Vietnam approves governing board for int’l financial center

Deputy Minister of Finance Nguyen Thi Bich Ngoc serves as the board's permanent vice-chairwoman.

The board's vice-chairmen include State Bank of Vietnam Governor Pham Duc An, chairman of the Ho Chi Minh City People’s Committee Nguyen Van Duoc, and chairman of the Da Nang People’s Committee Nguyen Manh Hung.

The board also includes officials from the Ministry of National Defense, the Ministry of Public Security, the Ministry of Justice, the Ministry of Home Affairs, the Ministry of Industry and Trade, the Ministry of Agriculture and Environment, the Ministry of Science and Technology, the Ministry of Foreign Affairs, the Ministry of Education and Training, and the Government Office.

Under the decision, the governing board will direct and coordinate the development, operation, and expansion of the Vietnam International Financial Center while overseeing the formulation of institutions and policies applicable to the center.

The board is responsible for formulating development strategies, roadmaps, and plans based on the conditions, potential, and development needs of Ho Chi Minh City and Da Nang, which house the center's two locations.

It will also coordinate organizational activities, resource mobilization, international cooperation, and provide opinions on the appointment, dismissal, and removal of the heads of the financial center's executive bodies in the two cities.

The Ministry of Finance will serve as the board's standing agency, supporting the board’s work while coordinating with relevant agencies to monitor operations and propose mechanisms and policies for developing new financial products.

Ho Chi Minh City expects financial center to attract high-quality capital

Chairman of the Ho Chi Minh City People’s Committee Nguyen Van Duoc said the development of the Vietnam International Financial Center would mark a shift from attracting individual investment projects to building a comprehensive ecosystem capable of drawing high-quality capital.

Speaking at a conference on June 30 to implement Politburo Resolution No. 10 on the development of the foreign-invested sector, chairman Duoc said the resolution reflects a strategic shift in Vietnam's approach to foreign direct investment (FDI), emphasizing innovation, technology transfer, and national competitiveness rather than simply increasing investment volume.

According to Duoc, Ho Chi Minh City has attracted 20,259 FDI projects with a total registered capital of US$142 billion from 152 countries and territories.

In the first half of 2026, the city attracted more than $6.8 billion in FDI, equivalent to 62 percent of its full-year target.

The FDI sector accounts for around 20 percent of the city's total social investment and more than 50 percent of its export turnover, making it a key driver of economic restructuring, productivity growth, and international integration.

However, the municipal leader said traditional advantages such as land availability and tax incentives are becoming less effective as countries increasingly compete through institutional quality, business environments, and innovation capacity.

"If we do not create new development space, the city will find it difficult to capture the next wave of strategic investment," he said.

He added that the development of the Vietnam International Financial Center would shift from a project-focused investment attraction strategy to building an ecosystem designed to attract high-quality capital.

Duoc noted that the global economy is undergoing a deep restructuring of supply chains, value chains, and financial systems, while global FDI has become more selective.

Investment is increasingly concentrated in high-tech industries, green finance, the digital economy, semiconductors, artificial intelligence, clean energy, and innovation-driven sectors.

The municipal chairman said competition for next-generation FDI is no longer about individual investment projects but about the strength of development ecosystems and the ability to build competitive institutions.

Vietnam is expected to require between $1.5 trillion and $1.6 trillion in total social investment during 2026-35 to achieve its development goals, while the state budget can cover only about 20 percent of that demand.

Ho Chi Minh City alone will need about VND3.2 quadrillion ($121.8 billion) during 2026-30, with the municipal budget expected to provide around VND1.2 quadrillion ($45.7 billion). The city therefore needs to mobilize an additional VND2 quadrillion ($76.15 billion) for development investment.

Chairman Duoc pledged that Ho Chi Minh City would take the lead in developing the Vietnam International Financial Center in the interest of the nation and the country's long-term development.

He said the city views the project not as a local initiative but as a national financial platform that will support Vietnam's economy and provide a gateway for local governments, businesses, and strategic partner economies to access international capital more effectively.