks for governing bodies, risk management mechanisms, product systems, trading infrastructure, and strategies to attract investment and talent.
In conclusion, the Prime Minister tasked the Ministry of Finance and relevant agencies to urgently review feedback and finalize policies and the draft decree for Government approval, ensuring the International Financial Center becomes operational as planned this November.
