Vietnam launches plans for international financial hubs in Ho Chi Minh City and Da Nang

HANOI — Vietnam is moving forward with plans to establish international financial centers (IFCs) in Ho Chi Minh City and Da Nang, Permanent Deputy Prime Minister Nguyen Hoa Binh announced.

The move marks a key step in achieving economic goals set during the 13th National Party Congress.

The government has implemented a three-tier preparation strategy to support the project. At the political level, the Politburo has issued a formal conclusion on the development plan.

To establish a legal framework, the government issued eight decrees and submitted a draft resolution to the National Assembly. The proposed regulations include a mechanism that would allow international judges to preside over dispute resolutions.

The project has already begun recruiting experienced international experts and CEOs to manage the centers.

Binh emphasized that "credibility" is the core requirement for the project’s success. He said this reputation must be built on transparent legal infrastructure, global connectivity, and an impartial dispute resolution body that meets international standards.

The Deputy Prime Minister described the IFC project as a powerful "boost" for the nation. The centers are designed to expand development opportunities, attract capital for large-scale projects, and restructure the national economy.

Hanoi’s official launch of its International Financial Center (IFC) project marks an ambitious bid for regional relevance, yet the move is being met with the deep-seated skepticism that has dogged the proposal for decades. While the concept has long been stalled by institutional inertia and political caution, a recent flurry of legislative activity suggests a renewed level of political will from the central government.

However, as Deputy Prime Minister Nguyen Hoa Binh indirectly acknowledged, the project’s primary hurdle is "credibility"—a commodity that cannot be manufactured by administrative decree. For global financial institutions, trust is predicated on the rule of law, an area where Vietnam continues to face significant structural headwinds. The government’s proposal to allow international judges to preside over disputes is a striking concession; it is a tacit admission that the domestic judiciary currently lacks the requisite standing to reassure institutional investors. Whether such a mechanism can operate with genuine independence and consistency remains the central question for the donor and investor community.

Furthermore, the core prerequisites of a global financial hub—namely the relaxation of capital controls and the free convertibility of the Vietnamese dong—remain unaddressed in any substantive detail. Without the frictionless movement of capital, the IFC model risks becoming a purely symbolic exercise.

To compete with entrenched hubs like Singapore and Hong Kong, Vietnam must offer a value proposition that extends beyond mere tax incentives. Global capital prioritizes policy predictability and transparency over fiscal sops. Ultimately, the IFC project serves as a litmus test for Hanoi’s appetite for substantive structural reform. Its success will be measured by tangible liberalization and the protection of investor rights, rather than the volume of policy papers issued.

The proposed financial center project could serve as a major bridge for Vietnamese-American professionals in finance, law, and tech looking to repatriate or invest in the homeland. While the diaspora’s economic footprint has long been anchored by the nail salon industry, phở restaurants, and billions in annual remittances, this initiative looks to tap into a more specialized talent pool—including those who established themselves through H-1B or EB-5 pathways. If successful, it would create a sophisticated ecosystem that thrives on international expertise. However, for many in Little Saigon and across the U.S., deep-seated concerns regarding legal risks and a lack of transparency remain significant hurdles for individual investors and experts considering such a move.