Deputy Prime Minister Tran Hong Ha has called for breakthrough mechanisms to govern Vietnam’s future International Financial Center (IFC), warning that relying solely on existing legal frameworks would strip the project of its distinctiveness.

Speaking at a meeting on September 22 to review a draft decree guiding  land and environmental policies for the future IFC, Mr. Ha urged the Ministry of Agriculture and Environment to conduct deeper research and propose superior regulatory solutions.

The draft decree, presented by the ministry, focuses on two key areas: land and environmental policies. It proposes that provincial-level People’s Committee chairpersons serve as the central authority for decisions related to land allocation, leasing, conversion of land use purposes, extensions, and adjustments to land use duration.

Investment registration certificates would serve as a key legal basis for land-related proposals, a new provision aimed at streamlining procedures for investors.

The draft decree also assigns the authority to provincial land management agencies to issue first-time land use rights and ownership certificates for assets attached to land, following recommendations from Ho Chi Minh City and Da Nàng, where the future IFC will be established.

On environmental matters, the draft stipulates that investment projects only need to register their applied technologies and environmental compliance. Commune-level People’s Committees would be designated as the receiving authority, in line with the Environmental Protection Law. Investors may also opt to register directly with the IFC’s governing body, a new option designed to enhance convenience.

Deputy PM Ha emphasized the need to revise investment procedures governed by the Investment Law, including auction processes, bidding, and investor selection, and recommended these be included in future legislative amendments.

He also requested clearer procedures for environmental registration, allowing both online and in-person submissions at the commune or ward level, with mandatory notification to the IFC’s governing body, which would have the authority to suspend non-compliant registrations.

Regarding construction management, he tasked the Ministry of Construction with drafting regulations that allow investors to prepare economic-technical reports or combined design-construction documents, bypassing multiple layers of feasibility studies to reduce bureaucracy and align with international practices.

On the issue of mortgaging land use rights at foreign banks, the Deputy PM stressed strict adherence to current laws governing land use rights and associated assets.