Lawmakers scrutinise dual-city international financial centre plan
Legislators expressed strong support for establishing an IFC, viewing it as a critical step toward elevating Vietnam’s financial standing and boosting economic development.
Deputy Nguyen Van Than (Thai Binh province) (Photo: VNA)
Hanoi (VNA) 🍌– During the 9th sitting of the 15th National Assembly, lawmakers discussed a draft resolution on establishi𝓰ng an international financial centre (IFC) in Vietnam, with some proposing careful consideration of a dual-city model based on regional development strategies and investment efficiency.
Legislators expressed strong support for establishing an IFC, viewing it as a critical step toward elevating Vietnam’s financial standing and boosting economic development.
Addressing the plenary session, deputy Nguyen Quang Huan (Binh Duong province) noted that Hanoi and Ho Chi Minh City have existing infrastructure advantages, enabling quicker implementation. However, to ensure balanced regional development, Da Nang could be a strategic choice to develop a new centre from scratch in line with international standards.
He cautioned that establishing IFCs in two cities would require simultaneous infrastructure investments in both locations, which may strain Vietnam’s limited land and resources.
During the 9th sitting of the 15th National Assembly, lawmakers discuss a draft resolution on establishing an international financial centre (IFC) in Vietnam. (Photo: VNA)
Sharing similar concerns, deputy Nguyen Van Than (Thai Binh province) warned against spreading investments too thin, especially in light of infrastructure, human resources, and technical constraints. He cited past global examples of failed financial centres, urging Vietnam to begin with one well-executed location and consider expansion later based on results and investor interest.
Deputy Trinh Thi Tu Anh (Lam Dong province) proposed that Vietnam should define its IFC around key strengths, such as becoming a hub for digital transformation and green finance in Southeast Asia, SME financial services, and global supply chain finance. She also highlighted the importance of robust digital infrastructure and cybersecurity, describing them as foundational for any modern IFC.
She further called for the creation of a legal “sandbox” framework to allow fintech companies to pilot innovative products and services without being restricted by rigid regulations, following the successful examples of Singapore and the UK./.
Speaking at a conference on creating a financial centre in Vietnam on March 28, Minister of Finance Nguyen Van Thang said Vietnam is “on the brink of a golden opportunity” to establish itself as a key player in the global financial arena.
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