Accelerating the Implementation of the International Financial Centres in Ho Chi Minh City and Da Nang

Ho Chi Minh City: Synchronous Implementation from Leadership and Institutions to Human Resources

Reporting at the meeting, Mr. Nguyen Van Dung, Vice Chairman of the Ho Chi Minh City People’s Committee, stated that in recent times the city has thoroughly grasped and strictly implemented National Assembly Resolution No. 222, the conclusions of the Politburo, Government resolutions, and the action plan of the Steering Committee for the International Financial Centre.

First, with regard to overall leadership and direction, Ho Chi Minh City has established a task force to advise on the construction and development of the financial centre, headed by a Vice Chairman of the City People’s Committee, with the Department of Finance serving as the standing agency. In 2025, the City People’s Committee proactively developed implementation plans, assigned specific tasks, and maintained close coordination mechanisms with relevant ministries and agencies, thereby organising numerous meetings and issuing conclusion notices to ensure the progress and quality of assigned tasks.

Second, regarding the implementation of legal documents, following the Government’s issuance of eight decrees guiding the implementation of Resolution No. 222—including Decree No. 323—the Joint Executive Council of the two member agencies of the financial centres in Ho Chi Minh City and Da Nang was established. On that basis, Ho Chi Minh City directed the executive agencies and relevant units to urgently study and implement tasks in accordance with their prescribed authority.

With respect to the organisational and operational regulations of the Viet Nam International Financial Centre, Ho Chi Minh City took the lead, in coordination with Da Nang, in drafting the regulations. At the same time, the city collected feedback from central ministries and agencies through multiple channels, including direct consultations and discussion conferences. Through successive rounds of feedback, the draft regulations were revised and finalised in line with the directions of Government leaders.
 

Third, regarding organisational structure and personnel, Ho Chi Minh City has completed the appointment and mobilisation of the Chairman and two Vice Chairmen of the Financial Centre Executive Agency; developed job position schemes, personnel plans, plans for recruiting an executive director, and coordination mechanisms in accordance with regulations. The city is currently working with relevant units to finalise the personnel framework for the supervisory body of the International Financial Centre in Viet Nam.

Notably, the University of Finance – Marketing (under the Ministry of Finance) has coordinated with Ho Chi Minh City to organise a secondment programme comprising one lecturer and eight top graduates in finance, banking and law to work at the Financial Centre for a three-year period, with all costs covered by the university. In parallel, the Ho Chi Minh City Institute for Development Studies has also assigned personnel to coordinate with the Executive Agency during the initial phase.

“Ho Chi Minh City has completed the necessary procedures and is preparing recruitment announcements based on job positions, initially recruiting 25 out of 52 positions under the approved scheme. This workforce has been trained both domestically and internationally in finance and banking, with strong foreign language capabilities, in preparation for the operational phase of the International Financial Centre,” Mr. Nguyen Van Dung noted.

Mr. Pham Duc An, Chairman of the Da Nang City People’s Committee, delivers remarks – Photo: VGP/Nhat Bac.

Da Nang: Early Operations and Attraction of International Financial Institutions

Regarding the centre in Da Nang, Mr. Pham Duc An, Chairman of the Da Nang City People’s Committee, emphasised that the establishment and development of the International Financial Centre in Viet Nam is a major policy decision of the Party and the State. Accordingly, Da Nang has proactively and decisively implemented tasks within its authority.

First, Da Nang rapidly completed its organisational structure and issued foundational regulations on the functions, tasks and working rules of the Executive Agency of the International Financial Centre in Da Nang, while developing recruitment plans under policies to attract high-quality human resources, prioritising experts with experience at international financial centres, financial institutions, investment funds and multinational corporations.

Second, the headquarters of the International Financial Centre Office has been located at Da Nang Software Park No. 2, with more than 4,000 square metres of usable space for members. Immediately after the Executive Agency was established under Decree No. 323/ND-CP dated December 18, 2025, Da Nang reviewed and completed procedures to grant membership certificates to the first organisations and financial institutions, while also developing and operating an integrated one-stop electronic portal and licensing procedures for the establishment and operation of banks.

To date, Da Nang has received more than 81 letters of interest from investors. On the occasion of the inauguration ceremony on January 9, 2026, the Executive Agency granted official membership registration certificates to 12 organisations and financial institutions, and issued letters acknowledging interest to 11 organisations, including several leading global institutions such as Bybit, DTCpay, APEX Group, and Makara Capital. At the same time, the Executive Agency continues to support interested organisations and institutions in learning about the investment environment, registration procedures and licensing requirements.

Chairman Pham Duc An stated that, to continue building and operating the International Financial Centre in Da Nang effectively, the city is focusing on five key task groups.

First, to continue coordinating on the completion of organisational and operational regulations for submission to the Executive Council for issuance; to review and refine licensing procedures in a streamlined manner, with clear responsibilities and practical feasibility.

Second, to put invested infrastructure into operation in association with a one-stop mechanism and data connectivity; to ensure that procedures related to investment, finance, immigration and residence for investors and international experts are handled in a centralised and transparent manner; and to periodically review and adjust any unsuitable processes.

Third, to promote the establishment of specialised trading platforms, including digital asset exchanges and asset tokenisation within the sandbox framework. Specifically, Da Nang aims to establish at least two to three specialised trading platforms, including digital asset and asset tokenisation exchanges under sandbox mechanisms, to create markets for mobilising capital for large-scale infrastructure projects. At the same time, the city will study the development of a carbon credit exchange and a commodity exchange linked to the Da Nang Free Trade Zone.

Fourth, to implement the recruitment of high-quality human resources for the Executive Agency and to develop salary scales based on market mechanisms. Da Nang also requests close coordination from the Ministry of Home Affairs and early guidance on organisational structure and staffing to ensure operational progress.

Fifth, Da Nang will develop a brand identity for the International Financial Centre in Da Nang; register to join the World Alliance of International Financial Centers (WAIFC); thereby strengthening international cooperation, investment promotion and brand positioning. Bilateral and multilateral cooperation activities with other international financial centres are also being implemented, including preparations to host a fintech conference in 2026.

“To ensure effective implementation and broad public outreach, the city hopes to receive support from ministries and agencies in developing relevant regulations. In addition, to ensure that operations commence in a solid and effective manner from the outset, the city proposes that the Prime Minister allow the application of special mechanisms in the selection of strategic investors,” Da Nang leaders proposed.