VIFC: URGENT SHIFT FROM INSTITUTIONAL FRAMEWORK TO SUBSTANTIAL OPERATION

On the afternoon of August 19, 2026, Deputy Prime Minister Nguyen Van Thang chaired a meeting of the Executive Council of the Vietnam International Financial Centre (VIFC). Concluding the meeting, the Deputy Prime Minister affirmed that the "One center, two locations" model in Ho Chi Minh City and Da Nang has been established; the basic institutional and organizational framework has been formed, ready to enter the phase of substantial operation. Acknowledging the proactiveness and determination of the two Executive Agencies in recent times, the Deputy Prime Minister emphasized that the current task is to shift the focus from perfecting mechanisms to generating real transactions and value for the economy.

According to the directive, the next phase needs to focus on substantial operation, early formation of specific deals to unlock medium and long-term international capital flows. First of all, the two Executive Agencies must urgently identify and deploy specific financial product groups to early create actual transactions; simultaneously review the conditions for participating in the VIFC for international financial institutions — including investment banks — in a manner suitable for each operating model. Along with that, the inspection and supervision mechanism will be implemented immediately based on coordinating and utilizing the existing agencies of the Ministry of Finance and the State Bank, thereby strengthening investors' trust. The specialized court and international arbitration center are requested to accelerate their progress, striving to launch in September 2026 if conditions are met. Regarding infrastructure, Ho Chi Minh City is assigned to coordinate with the Ministry of Finance and the State Bank to build a shared information technology system, synchronized between the two locations, ensuring connectivity, information exchange, and supporting supervision work, to be reported to the Prime Minister in September 2026.

Prioritizing 06 product groups to generate substantial transactions

To realize the above orientation, the Executive Agencies in both cities have proposed a list of 06 priority products, including investment funds and asset management, real-world asset-backed crypto assets, international carbon credits, derivative commodity exchanges, financial technology, and intra-zone bonds. These are considered the core product group, playing a role in creating the first transactions for the center. These products are deployed on the principle of closely adhering to the real economy, prioritizing the low-risk group and applying a regulatory sandbox mechanism for complex structures. This cautious approach not only ensures safety for the nascent market but also contributes to sharing credit pressure for the banking system.

Strategic significance for VIFC-HCMC

Shaping the core product portfolio is of strategic significance to VIFC-HCMC, helping the Thu Thiem core area accelerate the perfection of mechanisms and get ready to attract the world's leading financial institutions. Procedurally, Decision No. 01/QĐ-CQĐH issued on August 11, 2026, has standardized the licensing process, helping financial institutions quickly complete joining procedures and establish their presence. In parallel, the Ministry of Finance and related agencies are perfecting the shared technology infrastructure, the legal framework for fund management, and preferential corporate income tax policies.

Rapidly shifting from mechanisms to capital flows

For VIFC-HCMC, the current focus is a rapid shift from mechanisms to products, members, transactions, and capital flows, thereby forming an additional international capital mobilization channel to serve the development of infrastructure, the business community, and new growth drivers of Vietnam. Above all, the most important goal remains the early formation of specific deals and the creation of real value for the economy.