Speakers at the forum in HCM City on Friday. — VNA/VNS Photo

HCM CITY — If Việt Nam can build flexible policies, open data infrastructure and a dynamic startup ecosystem, its planned International Financial Centre (IFC) could become a global capital hub and also an incubator for billion-dollar “unicorn” firms, experts said at a forum in HCM City on Friday.

The event, themed “Promoting HCM City’s International Financial Centre – Opportunities and Challenges for Enterprises”, was co-hosted by the Vietnam Blockchain and Digital Asset Association (VBA) and several partners.

According to Trần Huyền Dinh, head of VBA’s Fintech Application Committee, examples from Singapore and Hong Kong show how innovation-friendly policy can nurture unicorns.

In Singapore, a real-asset tokenisation startup grew from US$50 million to over $1 billion in four years, managing $1.5 billion in assets. In Hong Kong, RedotPay bridged digital assets with traditional finance, reaching about $10 billion in annual transactions globally.

“Việt Nam can absolutely do the same,” he said, noting that the IFC should serve not only as a bridge for global capital but also as a breeding ground for world-class fintech players.

He cited two resolutions – National Assembly Resolution 222/2025/QH15 of June 27 this year on building IFCs in HCM City and Đà Nẵng, and Government Resolution 05/2025/NQ-CP of September 9 on piloting the digital-asset market – as key institutional milestones. Clear technical standards for digital assets, real-time regulatory technology and transparent data frameworks will be crucial to ensure a sustainable IFC, he said.

Anirban Roy, senior partner at InnoLab Asia, said an IFC is an essential component of an integrated economy where technology, finance, and governance converge to create new value. He praised Việt Nam’s strategy for aligning IFC development with its national plans on digital and sustainable finance.

Võ Đức Anh, Deputy Director of the Đà Nẵng’s Innovation Startup Centre, stressed three pillars for IFC success, including flexible regulation, open data, and an innovative startup ecosystem.

“With a blockchain- and AI-driven financial ecosystem, Việt Nam can become a true innovation-based financial hub,” he said.

Việt Nam currently ranks 95th out of 120 in the Global Financial Centres Index (GFCI 38) with 664 points, ahead of Bangkok but far behind Hong Kong (764) and Singapore (762).

The country’s stock market capitalisation stood at around $218 billion in 2024, or 66 per cent of GDP, compared with more than $5 trillion in Hong Kong and $645 billion in Singapore.

Trần Huyền Dinh, head of the VBA’s Fintech Application Committee, speaks at the event. — VNA/VNS Photo

Dinh said Việt Nam must now move from pilot projects to practical implementation, noting success depends not on tax incentives or geography, but on institutional capacity and unified, flexible regulation.

Trần Huy Vũ, co-founder of Kyber Network, said the IFC should be more than a venue for banking or investment.

“It must open opportunities for tech firms to co-develop digital financial services,” he said, emphasising the need for clear and consistent legal frameworks to empower innovation.

Lê Anh Quốc, chief operating officer of AlphaTrue Solutions, shared lessons from Basal Pay, Việt Nam’s first licensed digital-to-fiat conversion sandbox in Đà Nẵng.

“A well-designed sandbox ensures both innovation and compliance,” he said, calling on HCM City to adopt a similar model for the IFC.

For foreign investors, transparency and contract enforcement remain decisive factors. Will Ross, marketing and distribution director at Dragon Capital, said trust depends on whether commitments are honoured.

He said legal clarity and reliable enforcement are the foundation for international confidence. He added trust is not just a technical requirement, but the key to building a credible, innovation-driven IFC that can attract global capital.

Businesses and investors are now awaiting eight decrees guiding the implementation of Resolution 222/2025/QH15, which will define the IFC’s operational scope, permitted services and business frameworks. — BIZHUB/VNS