HCMC – Prime Minister Pham Minh Chinh chaired a conference on December 21 to announce the establishment of an International Financial Center (IFC) in Vietnam, with dual hubs in HCMC and Danang City.
The Ministry of Finance affirmed that building an international financial center is one of the key institutional breakthroughs and policy decisions aimed at unlocking resources and transforming the growth model in tandem with restructuring the economy.
Speaking at the conference on December 21, Minister of Finance Nguyen Van Thang announced the prime minister’s decision to establish the Executive Council of the International Financial Center. The council will be chaired by Permanent Deputy Prime Minister Nguyen Hoa Binh.
The vice chairs of the Executive Council are ministers, heads of agencies, and leaders of localities, including Minister of Finance Nguyen Van Thang; State Bank Governor Nguyen Thi Hong; Chairman of the Ho Chi Minh City People’s Committee Nguyen Van Duoc; and Chairman of the Danang People’s Committee Pham Duc An.
Members of the Executive Council include Deputy Minister of Justice Nguyen Thanh Tinh; Deputy Minister of Home Affairs Nguyen Manh Khuong; Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan; and Deputy Minister of Agriculture and Environment Nguyen Hoang Hiep.
The International Financial Center in Vietnam was established pursuant to a National Assembly resolution dated June 27. On December 18, the Government issued Decree No. 323 on the establishment of the IFC.
The center will operate under a “one center, two destinations” model, located in Ho Chi Minh City and Danang. HCMC will serve as a large-scale financial hub, with strong development in stock and bond markets, banking, fund management, and listing services. Danang will focus on financial services related to logistics, maritime activities, free trade, and industrial–agricultural supply chains. The planned area of the center is 899 hectares in HCMC and 300 hectares in Danang.
Under the Government decree, operating regulations approved by the IFC Executive Council will be applied uniformly at both locations. Likewise, all standards, regulations, procedures, rules, operational forms, and licensing criteria will be implemented concurrently at the two sites.
Within five years, the Executive Council will lead a mid-term review and assessment and report to the Government on the IFC’s operations. Where necessary, it may submit a restructuring plan toward a leaner, more unified model, provided safety and efficiency conditions are met and operations at both locations are not disrupted.
In parallel, the People’s Committees of HCMC and Danang will supplement and update relevant regional and city planning to ensure adequate land allocation for the establishment and operation of the IFC in their respective localities.
At the same conference, leaders of HCMC and Danang announced their decisions on the appointments of leaders of the operating authorities of the International Financial Center in the two cities.
Pham Thi Thanh Hien, director of the HCMC Department of Home Affairs, announced decisions on the transfer and appointment of leaders of the operating authority of the International Financial Center in HCMC (IFC-HCM). Accordingly, the chairman of the HCMC People’s Committee appointed Truong Minh Huy Vu, a member of the HCMC Party Committee and director of the HCMC Institute for Development Studies, to concurrently serve as chairman of the Operating Authority of IFC-HCM.
Nguyen Hong Van, deputy CEO of the HCMC State Financial Investment Company (HFIC), was transferred to the operating authority of IFC-HCM to serve as vice chairman of the Operating Authority.
Nguyen Huu Huan, director of the Securities Market Training Program at the University of Economics HCMC, serves as vice chairman of the Operating Authority.
For the International Financial Center in Danang, Ho Ky Minh, a member of the Standing Board of the Danang Party Committee and permanent vice chairman of the Danang People’s Committee, concurrently serves as chairman of the Operating Authority of IFC Danang.
Dang Dinh Duc, deputy director of the Danang Department of Finance, was appointed as permanent vice chairman of the Operating Authority. Le Son Phong, deputy director of the Danang Department of Science and Technology, is concurrently vice chairman of the Operating Authority.
