French Ambassador to Việt Nam Olivier Brochet speaks at the seminar on France’s experience in developing legal frameworks for international financial centres on Thursday. VNS Photo Khánh Linh

HÀ NỘI — French Ambassador to Việt Nam Olivier Brochet has stressed that Việt Nam, with its impressive economic growth and strategic location, must effectively leverage its legal framework to build internationally competitive financial centres.

Speaking at a seminar on France’s experience in developing legal frameworks for international financial centres (IFC) in Việt Nam on Thursday, Brochet said the country has a unique opportunity to transform HCM City and Đà Nẵng City into attractive, competitive and secure financial hubs.

According to the ambassador, Việt Nam is emerging as a promising candidate to become one of Southeast Asia’s leading financial centres, thanks to its economic momentum, geographic advantages, and ongoing reform efforts.

However, he also outlined three key challenges that Việt Nam must address in order to realise this vision.

The first challenge, he said, is building a robust and appealing legal framework. To create a financial ecosystem that meets international standards while respecting local conditions, Việt Nam needs to modernise its legal documents and streamline administrative procedures to convince investors.

The second challenge is establishing an effective governance and dispute resolution mechanism. Governance must recognise the roles and interests of all stakeholders, from regulators to businesses and investors. Only with transparent, fair and efficient governance can the market send positive signals and create the trust and stability necessary for capital inflows, he said.

The third, and perhaps most difficult, challenge is talent development. Major IFCs worldwide are distinguished not only by infrastructure and technology, but also by their pool of experts, Brochet said. Through cooperation with universities and specialised training programmes, Việt Nam can build a workforce capable of meeting the requirements of a global financial hub.

He confirmed that France stands ready to accompany Việt Nam in this process, helping HCM City and Đà Nẵng become exemplary, innovative and attractive financial centre in the future.

Delegates at the seminar. VNS Photo Khánh Linh

At the seminar, Đào Thanh Hương, deputy director General of the Foreign Investment Agency under the Ministry of Finance, emphasised that establishing IFC is one of Việt Nam’s strategic breakthroughs. This is widely considered to be a new pathway to mobilise resources for economic development and connect Việt Nam with global financial markets.

Building an IFC is unprecedented in Việt Nam, she noted, and these centres are not merely places for financial transactions but also spaces where capital, talent, technology and legal frameworks converge. They must operate under market principles and global competition while ensuring national governance and financial security.

Việt Nam is shifting from a management mindset to an enabling approach, moving from legal framework creation to controlled piloting, according to Hương. This aims to create a distinctive institutional space to attract global capital and technological expertise, providing fresh momentum for growth.

She also highlighted the key features of the National Assembly's Resolution 222 on establishing IFC in Việt Nam, which offers not only special policy mechanisms but also strict risk management and oversight measures.

Hương stressed that Việt Nam seeks France’s partnership in the design, operation and governance of these centres, and called for support in connecting major investors and attracting capital and financial services from France and Europe to Việt Nam.

Việt Nam aims to establish and put into operation IFC in HCM City and Đà Nẵng by the end of 2025. The HCM City-based IFC, covering nearly 800 hectares, is expected to begin operations later this year, with work underway to complete the necessary institutional, infrastructure and labour-related frameworks. In Đà Nẵng, a 22-storey building with a total area of 27,000 square metres in Software Park 2 has been designated as the headquarters for the city’s IFC. — VNS