Prime Minister Pham Minh Chinh at a conference in Hanoi to announce the establishment of Vietnam's International Financial Center (IFC), December 21, 2025. Photo courtesy of the Government's news portal.

Speaking at a conference at the Government Office on the day, the Prime Minister said all investor-related bottlenecks at the center would be handled under "a one-stop, on-site mechanism" with sufficient authority, and escalated directly to the Prime Minister if they fall outside delegated powers.

Vietnam has adopted a “one center, two destinations” model for the IFC, with hubs in Ho Chi Minh City and Danang, aiming to differentiate itself from established financial centers by focusing on smart, digital and green finance.

At the event, authorities from both cities announced leadership appointments to the IFC’s governing council and executive agencies.

In Ho Chi Minh City, Truong Minh Huy Vu, director of the Ho Chi Minh City Institute for Development Studies, was appointed chairman of the IFC executive agency.

Nguyen Hong Van, deputy general director of the Ho Chi Minh City Finance and Investment State-Owned Company, and Nguyen Huu Huan, director of the stock market training program at the University of Economics Ho Chi Minh City were named vice chairmen.

In Danang, Ho Ky Minh, the city’s standing Vice Chairman, was appointed chairman of the IFC executive agency.

Dang Dinh Duc, deputy director of the city’s Finance Department, was named permanent vice chairman, alongside Le Son Phong, deputy director of the city Science and Technology Department.

The Prime Minister said the launch of the IFC was driven by Vietnam’s development needs and long-term vision for fast and sustainable growth, warning that merely replicating the world's existing financial centers would leave the country permanently lagging behind.

Under the plan, the HCMC hub, located in the Thu Thiem area, will serve as a large-scale financial gateway, focusing on equities, bonds, banking, fund management, and listing services, and acting as a bridge connecting global capital flows and those from Vietnamese enterprises.

Danang, by contrast, will be developed as a niche financial center, leveraging its living environment and tourism infrastructure to focus on financial technology, wealth management, and green finance, and serving as a testing ground for future financial models.

The cabinet leader noted that the IFC would help elevate Vietnam’s global standing, shifting the country from a capital user to a participant in managing and allocating international and domestic capital flows, and making it an important link in the global financial security network.

The center is also expected to create a large-scale, low-cost capital mobilization channel for strategic infrastructure projects such as high-speed rail, renewable energy, nuclear power, and offshore wind, without increasing public debt, while supporting Vietnamese firms in accessing international standards and global value chains.

He described institutional reform as the IFC’s biggest potential gain, saying international competition would accelerate administrative reform, transparency, and digitalization, with successful pilot mechanisms to be replicated nationwide.

The Prime Minister asked ministries, regulators, and local authorities to shift from an administrative mindset to one focused on facilitation and service, eliminating “ask-and-give” practices and unnecessary restrictions.

Chinh also called for faster development of transport links (airports, seaports, metro systems, urban railways, ring roads, etc.), digital infrastructure (5G/6G, etc.), and free trade zones, alongside international-standard social services to attract and retain global talent

He stressed the need to balance financial liberalization with system safety, effective investment with risk control, and to ensure independent, transparent supervision in line with international anti-money laundering commitments.

The Government leader called on domestic and foreign investors to work closely with Vietnam, bringing capital, technology, and governance expertise for long-term, sustainable investment, under the principle of “harmonized interests and shared risks.”