Tightening control of cash flows

Vietnam’s newly-established IFC will serve as a testing ground for innovative financial models and products under risk-controlled mechanisms. While it opens opportunities to diversify markets, financial products, and asset classes, the emergence of these new models also poses significant challenges for anti-money laundering efforts.

Dr. Nguyen Tri Hieu, an economic expert, emphasised that, to prevent money laundering, banks operating in the IFC must act as “financial supermarkets,” offering services from retail to wholesale, while serving as “gatekeepers” throughout all transactions to monitor cash flows, enhance financial security, and combat transfer pricing and cross-border money laundering.

Recently, the Government issued Decree No. 329/2025/ND-CP, regulating the licensing of the establishment and operation of banks, foreign exchange management, and anti-money laundering, counter-terrorism financing, and weapons of mass destruction financing regulations for banks operating in the IFC.

Regarding foreign exchange management, the decree requires foreign members and investors to clearly state the purpose of any funds transferred into the IFC. Banks providing foreign exchange services must verify and preserve complete documentation appropriate to each transaction, providing a basis for IFC member banks to strengthen oversight and ensure funds are used as intended.

Dr. Nguyen Quoc Hung, Secretary General of the Vietnam Banks Association, said the IFC offers a promising new platform, but all transactions will be closely monitored. “There is no room for fraud, money laundering, or uncontrolled capital outflows,” he said.

High risk of money laundering via digital assets

Vietnam’s anti-money laundering legal framework is largely in place. In September 2025, the State Bank of Vietnam issued Circular No. 27/2025/TT-NHNN to guide the implementation of certain provisions of the Anti-Money Laundering Law. Transactions at the IFC are also tightly controlled under the newly issued Decree No. 329/2025/ND-CP.

Yet the legal framework can only monitor formal channels, leaving many off-the-record “black market” transactions largely unchecked.

With their anonymity and cross-border nature, crypto assets are being exploited to create an “underground market,” posing risks to national security and social order.

Sen. Lt. Colonel Dam Van Minh, from the Homeland Security Department under the Ministry of Public Security, also warned that with around 26 million crypto asset accounts held by Vietnamese users, the risk of money laundering through these assets remains a serious concern in Vietnam.

Since the Anti-Money Laundering Law was enacted in 2022, the Anti-Money Laundering Department has received thousands of suspicious transaction reports (STRs) annually, with the number of reports growing by about 30% each year. Since 2023, based on these reports, the department has collected and analysed information, issuing nearly 600 documents related to over 5,000 STRs forwarded to the Economic Security Department under the Ministry of Public Security./. VNA