More than 10 seminars, dialogues, and numerous meetings with partners across continents have already taken place. The Politburo has issued a conclusion (Notice No. 47-TB/TW), and the Government has implemented it through Resolution No. 259/NQ-CP. The Government is also submitting another resolution to the National Assembly to support the development of an International Financial Center in Vietnam (hereinafter referred to as IFC Vietnam).

At this point, if a new National Assembly resolution is passed in May, it would only further affirm the determination to implement the IFC Vietnam project. However, questions remain: Where to begin? Who will staff it? Which entities will participate? What businesses will operate there? What will the tax policies and foreign exchange regulations look like? These topics have not yet been clearly addressed.

Let’s discuss six core issues:

1. Defining the Position of Vietnam’s IFC in the Next 10 Years

Vietnam’s IFC should not aim to rival Singapore or Hong Kong but instead function as a linked base (B’) to Singapore (ranked 3rd globally after New York and London).

Vietnam could collaborate with Singapore in 2.5 areas, leveraging two strengths and one partial weakness:

• Fintech (Financial Technology)
• Trade
• Partial involvement in dispute resolution solutions

In Fintech, Vietnam can rely on its pool of math and IT experts to provide cybersecurity and blockchain solutions for tracking digital assets (crypto assets), which have no intrinsic (basic) value — or to enable offshore transactions in and out of Vietnam’s IFC.

In Trade, Vietnam should develop a true commodities exchange, building on its existing strength in spot contracts with physical delivery worth billions of USD annually (e.g., coffee, rice).

2. Identifying ‘Profitable Assets’ to Attract ‘Eagles’ and Capital Flows

• First, expand foreign ownership limits in certain state-owned enterprises (SOEs) like SAB, VNM, DAP, DPM — whose P/E ratios are 13–20+, with nearly 50% room left for foreign investors. This aligns with the Government’s policy of promoting the private sector as a key economic driver. Consider partially privatizing 1–2 major state-owned commercial banks alongside inviting global banks to operate more broadly in Vietnam (e.g., ANZ, Deutsche Bank, BNP Paribas).
• Second, launch a commodities exchange for high-value agricultural exports (as mentioned).
• Third, initiate transactions involving digital assets (crypto).
• Finally, create a new technology stock index, similar to the Nasdaq, tailored for fast-growing tech firms. This would include:
  • Easier IPO conditions (especially for AI startups)
  • Offshore banking transactions
  • Controlled corporate bond issuance

These four components could operate on a unified or separate platform within Vietnam’s IFC. They could pave the way for the Vietnamese Dong (VND) to become a convertible currency, influencing the forex and capital markets that have existed in Vietnam for nearly 30 years.

3. Rapidly Developing Infrastructure for Vietnam’s IFC

This doesn’t mean building more skyscrapers. Instead, repurpose unused or surplus buildings in District 1.

True infrastructure here means:

• Strong digital connectivity, via both fiber-optic cables and satellite internet (e.g., Starlink)
• Uninterrupted 24/7 power supply
• A robust data storage system, ideally located at a safe distance from the city center to prevent damage from unforeseen disasters

4. Urgently Recruiting and Training a “Combat-Ready” Workforce

The team must be:

• Proficient in English (and preferably other languages)
• Knowledgeable in Artificial Intelligence (AI)

Recruitment priority should be given to:

• Forex departments of major banks
• State Securities Commission and leading securities firms
• Traders, brokers, IT experts, cybersecurity professionals, depositors, risk managers, and digital marketers
• Strong accounting, auditing, and financial control personnel from major auditing firms and investment funds

Also, recruit experienced personnel from IFCs in Singapore, London, Hong Kong, and New York.

5. Opening Linked Trading Accounts with Major IFCs

Vietnam should open interconnected trading accounts with IFCs in Singapore, Hong Kong, London, and New York to ensure 24/7 connectivity and fluidity.

Why? IFCs differ in risk perception and operate with varied capital sources. Situations like excess buy/sell orders are common—even around the clock. Linked accounts will allow investors in Vietnam to easily execute offsetting or arbitrage trades involving assets/accounts they already hold in foreign IFCs.

This requires amending Vietnam’s Foreign Exchange Ordinance, shifting from a transaction-based model to a general equilibrium approach. Also, customs and visa procedures should be simplified to promote goods and labor flow, easing the IFC’s development during its critical early phase.

6. Establishing a National Steering Committee for Vietnam’s IFC

This committee should be led by:

• The State Bank of Vietnam (similar to Singapore’s MAS – Monetary Authority of Singapore)
• The Ministry of Finance

It should not be delegated to local authorities, as an IFC has national-level significance.

HCMC and Da Nang should host service delivery centers for the IFC, as outlined in sections 3 and 4.

Only under direct guidance from the Government, with leadership from the State Bank and Ministry of Finance, can Vietnam build a legal framework to:

• Supervise money and remittance activities (like Singapore’s SPI license or China’s SAFE)
• Control cross-border payments
• Regulate Digital Payment Tokens (DPTs)

Trần Thanh Hải
Finance Expert
President, Viễn Đông College