Vietnam Deputy PM urges rapid development of International Financial Centers

Deputy Prime Minister Nguyen Van Thang has called for urgent and synchronized efforts to establish and operate International Financial Centers in Vietnam. During the third meeting of the International Financial Center Steering Council, the Deputy Prime Minister emphasized that the development of these centers is a critical task requiring a robust legal framework and effective management mechanisms.

With executive agencies now officially operational in Ho Chi Minh City and Da Nang, Thang advised against waiting for all conditions to be perfect before beginning implementation. He suggested a strategy of “running while lining up,” meaning the government should simultaneously refine institutions while selecting existing financial products with market demand to negotiate with investors.

The Deputy Prime Minister instructed the executive agencies to proactively engage with investment funds and businesses. He also requested the development of clear policies for specific financial products, including designated drafting authorities and implementation deadlines, while ensuring that inspection and supervision mechanisms do not create excessive administrative procedures.