Prime Minister Pham Minh Chinh has signed a decision to establish the Steering Committee for Regional and International Financial Centers in Vietnam, appointing himself as its head.

The Steering Committee will include key officials:

Permanent Deputy Prime Minister Nguyen Hoa Binh as Standing Deputy Head.

Secretary of the Ho Chi Minh City Party Committee, Minister of Planning and Investment, Minister of Finance, Governor of the State Bank of Vietnam, and Secretary of the Da Nang City Party Committee as Deputy Heads.

Other members include leaders from ministries, central agencies, and the chairpersons of Ho Chi Minh City and Da Nang People’s Committees.

The committee will oversee: Developing strategies and frameworks for the financial centers. Establishing tailored regulations and policies to ensure alignment with the Politburo's directives. Coordinating resources for infrastructure development. Organizing domestic and international cooperation for the financial centers’ development.

The Ministry of Planning and Investment will serve as the standing office, providing advice and administrative support.

Financial center plans

In November 2024, the Politburo approved plans for a comprehensive international financial center in Ho Chi Minh City and a regional financial hub in Da Nang.

These centers will operate under advanced management mechanisms with robust risk management systems. Policymaking will follow a “learn as we go” approach, avoiding hasty actions while seizing opportunities and eliminating the "if you can't manage it, ban it" mindset.

The Politburo outlined an initial framework for financial center policies:

2023-2030: Implement eight policy groups aligned with international standards and conditions in Vietnam. Pilot six additional policy groups used in major global financial hubs, ensuring a phased approach tailored to Vietnam’s needs.

2030-2035: Fully adopt the policy framework applied in major international financial centers.

Flexibility in execution is emphasized. If favorable conditions arise, faster implementation of subsequent steps will be encouraged, bypassing the predefined sequence.

The establishment of these financial centers is a cornerstone of Vietnam’s ambitions to elevate its global economic standing. By embracing innovative management practices and international standards, Vietnam aims to attract investment, enhance financial integration, and solidify its position as a competitive player in the global financial landscape.

Tran Thuong