Banks, securities firms eye presence in Vietnam’s int’l financial center

Vietnam officially announced the creation of the International Financial Center on December 21, 2025, with two locations in Ho Chi Minh City and the central city of Da Nang.

The Da Nang facility was inaugurated on January 9, while the southern metropolis officially opened the center at its headquarters at 8 Nguyen Hue Street, Saigon Ward on February 11.

Several institutions are exploring the creation of new legal entities or wholly owned subsidiaries to join the new financial ecosystem.

According to draft materials prepared for its 2026 annual shareholder general meeting, state-run Vietcombank plans to establish a domestically owned commercial bank operating within the IFC framework.

The proposed subsidiary would enable the lender to expand its scale and take advantage of preferential regulatory mechanisms anticipated at the financial center.

The move is also viewed as strategic groundwork for entering cross-border finance, investment banking, and digital asset services.

Also, Vietcombank is set to boost its charter capital using reserve funds to strengthen its financial capacity for the next growth phase.

Currently, Vietcombank runs two subsidiaries, VCBNeo, a digital banking unit, and a wholly owned bank in Laos.

Similarly, state-owned VietinBank is studying options to establish a subsidiary or appropriate legal entity to operate within the IFC.

The bank said it is closely monitoring the development of the legal framework and will proceed once it receives approval from the State Bank of Vietnam.

As part of its strategy, VietinBank is also looking to expand into emerging financial sectors.

The lender plans to collaborate with fintech startups, focusing on payment, lending, and insurance services during a pilot phase from 2026 to 2027.

Beyond banking, securities firms are also preparing to join the IFC landscape.

Ho Chi Minh City Securities Corporation plans to seek shareholder approval to set up a single-member limited liability company to participate in the IFC in Ho Chi Minh City.

In January, authorities in Da Nang City issued letters of interest to 11 organizations seeking to participate in the local IFC initiative, including five commercial banks such as Vietcombank, VietinBank, Nam A Bank, HDBank, and Vikki Bank.

Meanwhile, a list of 13 founding members and strategic investors for the Ho Chi Minh City IFC, announced in February, includes banks such as MB, TPBank, SHB, Nam A Bank, and HDBank.

Platform to elevate Vietnam’s financial system

Associate Professor Dr. Nguyen Huu Huan, deputy head of the executive board of the Ho Chi Minh City IFC, told Tuoi Tre (Youth) newspaper that the strong interest in a financial center from financial institutions is a natural progression when a new financial ecosystem takes shape.

He said the Ho Chi Minh City IFC is envisioned as a gateway connecting international capital flows with Vietnam’s economy, bringing together various activities such as banking, capital markets, fund management, insurance, and innovative financial products.

By establishing a presence within the IFC, financial institutions would be able to participate directly in international financial transactions linked to Vietnam and the broader region, rather than being confined to the domestic market.

With Vietnam among the fastest-growing economies in Southeast Asia and facing significant capital needs for infrastructure, industrial expansion, and green transition, the IFC could unlock access to global funding not only for Vietnam but also for the wider region.

Nguyen Quang Huy from Nguyen Trai University in Hanoi said the development of an international financial center reflects Vietnam’s ambition to elevate its position in the global economic value chain.

He noted that participation in such an ecosystem offers domestic banks an opportunity to move beyond their traditional role of serving the local market and integrate more deeply into regional financial systems.

However, he cautioned that operating within an IFC will require adherence to high international standards in governance, transparency, and risk management.

Domestic banks will need to gradually upgrade their capabilities and align with global practices, instead of focusing solely on short-term growth.

The IFC could serve as a critical benchmark for Vietnamese financial institutions to enhance governance standards and accelerate their integration into international financial markets, Huy said.