These include pioneering authority in investment management, finance and budget, urban and environmental governance, priority investor attraction, the creation of a free trade zone, and new structures for science, innovation, and government organization.

The city is now authorized to integrate residential, commercial, public, and service infrastructure into the planning and development of train stations, depots, and surrounding areas along the Ring Road 3 corridor - modeled on Transit-Oriented Development (TOD) principles.

In terms of urban planning, HCMC will consolidate all relevant zoning levels into a single master plan, aligning with national, regional, and provincial strategies for comprehensive and streamlined development.

One of the most groundbreaking additions is the permission to establish and operate a free trade zone in Ho Chi Minh City.

Under this new regulation, the City People’s Council will determine the procedures for establishing, expanding, or adjusting the boundaries of the free trade zone. The City People's Committee will be responsible for executing these decisions, particularly around the strategic Cai Mep Ha port area.

The free trade zone will have clearly defined geographic boundaries and will serve as a pilot zone for innovative, exceptional policies aimed at attracting high-quality capital, trade, finance, services, exports, industrial development, research and development (R&D), and global talent.

Vietnam to introduce international financial court with foreign judges

Also this morning, the National Assembly passed the Law on Specialized Courts for the International Financial Center. The law includes five chapters and 44 articles and will come into effect on January 1, 2026.

The law applies to the specialized court, members of the international financial center, investors, and other relevant parties involved in cases within the court’s jurisdiction.

The specialized court, though part of Vietnam’s judiciary, will operate according to this distinct legal framework, with jurisdiction over all cases arising within the international financial center.

Its principles include judicial independence, equality before the law, guaranteed appeal rights, public trials (unless privacy is legally warranted), and alignment with international dispute resolution standards. Procedures will be transparent, efficient, impartial, and based on international norms and practices.

The court will be headquartered in Ho Chi Minh City and will include trial and appellate divisions, administrative support, and a full professional staff.

The court will have a Chief Justice, Deputy Chief Justices, division heads, judges, clerks, and other officials. These will be appointed and dismissed by the Chief Justice of the Supreme People's Court, with each term lasting five years.

Notably, judges can be foreign nationals if they meet strict criteria: they must be reputable legal experts or lawyers with good ethics and deep knowledge of investment and business law, with at least ten years of experience in adjudicating or resolving relevant cases.

They must also be fluent in English, under 75 years old, and in good health to fulfill their duties.

Vietnamese judges must meet similar criteria, including expertise in investment and business law, professional ethics, and at least ten years of experience. English proficiency is also required.

Judges are appointed by the President of Vietnam, based on recommendations from the Chief Justice of the Supreme People's Court. Their five-year terms may be revoked in cases of legal conviction, ethical violations, or actions deemed incompatible with their judicial role.

Tran Thuong