While acknowledging positive steps regarding product offerings and partnerships, experts argue that the draft strategy for the Ho Chi Minh City International Financial Center (IFC) requires a clearer long-term vision, specific goals for the 2035–2045 period, and a more detailed implementation roadmap.
Providing feedback on the draft strategy, Mr. Nguyen Hong Son, former Deputy Head of the Central Strategy and Policy Department, highlighted two significant positive aspects.
First, the draft is built upon international experience while carefully analyzing Vietnam's practical context to provide proposals and strategic directions for the medium term. Second, it clearly defines core pillars, product groups, and their respective implementation schedules, while proposing an organizational structure and a specific action plan for 2026.
According to Mr. Son, the draft currently functions as a medium-term plan accompanied by a 2026 action program. However, he noted that the strategy would be more effective if its pillars and product groups were adjusted to align more closely with the development strategy of the Da Nang Financial Center. Such synergy would facilitate future proposals and refinements in the next stages of development.
Regarding sensitive sectors such as stablecoins, digital assets, and foreign exchange (FX), Mr. Son advised against prioritizing them in the initial phase. Instead, these should be linked to the completion of comprehensive legal frameworks for anti-money laundering (AML), licensing authority, supervision, and risk prevention. Consequently, these areas should only be considered toward the end of Phase 1 or the beginning of Phase 2, once the legal system and management capabilities are fully established.
Regarding international cooperation, Mr. Son emphasized the need to categorize partners into specific groups, such as market infrastructure, financial technology (fintech), capital and asset management, and professional service providers. This clear classification would serve as the foundation for building optimal engagement strategies for each stakeholder group.
Contending that the current draft lacks sufficient clarity, Dr. Can Van Luc—Chief Economist and Director of the BIDV Training and Research Institute, and a member of the National Financial and Monetary Policy Advisory Council—emphasized that the development of the HCMC IFC must be viewed as a long-term strategic priority rather than a mere pilot project.
Dr. Luc argued that the roadmap for the center’s formation must be clearly defined across specific milestones in 2030, 2035, and 2045. He noted that Vietnam is currently ranked approximately 91st–92nd in international financial rankings and questioned whether the country should set a concrete goal to break into the global Top 50 by 2045, as well as the feasibility of such an ambition.
According to Dr. Luc, the draft fails to clearly outline the critical stages of the strategy. He proposed four core areas that must be supplemented:
First, the strategy must clarify both international and domestic contexts, particularly regarding the evolution of the banking and financial sectors.
Second, it is essential to define the development trajectory of Ho Chi Minh City and its surrounding regions for the 2035 and 2045 milestones.
Third, the mission, vision, and long-term objectives must be fully and clearly established.
Fourth, the strategy needs to identify key tasks, with a particular focus on finalizing the legal framework, charter, and operational procedures for the Center by the first or second quarter of 2026.
Regarding the development of products and services, Dr. Luc noted that the four product groups proposed by the advisory team are generally appropriate. However, he emphasized the need to clearly categorize products ready for immediate implementation—specifically traditional financial services such as banking, securities, investment funds, and insurance. He also called for a more detailed plan to consolidate these existing activities into the IFC.
Addressing the regulation requiring a minimum charter capital of VND3 trillion (approximately $116 million) to establish a subsidiary bank, Dr. Luc noted that this poses a significant challenge for small and medium-sized banks. He suggested implementing a phased capital roadmap rather than requiring the full amount upfront.
In terms of emerging sectors such as venture capital, innovation financing, and startup funding, Dr. Luc pointed out that Vietnam currently faces a severe capital shortage. He argued that commercial banks cannot fulfill this role due to the high-risk nature of these investments. Consequently, he recommended developing specialized investment funds and capital markets supported by tailored incentive mechanisms.
On the topic of green finance, Dr. Luc called for a more aggressive push. While green credit has already been introduced, the issuance of green bonds and green equities remains very limited. Therefore, the IFC needs to establish specific mechanisms to encourage these financial instruments.
Furthermore, Dr. Luc proposed boosting financing for the logistics sector, supply chains, and free trade zones. He also suggested leveraging Decree 330/2025/ND-CP to upgrade the Mercantile Exchange, which would allow for the pilot trading of petroleum and gas derivatives. Finally, he stressed the importance of defining a clear developmental direction for both the carbon and gold markets within the IFC framework.
In response to the feedback, Mr. Truong Minh Huy Vu, Director of the Ho Chi Minh City Institute for Development Studies (HIDS) and a representative of the HCMC IFC Project Drafting Committee, noted that suggestions regarding supply chain products, import-export support, the Free Trade Zone at Cai Mep Ha, green finance, green bonds, innovative startups, and venture capital funds align closely with the project’s strategic direction. He stated that these contributions reinforce the drafting committee's confidence that the project's financial product offerings are on the right track.
Regarding the timeline, Mr. Vu confirmed that the operational regulations for the IFC have been finalized and submitted to the Ministry of Finance for approval before February 9, 2026.
Addressing legal concerns regarding planning, functional boundaries, and alignment with national and regional strategies, Mr. Vu noted that while a national-level project exists, there is currently no formal strategy for an international financial center of ASEAN caliber. Consequently, the city must proactively establish its own roadmap that complements Da Nang’s development while ensuring consistency with the overall national direction.
Emphasizing the long-term objectives, Mr. Vu asserted: "Our vision must be far-reaching, but we must offer practical products from the outset to build partner confidence. The Asset Management Center (AMC) will not only serve as a hub for testing new initiatives but will provide tangible value, ensuring that businesses and investors can confidently commit to long-term cooperation."
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