Prime Minister Pham Minh Chinh has ordered the official launch of Vietnam’s international financial center in Ho Chi Minh City no later than February 9.

The government leader stressed the target at a meeting of the steering committee for the international financial center on January 16, noting that although Vietnam is a late entrant, the center must be successful and effective.

He asked Ho Chi Minh City and Danang to carry out tasks in parallel, completing the institutional framework and physical infrastructure while recruiting personnel.

“No later than February 9, the international financial center in Ho Chi Minh City must be officially launched, including the international center and a specialized court,” Chinh said.

The international financial center was established under a National Assembly resolution adopted on June 27. It will operate under a “one center, two destinations” model, based in Ho Chi Minh City and Danang.

Under this arrangement, Ho Chi Minh City will serve as the main large-scale financial hub, with strong development in stock and bond markets, banking, fund management and listing services.

Danang will focus on financial services linked to logistics, maritime activities, free trade and industrial and agricultural supply chains. The planned area of the center covers 899 hectares in Ho Chi Minh City and 300 hectares in Danang.

According to the prime minister, the establishment of the international financial center faces several challenges, including competition from regional and global hubs to attract high-quality talent and international experts.

Urban infrastructure, services, internationally standard living and working spaces also require more detailed planning with clearer resources.

On task assignments, the prime minister asked the Ministry of Home Affairs to review and study policies from other jurisdictions and submit a decree to the government on appropriate regimes and incentives.

Ho Chi Minh City was instructed to work with Viettel and Danang to connect operational technology infrastructure, ensuring accuracy, transparency, interoperability and shared use.

He also noted that each center must have a supporting office for its council and quickly complete arrangements for operational headquarters. Institutional frameworks should be designed with a breakthrough mindset, as this will be a core competitive advantage.

The prime minister said the operational process must clearly define roles and ensure mutual support between Ho Chi Minh City and Danang, avoiding internal competition, overlap and fragmentation.

He called on ministries and local authorities to be proactive, strengthen decentralization and resource allocation and take the initiative in issuing necessary mechanisms and policies.