VCI Legal – Febuary 4, 2026

On the afternoon of 16 January, concluding the First Meeting of the Steering Committee for the International Financial Centre in Viet Nam, Prime Minister Pham Minh Chinh, Head of the Steering Committee, emphasized that the International Financial Centre in Ho Chi Minh City must be officially launched no later than 9 February 2026. 

1. Overview of Key Discussions at the Meeting

At the first meeting, Prime Minister Pham Minh Chinh underscored that the establishment of an International Financial Centre is not merely the development of a designated zone or the construction of several office buildings, nor is it a matter of symbolic competition. Rather, it represents the creation of an integrated ecosystem encompassing institutions, markets, infrastructure, human capital, and smart governance. Within this framework, institutional reform serves as the cornerstone; human capital is the decisive factor; infrastructure constitutes the foundational platform; governance represents the critical breakthrough; and market confidence forms the essential precondition for the effective development of an international financial centre. 

Several key priorities were emphasized by the Prime Minister for ministries and relevant agencies to pay particular attention to in the process of operationalizing the International Financial Centre: 

• First, institutional reform must serve as the central breakthrough and be regarded as the core competitive advantage. Although Viet Nam entered the field later than many jurisdictions, it must selectively inherit global best practices. The institutional framework should be distinctive, advanced, and aligned with international standards, while remaining compatible with Viet Nam’s domestic conditions and ensuring national sovereignty, financial security, and data protection. 

• Second, human capital must be placed at the center—as the subject, the objective, and the driving force of development. The establishment of an International Financial Centre requires, as a prerequisite, a professional workforce comprising capable managers, administrators, experts, and practitioners who possess integrity, competence, resilience, professional ethics, regulatory discipline, and a strong commitment to contribution. This includes comprehensive strategies for recruitment, training, capacity building, and the attraction of international experts. 

• Third, infrastructure must constitute the foundational platform. Infrastructure extends beyond traditional physical systems such as transport, electricity, and water supply; it encompasses digital infrastructure, data systems, cybersecurity frameworks, data centers, trading platforms, digital identification and authentication systems, and interoperable information-sharing mechanisms. 

• Fourth, market development and financial products must serve as the ultimate metrics of success. The development of an International Financial Centre must address fundamental questions: Which financial institutions are to be attracted? Which products and markets will be prioritized? Who are the target clients? What value will be generated for the national economy? What contributions will be made to economic growth and employment? How will benefits be disseminated more broadly across society? 

• Fifth, a clear division of roles and complementary functions must be established between Ho Chi Minh City and Da Nang, avoiding internal competition, overlap, and fragmentation. The central government shall provide unified strategic direction, while local authorities proactively implement policies. Close coordination, along with the sharing of data, resources, expertise, lessons learned, and information, is essential. 

• Sixth, international cooperation must be deepened in a substantive, practical, and effective manner. 

In concluding the meeting, the Prime Minister set the objective of officially launching the International Financial Centre in Ho Chi Minh City no later than 9 February, alongside the inauguration of an International Arbitration Centre and a specialized court. 

2. Preparatory Work Undertaken by Relevant Authorities

* Ministry of Justice 

On 27 January 2026, Mr. Nguyen Thanh Tinh, Deputy Minister of Justice, chaired a working session on the establishment of the International Arbitration Centre under the International Financial Centre in Viet Nam. 

With regard to immediate priorities, Deputy Minister Nguyen Thanh Tinh called for a focus on several key tasks. Specifically, relevant units were requested to finalize individual invitation letters addressed to each arbitrator, clearly articulating the Government’s policy orientation, compliance requirements under the applicable Decree, the spirit of coordination, and emphasizing that participation constitutes a contribution to the country’s overall development. Concurrently, continued engagement with the Ho Chi Minh City People’s Committee was emphasized, with a request for maximum support for the Arbitration Centre in three key areas: premises, equipment, and initial financial support, tentatively envisaged for a five-year period. The Deputy Minister further noted that the Ministry of Justice is fully implementing all required procedures and will complete them prior to  February 9 , in accordance with the Decree, to ensure readiness for the official launch. 

Regarding implementation arrangements, the Deputy Minister stressed that all documentation and procedures for the establishment of the Arbitration Centre must be finalized by February 5, with close coordination with the Department of Personnel Organization in order to report to the Minister. It was underscored that the Charter of the Arbitration Centre must be available immediately upon establishment, while its internal regulations and procedural rules should continue to be developed in line with international practices, with appropriate adaptations to Viet Nam’s practical conditions. 

Mr. Le Xuan Hong, Director General of the Department of Judicial Assistance, reported that the Department has coordinated with the Department of International Law and International Dispute Settlement to convene meetings with the Executive Authority of the International Financial Centre and leading Vietnamese arbitrators nationwide. These meetings aimed to exchange views, discuss, and reach consensus on concrete arrangements concerning requirements for establishment, organizational structure, senior personnel and administrative arrangements, as well as facilities and other necessary conditions to ensure the effective operation of the International Financial Centre. 

Based on these exchanges and discussions, arbitrators expressed strong support for the Party’s and Government’s policy to establish the International Arbitration Centre, recognizing its role in contributing to the effective functioning of the International Financial Centre in Viet Nam. At the same time, they proposed several recommendations aimed at ensuring that the Arbitration Centre would evolve into a truly professional adjudicatory institution with credibility and international competitiveness. 

However, a practical challenge was identified concerning the founders of the International Arbitration Centre. At present, many of Viet Nam’s most reputable arbitrators are serving as arbitrators of the Vietnam International Arbitration Centre (VIAC). Meanwhile, VIAC’s internal regulations prohibit its arbitrators from simultaneously being members of another arbitration centre. Consequently, should these arbitrators be expected to concurrently act as founders and arbitrators of the International Arbitration Centre, the Ministry of Justice would need to engage in discussions with VIAC to consider the application of an exception in this specific case. 

* Ho Chi Minh City Institute for Development Studies – Executive Authority of the International Financial Centre in Ho Chi Minh City 

On the afternoon of 28 January 2026, in Ho Chi Minh City, the Executive Authority of the International Financial Centre of Viet Nam in Ho Chi Minh City, in coordination with the Ho Chi Minh City Institute for Development Studies, convened a strategic consultation workshop on the development of the International Financial Centre (IFC) in Ho Chi Minh City. The strategic objective is that, within the first five years, the IFC-HCMC will focus on establishing, consolidating, and laying a solid foundation for its long-term development trajectory. 

In its capacity as strategic advisor, Mr. Arnaud Ginolin, Managing Director and Senior Partner of The Boston Consulting Group (BCG), observed that the development of a global IFC is inherently a long-term undertaking. According to BCG’s assessment, financial centres aspiring to global status typically pursue one of two pathways: either aggressively diversifying their product portfolio or initially specializing deeply in selected segments before gradually expanding. For Ho Chi Minh City, a strategy centered on diversified product development in the initial phase is considered more appropriate, prior to advancing toward the objective of becoming a global IFC within the subsequent 10–15 years. 

Mr. Arnaud Ginolin further recommended that, in order to build competitive advantages, the IFC-HCMC should prioritize four strategic product clusters in its initial stage: 

• International capital markets, including international bond issuances and cross-border initial public offerings (IPOs); 

• International trade finance, with a focus on cross-border payment services, trade finance, and supply chain finance, leveraging the continued growth of trade flows and foreign direct investment (FDI); 

• Digital banking and fintech, through the establishment of digital hubs and operational “digital factories” where global financial institutions may locate their development and operational centres, combined with the implementation of a regulatory sandbox mechanism; 

• Niche financial segments, including commodities finance, green finance, and maritime finance—areas with significant growth potential but requiring the timely development of an enabling legal and regulatory framework. 

Regarding the governance of the IFC-HCMC, Dr. Can Van Luc, member of the Advisory Group to the Steering Committee for the establishment and development of the IFC-HCMC, emphasized the need for clearly defined short-term and medium-term strategies aligned with international dynamics, national conditions, and the specific socio-economic context of Ho Chi Minh City. As the country’s principal economic hub, Ho Chi Minh City must also consider regional linkages in the design and development of the IFC-HCMC. Providing further policy recommendations, Associate Professor Dr. Nguyen Hong Son underscored that the draft strategy should undertake a rigorous assessment of both the advantages and constraints inherent to a “latecomer” model. In particular, it should identify Ho Chi Minh City’s comparative advantages vis-à-vis both current and prospective competitors. The five-year strategy should clearly define priority actions capable of delivering tangible and measurable outcomes, ensuring consistency with Resolution No. 222/2025 and relevant Government decrees, while aligning with the broader national development strategy. 

At present, the operational regulations of the IFC-HCMC have been finalized and submitted to the Ministry of Finance for onward submission to the Governing Council of the International Financial Centre in Viet Nam for approval, expected prior to February 09. 

After more than one month since its establishment, the International Financial Centre in Viet Nam has gradually shaped its organizational model, governance mechanisms, and operational infrastructure, with dual hubs in Ho Chi Minh City and Da Nang. The official commencement of operations is expected to generate institutional breakthroughs, attract international capital flows, and enhance productivity and the overall competitiveness of the national economy. 

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