Vietnam International Financial Centre urged to prioritise products generating real transactions

Deputy PM Nguyen Van Thang emphasised that each product at the VIFC must have a clear legal basis, an implementing agency, an operating and supervisory mechanism, and implementation timeline, with priority given to products that can generate actual transactions.

Hanoi (VNA) – Deputy Prime Minister Nguyen Van Thang has asked the Vietnam International Financial Centre (VIFC) to prioritise financial products capable of generating actual transactions and attracting medium- and long-term capital for the economy.

Thang, who is also Chairman of the VIFC Executive Council, made the request while chairing a council meeting in Hanoi on August 19. The event was connected online with officials in Da Nang and Ho Chi Minh City, which accommodate the VIFC.

download-9.png
Deputy Prime Minister Nguyen Van Thang, who is also Chairman of the VIFC Executive Council, speaks at the council meeting in Hanoi on August 19. (Photo: VNA)

The Deputy PM stressed that developing the VIFC is particularly important and urgent as Vietnam faces huge demand for resources to support economic growth, especially the double-digit expansion target.

With credit growth remaining high, the capital market needs to play a stronger role in supplying resources to the economy, he said.

The immediate goal is to ensure that the VIFC in Ho Chi Minh City and Da Nang operates smoothly, attracts members, develops products and soon generates specific transactions, with the top priority given to mobilising medium- and long-term capital for economic development.

Thang stressed that despite numerous difficulties during the preparation process, the institutional and organisational foundations of the VIFC have basically been completed. The centre is now entering the initial stage of operation, involving a large volume of work and many new and complex tasks requiring coordination among ministries, agencies and the two cities.

He asked the Ministry of Finance (MoF) and local authorities to strengthen coordination and promptly address delayed tasks and outstanding problems to ensure the VIFC operates efficiently and substantively.

The official also highlighted Vietnam's recent upgrade in stock-market status. FTSE Russell is scheduled to announce the Vietnamese stocks to be included in global indexes on August 21, which is expected to attract major international investment funds to Vietnam.

This will provide a good opportunity for Ho Chi Minh City and Da Nang to approach investors and promote investment opportunities at the VIFC, he remarked.

The Deputy PM asked the MoF to finalise its report on the proposed model for the VIFC executive body and submit it to the PM for consideration in August.

The ministry was also tasked with urgently researching, designing and developing new financial products. Thang emphasised that each product must have a clear legal basis, an implementing agency, an operating and supervisory mechanism, and implementation timeline, with priority given to products that can generate actual transactions.

The ministry was further asked to review obstacles in the legal framework governing international financial markets and propose amendments and supplements to Resolution No. 222 and relevant decrees.

Meanwhile, the State Bank of Vietnam (SBV) was requested to review membership requirements for domestic and foreign financial institutions, particularly investment banks, and consider possible adjustments.

Thang also called for the early establishment and launch of a specialised court and an international arbitration centre, with a target of September.

The MoF and the SBV were also tasked with completing inspection and supervision arrangements by September, using existing supervisory bodies, while ensuring clear division of responsibilities and compliance with the apparatus streamlining policy.

The two executive bodies in Ho Chi Minh City and Da Nang were instructed to review and classify members, focusing on attracting core financial institutions linked to priority products and services, while strengthening risk controls during member licensing and operations./.

VNA
en.vietnamplus.vn

Other News

Vietnamese experts abroad join efforts to advance nuclear power development at home

Vietnamese experts abroad join efforts to advance nuclear power development at home

Held both in person and online, the seminar focused on the current status and opportunities for Vietnam’s nuclear power programme, human resources development, global trends in small modular reactors (SMRs), experience in ensuring safety and extending the operational life of nuclear power plants, and ways to mobilise Vietnamese experts abroad to contribute to the programme.

Port throughput in Hai Phong exceeds eight-month target

Port throughput in Hai Phong exceeds eight-month target

The strong performance followed a series of measures to optimise port capacity and improve the competitiveness of the city’s seaport system, with a focus on maximising the efficiency of the Lach Huyen international gateway port as new berths came into operation.

Vietnam, Mercosur begin trade negotiations

Vietnam, Mercosur begin trade negotiations

During the session, both sides reaffirmed their determination to advance the negotiations in a spirit of goodwill, with a view to reaching a balanced agreement that aligns with the interests of both Vietnam and Mercosur.

Vietnam poised to benefit from new wave of technology investment

Vietnam poised to benefit from new wave of technology investment

The successful development and production of high-end Pixel smartphones in Vietnam – a more complex process than manufacturing smartwatches and wireless earbuds – is reportedly giving Google confidence in moving its entire Pixel production out of China.

Energy infrastructure underpins marine economy development

Energy infrastructure underpins marine economy development

The integrated investment in energy infrastructure will provide a vital infrastructure foundation for effectively harnessing the marine potential, helping realise the goal of making Vietnam a strong maritime nation and achieving sustainable and prosperous development from the sea.

Ho Chi Minh City hosts International Innovation Forum and Exhibition 2026

Ho Chi Minh City hosts International Innovation Forum and Exhibition 2026

InnoEx 2026 focuses on major shifts reshaping the global economy, including artificial intelligence (AI), data, automation, green transition, international trade and new business models. It also provides a platform connecting businesses, startups, investors and solution providers, facilitating partnerships, investment and access to knowledge and technologies.

Vietnamese enterprises renew growth model to move up global value chains

Vietnamese enterprises renew growth model to move up global value chains

The resolution identifies enterprises as the centre of the renewal process, urging them to shift from cost-based competition to productivity, technology, quality and market responsiveness; from operating independently to joining industrial ecosystems; and from participating in value chains to mastering and eventually leading them.

Khanh Hoa province explores Halal ecosystem development

Khanh Hoa province explores Halal ecosystem development

Khanh Hoa aims to estabish itself as a Halal-friendly destination while supporting businesses in expanding export markets, attracting strategic partners and investors, and drawing projects from countries with strong Halal logistics, tourism, manufacturing, processing and agriculture sectors.

Data-driven land valuation to curb speculation: Experts

Data-driven land valuation to curb speculation: Experts

From a property-market perspective, Do Thi Thu Giang, National Director of Valuation and Advisory at Savills Vietnam, said the orientations under Resolution No. 21-NQ/TW could make the market more transparent and efficient, with property values increasingly tied to actual development and use potential.

Resolution No. 19-NQ/TW sets new growth drivers for Vietnam

Resolution No. 19-NQ/TW sets new growth drivers for Vietnam

Science and technology, innovation, digital transformation and AI must be translated into higher productivity rather than pursued as ends in themselves. At the same time, people should be placed at the centre of development, not merely viewed as a resource but as the ultimate objective of development policies.

Expo to open door for Vietnamese suppliers to enter US market

Expo to open door for Vietnamese suppliers to enter US market

US retail giant Target is seeking Vietnamese suppliers of household goods, home textiles, children’s products, personal care and beauty products, with a focus on companies capable of manufacturing and developing products that meet requirements on quality, design and supply chain management.

2026 Banking Sector Digital Transformation to open in Hanoi

2026 Banking Sector Digital Transformation to open in Hanoi

The annual event, which will be held on August 18-19, 2026, at the ICE International Exhibition Centre, 91 Tran Hung Dao Street, Hanoi, is expected to attract around 324 delegates and feature 21 booths representing credit institutions, payment intermediary service providers, and technology companies.

Vietnam – one of most attractive destinations for leading US semiconductor companies: expert

Vietnam – one of most attractive destinations for leading US semiconductor companies: expert

Vietnam has built a solid semiconductor and electronics industry before joining ITSI, attracting major US semiconductor companies. Intel Products Vietnam is one of Intel's largest assembly and testing facilities worldwide, while chip design companies such as Synopsys, Cadence, Marvell and Qualcomm have established engineering and research centres in the Southeast Asian country.