Vietnam aims for November transactions at international financial centre

Deputy Prime Minister Nguyen Van Thang has asked the agencies running Vietnam’s international financial centre in Ho Chi Minh City and Da Nang to finish preparations in October and attract initial transactions in November. Speaking in Hanoi on October 22, he instructed them to engage financial institutions and investors while maintaining legal compliance and financial security.

Thang, who chairs the centre’s executive council, said supervisory bodies must be working before substantive transactions can proceed. He asked the Ministry of Finance, the State Bank of Vietnam and other agencies to establish clear responsibilities for oversight and risk management, avoiding duplication.

Finance ministry leaders have discussed potential early deals with commercial banks and financial institutions. For the initial phase, the ministry and both cities will consult investment funds, investors and businesses to develop selected products and transactions, prioritising links between capital providers and borrowers and medium- and long-term financing.

Meeting reports said the cities had approved staffing and allocated funding, personnel, offices and technology infrastructure. Both operating agencies had agreed on forms to register and recognise members. The ministry also proposed common operating procedures, membership criteria and reporting requirements, alongside arrangements for coordination and the allocation of financial products between the locations.

Thang requested updates on establishing an arbitration centre and a specialised court. He also asked agencies to review regulations and propose amendments where needed, using expedited procedures when legally permitted, to prevent regulatory barriers from holding up products and transactions ready to proceed.