Rather than competing with Singapore or Hong Kong, Vietnam’s new IFCs will focus on green finance, fintech, offshore services, and regional fund management.

A proposal to create a business-friendly, globally connected financial district sparks new dialogue on economic reform.

VN does not need to choose between a specialised or a comprehensive regional financial centre but can instead adopt a flexible approach to seize opportunities, said Dr. Ho Quoc Tuan, Senior Lecturer in Finance-Accounting at the University of Bristol.

Vietnam is planning financial centers with special real estate policies, including longer land leases and relaxed foreign ownership rules. The proposals aim to attract global investors but face scrutiny over potential risks of market instability.

The Politburo has given the green light for a project to develop a regional financial centre in Da Nang and assigned relevant agencies to develop a special policy framework.

Da Nang is laying the groundwork to establish a financial hub that integrates green finance, fintech, and trade finance to attract global investors.

Nguyen Van Nen, Party Secretary of Ho Chi Minh City, has been assigned to lead the development of a regional and international financial center, aiming to position the city as a global economic hub.