HÀ NỘI — Many National Assembly (NA) deputies stated that establishing international financial centres (IFCs) in the current context is both necessary and appropriate, in line with the country’s development trajectory in the new era, during group discussions on the draft resolution of the NA regarding the issue Wednesday morning.

According to Deputy Nguyễn Quang Huân (Bình Dương Province), IFC is a product of the market economy, not of a planned or subsidised economy. At present, Vietnamese enterprises face challenges with financial mechanisms because the country lacks a proper financial market. Establishing a financial market is not merely about attracting capital from foreign investors or financiers, but also about creating a mechanism that allows Vietnamese businesses easier access to international capital flows.

“I believe IFCs will be a major boost, creating highly favourable conditions for Việt Nam’s economic development,” Huân noted.

However, the Bình Dương deputy emphasised that financial markets operate under strict conditions. “We cannot attract financiers with castles, islands, beaches or scenic landscapes. If we are to develop a financial centre, we must also play by international rules – but the challenge is how to do so without compromising Việt Nam’s sovereignty,” he said.

Offering detailed feedback on the draft resolution, he noted that while the list of financial products and services provided by the centre is quite specific – including green bonds, banking, credit funds, etc. – these are only the products we currently recognise.

There are also many emerging or yet-to-be-commercialised products, particularly in the age of technological advancement and artificial intelligence.

Future financial services could include trading in biotech and quantum technology products – two areas developing rapidly but not yet fully monetised. These will become major investment magnets, and AI itself cannot advance without progress in biotech and quantum technology, the lawmaker told the group discussions.

He argued that if the list of financial products is overly rigid, it may cause obstacles when new services emerge. Clause 10, Article 3 of the draft resolution includes an open-ended provision for “other services as stipulated by the Government,” but this could be interpreted to mean that even existing services require specific Government stipulation – which may deter international investors.

To avoid misunderstandings, he proposed amending the clause to: “other financial services to be supplemented by the Government periodically.” The parliament would authorise the Government to update the list of permissible financial activities as needed, without requiring further National Assembly approval. This, he said, would provide clarity and reassurance to financial investors.

The deputy also suggested that the Government be tasked with developing a code of conduct to clearly define what is meant by effectiveness, transparency, and integrity, ensuring that all members of the centre understand and adhere to these principles.

Expressing his view that Việt Nam is now “ripe” for the establishment of IFCs and that a resolution should be issued promptly, Deputy Trần Hoàng Ngân (representing HCM City) noted that Việt Nam already has financial centres in HCM City and other localities. However, the one in HCM City is still in its infancy, at an emerging stage.

To become a true international financial centre, he stressed, multiple factors are required, and most importantly, trust.

“To build trust, we need a legal framework that ensures safety and transparency, along with a stable macroeconomic and political environment, and an ecosystem that supports financial activities,” Ngân said.

Permanent Deputy Prime Minister Nguyễn Hoà Bình presented the rationale and significance of the development of international financial centres in Việt Nam at the plenary session of the National Assembly on June 11 in Hà Nội. — VNA/VNS Photo

Rationale

Earlier in the plenary session, Permanent Deputy Prime Minister Nguyễn Hoà Bình presented the rationale and significance of the development of IFCs.

IFC is “a diverse ecosystem of financial services concentrated in a specific location”, home to numerous financial institutions (banks, investment funds, financial service companies) and exchanges (stock, currency, commodities), supported by a wide array of auxiliary services, Bình noted.

The goal of developing an IFC is to create a zone with its own distinct and advanced policies and legal frameworks to attract investors offering both financial and related non-financial services, connected to other international financial hubs.

IFC competitiveness is measured by the Global Financial Centres Index (GFCI), which evaluates five pillars: business environment, financial ecosystem, infrastructure, human capital, and the city’s reputation and brand.

The necessary preconditions for establishing an IFC include: high-level political will; global credibility and appeal; political and macroeconomic stability; transparent institutions and policies; a promising financial market; a favourable business environment; a sufficiently large and steadily growing economy; an open, internationally-aligned legal framework; and strong connectivity.

The sufficient conditions are: high-quality human resources; integrated infrastructure; a competitive, well-developed financial ecosystem; and comprehensive support services.

“We have fulfilled all of these requirements,” the Deputy PM affirmed.

Globally, there are currently 119 international financial centres, with HCM City identified as one of them.

Emphasising the necessity of establishing an IFC in Việt Nam, Deputy PM Bình stated that it would serve to attract international capital flows and boost the national economy towards double-digit growth in the new era of prosperity and modernity.

The centre would provide momentum for strategic breakthroughs in developing modern, synchronous infrastructure—especially in transportation, energy, and the digital economy.

It would also foster advancements in science, technology, innovation, and digital transformation; accelerate asset management solutions; and cultivate modern fintech to meet the demands of a new financial era.

An IFC would connect Việt Nam with the global financial system, enhance its international standing, and contribute to national security and defence from an early and strategic distance. It aims to position Việt Nam as a critical financial gateway, leveraging global capital flows and benefiting from global supply chain shifts.

Moreover, the centre would enhance social welfare, generate employment, attract high-quality human resources, and build a network of major financial experts, investors, and intellectuals. It would improve local living standards through the development of modern amenities and align Việt Nam’s financial regulations with international norms, thus boosting investor confidence.

According to the Deputy PM the overarching goal is to effectively mobilise financial resources for socio-economic development and to build a transparent, efficient, modern financial ecosystem. This includes developing markets for innovative financial products aligned with international standards and market trends.

The specific objective is to establish an international financial centre in 2025, with locations in HCM City and Đà Nẵng. By 2035, the target is for Việt Nam’s IFC to be ranked among the top 75 globally by the GFCI (including fintech criteria), and by 2045, to reach the top 20.

The NA's draft resolution for establishment of IFCs in Việt Nam comprises six chapters and 35 articles, with a management structure including: a National Steering Committee headed by the Prime Minister; an executive agency; a supervisory body; and a dispute resolution agency (including an international arbitration centre and a specialised court).

The Deputy PM urged NA deputies to actively contribute feedback to perfect the draft resolution, ensuring it aligns with the Politburo’s vision of openness, innovation, and investor appeal. Once the resolution is adopted, and after a suitable operational period, it is expected that a formal law on international financial centres in Việt Nam will be proposed. — VNS