Prime Minister Pham Minh Chinh speaks at the conference to announce the International Financial Center in Vietnam. (Photo: Lai Hoa/ VOV)

The International Financial Center (IFC) in Vietnam marks a qualitative and efficiency-driven reform in financial market development, with far-reaching spillover effects across all sectors and stakeholders nationwide. The IFC, located in Ho Chi Minh City and Da Nang, will operate under a “one center, two destinations” model.

A turning point in development and global integration

Building the IFC was an urgent priority that stemmed from Vietnam’s forward-looking vision of rapid, sustainable development. At the December 21 conference to announce the IFC, Prime Minister Pham Minh Chinh called it a turning point in Vietnam’s integration and development process after 40 years of renewal.

“With the global economic center shifting strongly toward the Asia–Pacific region, Vietnam, with its favorable geopolitical position, can become a natural convergence of global capital flows, goods, and technology if we can effectively seize opportunities. Operating the International Financial Center is not just about attracting investment resources, it’s about becoming an artery for new growth drivers. High-end financial services, mechanisms, policies, and governance models will serve as leverage to restructure the economy and elevate Vietnam in the global value chain,” said Prime Minister Chinh.

The IFC marks the start of comprehensive reform in the quality and efficiency of Vietnam’s financial market development, with impacts on all sectors and stakeholders, according to PM Chinh.

“First is to enhance national status. Vietnam will no longer be a processing workshop, but an important link in the global financial security network and the global value chain. Second is to create breakthroughs in resource mobilization by forming and developing an effective, large-scale, low-cost capital mobilization channel for strategic infrastructure development without raising the public debt ceiling. Third is to create a “breakthrough of breakthroughs” in institutions. The greatest benefit of the International Financial Center is not measured by currency, but by innovations in governance thinking and modern technology. International competition pressure will drive stronger, more transparent, more comprehensive digital administrative reforms,” said Mr. Chinh.

The conference announces the establishment of the International Financial Center in Vietnam (Photo: Lai Hoa)

Opportunities in “big playground”

The IFC will gather financial institutions, capital flows, diversified financial products, and high-level support services. In the context of global restructuring of supply chains and capital flows, Vietnam’s proactive participation in this “playground” reflects a long-term vision that moves beyond low-cost labor and processing to a high value-added economy.

Don Lam, CEO of VinaCapital, said, “We believe that IFC will help bring additional capital to fund infrastructure development, to fund larger projects that Vietnam is rolling out. We actually work with Bamboo Capital Group as well helping Ho Chi Minh City to come up with the plan for the IFC. We export large amount agriculture, rice, coffee and black pepper over the world. We should have commodity exchange where our farmers can sell directly to the global market instead of go to a third party.”

The presence of major groups at the International Financial Center will foster a high-quality service ecosystem, including legal consultancy, auditing, fintech, insurance, and risk management, that will elevate Vietnam’s services market.

The Center will help Vietnam integrate more deeply into the Asia–Pacific financial network and serve as a springboard for Vietnamese businesses to expand globally and access international standards and global value chains.

Chairman of the Ho Chi Minh City People’s Committee Nguyen Van Duoc speaks at the conference to announce the IFC. (Photo: Lai Hoa/ VOV)

Chairman of the Ho Chi Minh City People’s Committee Nguyen Van Duoc said, “Ho Chi Minh City will be able to expand cooperation with major financial centers and emerging hubs like New York, Frankfurt, Singapore, Dubai, and Astana. The IFC in Viet Nam will symbolize new development thinking and the spirit of daring to experiment, innovate, and create breakthroughs toward realizing the nation’s aspiration for prosperity, self-reliance, and deep integration in the new era.”

The establishment of the International Financial Center is a strategic step in financial services development and a strong affirmation of Vietnam’s global aspirations in this field.