Standing Deputy Prime Minister Nguyen Hoa Binh has emphasized three fundamental aspects crucial to the development of the Viet Nam International Financial Centre (VIFC), which encompass legal framework, digital infrastructure, governance standards, and workforce capacity.
During a meeting with officials from Ho Chi Minh City and Da Nang, after the official inauguration of the VIFC in Ho Chi Minh City, Binh, who also acts as the Chairman of the VIFC Executive Council, commended the proactive participation of ministries, agencies, and local authorities, with a special emphasis on Ho Chi Minh City.
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He underscored the significance of implementing a methodical and cautious approach supported by a suitable plan for the future. He stated that there is an evolving legal structure in place, which encompasses a resolution from the National Assembly, regulations from the Government, and detailed operational guidelines for the center.
He characterized the VIFC as a sustained effort that may require at least five years to comprehensively assess its results. He conveyed confidence in the current approach, noting that Vietnam is making progress as government agencies and regions advance in the establishment of physical offices, recruitment of personnel, implementation of legal frameworks, and securing of funds.
Binh instructed both municipalities to diligently enhance their development plans, incorporating detailed roadmaps, objectives, and actionable steps. They were encouraged to study the most effective strategies utilized in prominent financial centers around the world, such as Singapore, Hong Kong (China), and Dubai (the UAE), to develop customized mechanisms and policies that align with the unique characteristics of Viet Nam.
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According to Ho Ky Minh, who serves as the Standing Vice Chairman of the municipal People's Committee and Chairman of the local IFC executive agency, the VIFC Da Nang will be housed in a 20-storey building at Da Nang Software Park No. 2 which is set to commence operations in the second quarter.
The building will be equipped with computing resources dedicated to research on semiconductor chip design, artificial intelligence (AI), digital technology, and cloud computing, all aimed at facilitating advanced financial services in the future.
In the future, Da Nang is considering creating two or three specialized exchanges, such as a digital asset and tokenization platform, within a regulatory sandbox to fund large infrastructure projects in the city, central region, and across the country. They are also contemplating implementing a trial carbon credit exchange to attract investments towards environmentally friendly projects, as well as a centralized commodity exchange for base metals that will be connected to global markets and related to the Da Nang Free Trade Zone.
Truong Minh Huy Vu, the Chairman of VIFC Ho Chi Minh City, stated that the long-term plan until 2030 aims to position VIFC-HCMC as a hub linking Vietnam with international organizations and investments, emphasizing quality over quantity in terms of institutional capabilities, innovation, and connectivity.
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Thus, the strategy of VIFC-HCMC will encompass a mindset of "thinking differently and acting differently," utilizing regulatory sandboxes, cutting-edge technologies such as blockchain, AI, and tokenisation, and a multi-layer open market approach. The key focus will be on four strategic pillars: aviation finance, digital finance and FinTech, maritime finance, and an international interbank system connected with global stakeholders. These pillars are anticipated to create significant positive impacts on the overall economy and enhance regional competitiveness.
Vu mentioned that the executive agency is concentrating on five key infrastructure areas, both physical and soft, within the IT infrastructure to ensure that the entire ecosystem is modern, transparent, and appealing to investors. Efforts to attract investment in the VIFC have been increased by Ho Chi Minh City, with promotional events held in Davos from January 18-23 and in Singapore from February 3-4. In addition, partnerships are being formed to push forward plans for a maritime financial center and venture capital funds, according to the speaker.