ARTICLE 23 OF THE URBAN DEVELOPMENT LAW: A MAJOR STEP FORWARD IN EXPANDING SPACE FOR THE VIETNAM INTERNATIONAL FINANCIAL CENTRE

On the morning of August 17, the National Assembly Standing Committee discussed the review, explanation, and revision of the draft Urban Development Law. In this draft, Article 23 on the development of the Vietnam International Financial Centre received broad consensus and positive feedback.

Speaking at the meeting, National Assembly Vice Chairwoman Nguyen Thi Hong noted that Article 23 of the draft Law and Resolution No. 222/2025/QH15 have different scopes of regulation but complement each other, thereby supporting the growth of special urban areas, especially Ho Chi Minh City.

The Vice Chairwoman also agreed with the principle of "one centre, two locations." Under this model, the Viet Nam International Financial Center in Ho Chi Minh City (VIFC-HCMC) and the Viet Nam International Financial Center in Da Nang City (VIFC-DN) will operate within a single, unified framework for management, supervision, and core standards. At the same time, each city can leverage its own strengths, advantages, and specific product focus.

This is considered a suitable approach: institutionally unified yet flexible in development. It ensures the consistency of the entire Centre while allowing Ho Chi Minh City and Da Nang to create financial products tailored to their local competitive edges.

Following this, National Assembly Chairman Tran Thanh Man affirmed that Resolution No. 222/2025/QH15 remains a vital legal foundation for the Vietnam International Financial Centre. Article 23 of the Urban Development Law will provide additional rules on spatial planning, infrastructure, and urban development conditions connected to the Centre.

Under this framework:

• Resolution No. 222/2025/QH15 governs the organization, operation, and specific preferential policies of the Vietnam International Financial Centre.
• The Urban Development Law governs the space, infrastructure, and urban conditions connected to the Centre.

The National Assembly Chairman emphasized the need to avoid creating two separate mechanisms for the Centre, while still opening up development space for high-potential cities and ensuring that legal frameworks do not miss opportunities to build new growth engines.