INTERNATIONAL FINANCIAL CENTER: FROM “SEEKING SPECIAL MECHANISMS” TO “TO EMPOWERING TO SHAPE”

At the discussion on the draft Law on Urban Development on August 7, National Assembly deputies put forward a number of important proposals and recommendations aimed at strengthening the operating framework and enabling Vietnam’s International Financial Center to fully realize its intended role:

Expanding financial services beyond geographical boundaries

“Without this provision, the International Financial Center would exist in name only, while being unable to perform its core function of channeling capital.” — National Assembly Deputy Phạm Trọng Nhân proposed allowing VIFC members to provide financial services and products to eligible businesses and localities outside the Center’s geographical boundaries.

Based in Ho Chi Minh City, serving broader national objectives

“The International Financial Center may be located in Ho Chi Minh City, but it must be recognized as a national financial center serving the entire country.” — National Assembly Deputy Trần Anh Tuấn emphasized that the institutional framework should enable businesses across Vietnam to access international capital.

Unlocking capital flows: Capital mobilization must go hand in hand with capital allocation

“This is the most important aspect of the operating process and the core function of a financial center...”  National Assembly Deputy Dương Minh Tuấn proposed empowering local authorities to establish mechanisms for channeling mobilized capital directly into development projects.

Maintain effective and sustainable pilot policies

National Assembly Deputy Nguyễn Vũ Trung proposed a comprehensive regulatory sandbox mechanism under which effective pilot policies could continue to be applied until replacement regulations are introduced. This would enable cities to proactively shape appropriate mechanisms rather than passively seek special policy arrangements.

Taken together, these proposals point toward a common objective: empowering the International Financial Center to perform its core function effectively - not only attracting capital, but also connecting and channeling that capital to businesses, projects, and the real development needs of the economy.