At a Standing Government meeting on the development of international financial centers in Ho Chi Minh City and Da Nang on May 10, 2025, Prime Minister Pham Minh Chinh emphasized the importance of building bold and innovative policies to realize the plan of establishing international financial centers in Vietnam. The goal is not only to attract international investment capital but also to promote sustainable development, foster innovative startups, and integrate green, digital, and circular economic models.

To achieve this, Vietnam is advancing a set of strategic priorities. Foremost among these is the development of advanced financial infrastructure, with a focus on ensuring that settlement and securities trading systems are aligned with international standards. In parallel, the country is placing strong emphasis on attracting global talent by fostering a competitive and conducive working and living environment, supported by well-designed incentive frameworks to engage leading financial professionals.

At the same time, Vietnam is actively promoting financial innovation, particularly through the development of digital assets within regulatory sandbox frameworks. This approach aims to expand the digital financial ecosystem while enabling the emergence of new business and investment models. Complementing these efforts, the government is committed to establishing a transparent and robust legal environment that safeguards property rights, upholds business freedom, and ensures the free movement of capital and individuals, thereby strengthening confidence among investors and enterprises.

Policy Framework and Governance Structure

To realize this vision, the Prime Minister has instructed relevant agencies to accelerate the preparation of key documents, including assessments of Vietnam’s competitive advantages, potential benefits and risks of international financial centers, and risk mitigation strategies.

Notably, on May 20, the Steering Committee for Regional and International Financial Centers was officially established. This committee, comprising representatives from both central and local governments, will play a crucial role in directing strategy development, institutional and policy refinement, overseeing the establishment and operation of regulatory bodies, and mobilizing resources. This move demonstrates the government’s strong commitment to advancing the project.

Ho Chi Minh City and Da Nang – Twin Engines of Vietnam’s Financial Center Vision

Vietnam’s roadmap to becoming an international financial hub is accelerating, with Ho Chi Minh City and Da Nang positioned as strategic focal points. As early as late 2014, the Politburo laid the foundation for this ambition, outlining plans to build a comprehensive international financial center in Ho Chi Minh City and a regional financial center in Da Nang.

The government’s vision is clear: to create world-class financial infrastructure with cutting-edge payment and securities trading systems. A key highlight is the strategy to attract international talent through competitive incentives and by building an ideal living and working environment for top global financial professionals.

At the same time, the government prioritizes financial innovation, including the development of green finance, fintech, and modern risk management solutions, while enhancing international integration and ensuring financial stability through strict supervision.

Over the next five years, Vietnam will implement eight key policy groups to develop these financial centers, harmonizing international practices with local conditions. Notably, six advanced policy frameworks currently applied in leading global financial hubs will be piloted in Vietnam, paving the way for full implementation from 2030.

In Da Nang, local authorities have proposed developing a financial center spanning more than 70 hectares, implemented in phases. The city aims to become a regional financial hub through a combination of advanced infrastructure, innovative policies, and strong support mechanisms, with a projected timeline of at least five years.

Meanwhile, Chairman of the Ho Chi Minh City People’s Committee Phan Van Mai expressed expectations that the city’s international financial center will take shape by 2030. The city is actively accelerating infrastructure development, particularly in District 1 and the Thu Thiem area (Thu Duc City), while focusing on training and attracting high-quality human resources to meet the demands of an international financial hub.

With strategic steps and strong investment, Ho Chi Minh City and Da Nang are gradually defining their roles in the global financial landscape. This promises breakthrough opportunities for the financial sector, especially fintech, in Vietnam.

Fintech Ecosystem – The Foundation for a Modern Financial Hub in Vietnam

The establishment of financial centers in Vietnam is being strongly supported by a rapidly expanding Fintech ecosystem. Major financial hubs have always acted as powerful catalysts for Fintech innovation. For example, in the United Arab Emirates (UAE), key financial zones have successfully attracted world-class talent and become “magnets” for pioneers in the Fintech sector.

The Dubai International Financial Centre (DIFC) is a clear illustration: from a prominent special economic zone, DIFC has evolved into one of the largest innovation communities in the Middle East, bringing together more than 1,240 growth-stage tech firms, innovation companies, digital labs, venture capital funds, and educational institutions. Notable names such as Tarabut Gateway, Yap, and Postpay have emerged from this ecosystem. Similarly, Abu Dhabi Global Market (ADGM) is also thriving, hosting over 2,300 entities, including rising Fintech stars like FlapKap, Sarwa, and Pyypl.

Vietnam is not outside this trend. The domestic Fintech industry has experienced strong growth, with the number of solutions nearly doubling from 115 in 2020 to around 220 in 2024. This impressive expansion has been driven by a series of strategic initiatives implemented by the government.

Among these, the National Financial Inclusion Strategy aims to expand access to financial services for all citizens and businesses, while the National Digital Transformation Program promotes the adoption of digital technologies across all sectors, including finance. Notably, the pilot implementation of a regulatory sandbox for innovative models—such as peer-to-peer (P2P) lending, credit scoring, and data sharing through open APIs—has created a favorable environment for experimentation and development.

These efforts not only significantly boost the Fintech ecosystem but also demonstrate Vietnam’s strong commitment to building a modern, robust financial foundation that is deeply integrated with the global economy. —--

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X-Border is a financial infrastructure layer connecting Vietnam to the global economy. Built to support compliant, real-time, and multi-currency settlement, X-Border enables enterprises, fintechs, and global partners to access Vietnam’s financial system through a unified, API-based settlement platform. From stablecoin-powered flows to fiat settlement, X-Border simplifies cross-border transactions into a seamless and scalable experience.

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