Developing an international financial centre (IFC) has been designated a national strategy with Ho Chi Minh City and Da Nang implementing concrete steps to prepare for the centre’s development.
Strategic vision backed by clear policy frameworks
The initiative to build the IFC has been affirmed as a strategic priority through key Party and Government documents, including the Politburo’s Resolution 43-NQ/TW, Conclusion 79-KL/TW, and Announcement 47-TB/TW. The Central Steering Committee has issued a detailed action plan outlining the creation of a comprehensive legal framework and policies aimed at attracting capital, advanced technologies, talents, and innovation.
Addressing a national conference on August 2, Prime Minister Pham Minh Chinh underscored the urgency of the task, describing the IFC as critical not only for financial and monetary activities but also as broader hubs for capital mobilisation, technological advancement, skilled human resources, and modern governance. This centre will operate under a specialised legal regime to ensure international competitiveness.
HCM City, Da Nang fast-track deployment steps
In HCM City, plans are underway to locate the IFC in the Thu Thiem new urban area and parts of Sai Gon and Ben Thanh wards, covering a total of 793 ha. The project is expected cost 172 trillion VND (around 7 billion USD), with the core zone alone accounting for 16 trillion VND over the next two to three years.
Experts have emphasised the need for robust legal frameworks, investor-friendly policies, and modern infrastructure to support the centre’s operations.
Meanwhile, Da Nang has formed a preparatory committee led by Chairman of the municipal People’s Committee Luong Nguyen Minh Triet to direct the development of its IFC. The city has approved detailed zoning and land clearance plans for the 793-ha Bac My An–Son Tra zone, while also accelerating infrastructure development and investment promotion.
The core area of the IFC in Da Nang will be located on Vo Van Kiet street, covering 6.17 ha. Major upgrades to transport infrastructure, including the expansion of Lien Chieu Port and Chu Lai Airport, are also being planned to support large-scale logistics operations.
Developing high-quality human resources
Human resource development has been identified as a critical success factor. Chairman of the HCM City People’s Committee Nguyen Van Duoc noted that the city is working to improve training in finance, technology, digital transformation, and international law through partnerships with leading universities and global institutions. These collaborations will provide targeted academic programmes and real-world experience for future professionals.
Da Nang is also enhancing its international cooperation in education. A significant milestone was marked in July with the signing of a memorandum of understanding for a joint venture between the city and Terne Holdings Corporation and One Destination. As part of this effort, 100 scholarships will be granted to local students to pursue studies in Singapore starting in August 2025.
Secretary of the Da Nang Party Committee Nguyen Van Quang affirmed the city’s readiness in terms of infrastructure and human resources, adding that the IFC project aligns closely with the development of a free trade centre. Priority sectors include logistics, finance, insurance, and international trade, all of which are expected to drive investment from both domestic and international sources.
With strong policy direction, local political determination, a clear action roadmap, and collaboration with reputable international partners, HCM City and Da Nang are making steady headway toward establishing a world-class financial centre. Although the goal of launching operations by the end of 2025 is a challenge, it is still feasible./.
(VNA)
