VIFC moves from institution building to substantive operations
Vietnam s International Financial Centre is moving from institution building to substantive operations with authorities urged to accelerate projects financial products and investor engagement while ensuring effective oversight
Deputy Prime Minister Nguyen Van Thang presided over the third Executive Council meeting of Vietnam’s International Financial Centre (VIFC) on September 7, via video conference from Ho Chi Minh City and Danang. The meeting confirmed that VIFC’s institutional and organisational framework is largely established, with a central Executive Council, two operating authorities in Ho Chi Minh City and Danang, and a common supervisory authority.
Nguyen Thi Bich Ngoc, Deputy Minister of Finance, reported that member registration procedures have been uniformly implemented since August 17. VIFC’s competitive edge lies in Vietnam’s economic scale, growth prospects, production, trade and logistics, and the demand for capital in infrastructure, energy, and green transition sectors.
In the short term, the Ministry of Finance suggests focusing on energy, infrastructure, logistics, and green-transition projects, as well as international investment funds, asset management, and fintech.
At the meeting, representatives from the VIFC operating authorities in Ho Chi Minh City and Danang updated on progress in establishing operational conditions, attracting members, and implementing specific products and projects. The Ho Chi Minh City authority highlighted the shift from development to substantive operations, focusing on institutions, members, products, and infrastructure.
They are currently screening prospective members, working with investors to mobilise capital for infrastructure projects, and preparing for international and municipal bond issuance.
Danang’s operating authority is concentrating on executing specific projects through VIFC, while the two authorities are coordinating to finalize procedures, selection criteria, and the legal framework. Deputy Prime Minister Thang emphasized that building and operating VIFC is a critical task requiring urgency, coordination, and a substantive approach to establish a robust legal foundation and management and supervisory mechanisms.
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