Vietnam committed to building first International Financial Centre

Vietnam’s National Assembly could review a draft resolution for the development of an International Financial Centre (IFC) as early as May, Deputy Prime Minister Nguyen Hoa Binh said. The proposed framework aims to align with global standards, offering mechanisms for tax incentives, foreign exchange management, dispute resolution, and investor protections. International investors and institutions, including Temasek Holdings and Standard Chartered Bank, welcomed the progress, but called for clearer rules on confidentiality, anti-money laundering, and legal consistency. The draft resolution would hold legal status similar to that of a law but would be easier to amend. Vietnam’s government is seeking continued feedback from financial institutions and experts to finalise the resolution and related decrees to support the IFC’s establishment and growth.