Vietnamese companies expanding beyond Southeast Asia can now gain a new foothold for capital structuring and supply chain management in Kyrgyzstan following the launch of the Tamchy special financial investment territory (SFIT), an international hub for business, capital, and innovation.
For Vietnam, Central Asia serves as an important transit corridor to Europe, and Tamchy SFIT aims to address both the logistics and financial needs of Vietnamese exporters. Located close to major cross-border transport corridors, the jurisdiction offers multimodal connectivity while supporting fintech, cross-border settlements, and digital assets. Its development also aligns with Vietnam's plans to establish the Vietnam International Financial Center.
Tamchy operates under a dedicated legal framework based on the principles of English common law. The jurisdiction has its own independent court, International Dispute Resolution Centre, and financial regulator. Resident companies are guaranteed a zero tax rate on profits, dividends, capital gains, and value-added tax (VAT) for 49 years, while 100 per cent foreign ownership is permitted. Company registration and day-to-day operations can also be managed entirely online through a digital one-stop-shop system.
Speaking at the opening ceremony of Tamchy SFIT, Kyrgyz President Sadyr Japarov outlined his vision for attracting international business and investment. "Changes in the global economy are driving demand for new centers of business activity where international standards are supported by true freedom of innovation and long-term investment. Kyrgyzstan is ready to become one of these places. We are leveraging global best practices to build a financial center from scratch - with an independent court, a modern regulator, and rules that won't change with shifting trends."
The first resident companies have already joined Tamchy SFIT, including businesses from the UAE, Hong Kong (China), Switzerland, South Korea, and Kazakhstan, reflecting early international interest in the new jurisdiction. South Korea's participation is viewed as particularly significant, given its longstanding position as one of Vietnam's largest foreign investors.
Mr. Seo Dong Hyun, CEO of Serim, said legal certainty was a key consideration in selecting the jurisdiction. "Over my thirty years of work in investment, I have come to the conclusion that legal certainty and trust in the regulatory system are the foundation for long-term investment. It is on these principles that Tamchy SFIT was created, using the best international practices in law and regulation. And it was done faster than in any other jurisdiction I know."
Mr. Ali Ijaz Ahmad, First Deputy Chairman of the Tamchy SFIT Management Council, said the jurisdiction was designed to meet the needs of international investors. "Great financial centres are built by understanding what international capital and businesses require. Tamchy SFIT offers exactly that - a trusted, flexible, and investor-ready platform for businesses seeking sustainable growth."
Tamchy combines legal guarantees with competitive operating conditions for international businesses. In addition to its independent regulator and court, the jurisdiction complies with FATF standards, allows companies to be wholly foreign-owned, permits work with virtual assets, and enables key administrative procedures to be completed remotely through its digital one-stop-shop platform.
The development covers approximately 6,000 hectares on the shores of Lake Issyk-Kul, one of Central Asia's best-known natural destinations. The site integrates business and residential infrastructure, including Issyk-Kul International Airport, providing access for resident companies and international partners.
The investment proposition is further supported by Kyrgyzstan's recent economic performance. The country's GDP grew by more than 11 per cent in 2025, while the nominal size of its economy has nearly tripled over the past five years to more than $22 billion.
Tamchy is expected to attract around 4,000 resident companies by 2035.
For Vietnamese businesses, an early presence in the jurisdiction offers an opportunity to establish operations during the development of a new international financial center and use it as a platform for expanding into Central Asia and the wider Eurasian market.
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