HCMC – Vietnam’s Government has approved a proposal to draft a National Assembly (NA) resolution on establishing financial hubs, with a focus on HCMC and Danang, according to the Vietnam News Agency.
Resolution No. 42/NQ-CP, issued on March 5, authorizes the drafting of a regulatory framework for financial centers, following a proposal from the Ministry of Planning and Investment, which has now been merged into the Ministry of Finance.
The Minister of Justice has been tasked with reporting to the NA Standing Committee to include the financial center resolution in the 2025 legislative program. The draft is expected to be submitted for approval at the NA’s May session, with a request for an expedited review process.
The Ministry of Finance, along with relevant ministries, agencies, and the People’s Committees of HCMC and Danang, will coordinate with the Ministry of Justice to ensure the resolution is submitted on time with all necessary materials.
The proposal outlines policies for establishing and managing financial centers, including tax incentives, relaxed foreign exchange policies, and property ownership rights for foreign investors.
It suggests exempting personal income tax for managers, scientists, and experts until the end of 2035, after which a 50% tax reduction would apply.
Foreigners working and investing in the financial hub would be allowed to buy, lease-purchase, gift, inherit, and own properties within the project area. Land use rights would be granted either through allocation or lease, with a maximum term of 70 years for priority sectors and 50 years for other sectors.
The financial hub initiative is expected to enhance Vietnam’s competitiveness in the financial market and attract regional and global investors.
