Deputy Minister of Justice Nguyen Thanh Tinh has chaired a meeting of the Advisory Council to gather feedback on the Draft Operational Regulations for the International Financial Center (IFC) in Vietnam.
According to a report from the Executive Body of the Ho Chi Minh City International Financial Center, the third draft, that consists of 11 chapters, 75 articles, and 7 appendices defines the organizational model and operational principles of the center.
Under the proposal, the center will include various types of members, such as banks, securities firms, insurance companies, investment funds, asset management firms, Fintech companies, and market infrastructure organizations.
The draft allows for the establishment and operation of diverse trading floors, including securities, commodity derivatives, carbon credits, real estate, art, and precious metals. Notably, it includes specific regulations for digital asset and cryptocurrency trading platforms.
Dispute resolution will be handled by a specialized court and an International Arbitration Center operating under the IFC.
The draft also stipulates specific mechanisms, unique policies, and special executive authorities for the Center. For key or specialized infrastructure projects under the Public-Private Partnership (PPP) model, the executive body will submit special plans to the Executive Council. Upon approval, the executive body will select investors and sign PPP contracts. It will also issue detailed guidelines for the designation or selection process for these specialized PPP projects.
Regarding the "Regulatory Sandbox" mechanism, the goal is to provide a controlled environment for organizations and businesses to test new financial products, services, and business models during their development stage. This initiative aims to encourage innovation and collect practical data to refine the legal framework. At the same time, it seeks to ensure consumer protection and appropriate risk management, maintaining information transparency, system safety, and feasibility for future scaling.
Concluding the meeting on January 16, Deputy Minister Tinh requested the drafting agency to carefully review the constitutionality and legality of the document.
He noted that the principle of prioritizing the application of laws for the IFC is already stipulated in the National Assembly's Resolution No. 222/2025/QH15 and various Government Decrees. Therefore, the Center's regulations must ensure consistency and synchronization with the broader legal system.
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