NEW LEGAL FRAMEWORK SHAPES THE ROLE OF VIFC-HCMC AS A "CAPITAL INFRASTRUCTURE"

On the morning of August 24, 2026, at its first extraordinary session, the 16th National Assembly voted to pass the Law on Urban Development, with 465 out of 474 delegates in favor, taking effect on October 1, 2026. Article 24 of the Law specifically regulates mechanisms and policies to promote the development of the international financial center in Vietnam. This creates a new legal foundation for the Viet Nam International Financial Center in Ho Chi Minh City (VIFC-HCMC) to gradually become a "capital infrastructure" for the city's growth.

Under the new regulations, the HCMC People's Council is granted the authority to decide on issuing municipal bonds and project bonds at VIFC-HCMC to mobilize capital for key projects. It also establishes a mechanism to connect the Center with free trade zones, logistics zones, open ports, and high-tech zones. This gives VIFC-HCMC more room to participate in structuring, arranging, and allocating long-term capital for the city's metro projects, TOD (Transit-Oriented Development), seaports, logistics, aviation, and green transition.

Discussing the significance of the Law, Assoc. Prof. Dr. Nguyen Huu Huan, Vice Chairman of the VIFC-HCMC Executive Agency, noted that the key measure of the Center in the coming period should shift from the number of members to its ability to channel capital, generate transactions, and meet the real capital needs of the economy. The new law also opens a legal bridge for VIFC-HCMC members to provide financial services to domestic organizations. This helps the Center avoid becoming a "financial island" and truly plays the role of a gateway for international capital mobilization.

This shows that VIFC-HCMC is not only a gathering place for international financial institutions but is also gradually affirming its role as capital infrastructure, helping to expand capital mobilization space and create more momentum for HCMC to realize its double-digit growth target.