Vietnam establishes international financial center model

Vietnam is developing an international financial center based on a “one center, two destinations” model, with locations in Ho Chi Minh City and Da Nang. Under this framework, the two cities will have distinct development focuses that complement each other: Ho Chi Minh City will concentrate on specialized financial products, traditional finance, and large-scale project funding, while Da Nang will focus on innovation and modern financial sectors.

According to officials, the legal framework for the center is being established through a resolution and eight guiding decrees. A unified regulatory system, code of conduct, and supervisory body will govern both locations, with an executive council overseen by a Deputy Prime Minister to ensure coordination. Ho Chi Minh City has already completed its legal framework and has accepted its first 10 members under a holding company model.

Economic experts note that Vietnam requires significant capital mobilization—estimated at 280-300 billion USD annually through 2030—to support national development. Currently, bank credit accounts for approximately 51% of total capital, while stock and corporate bond markets represent only 13-14%. The new financial center aims to diversify these sources and attract global investment to the real economy.