You are using an outdated browser and your browsing experience will not be optimal. Please update to the latest version of Microsoft Edge, Google Chrome or Mozilla Firefox. Install Microsoft Edge

July 2, 2025

Vietnam’s Resolution on International Financial Centers Brings New Opportunities

Subscribe to Updates

On June 27, 2025, Vietnam’s National Assembly adopted a Resolution on International Financial Centers in Vietnam (“IFC Resolution”), which is set to take effect September 1, 2025, putting forward major policy breakthroughs on multiple fronts. The IFC Resolution has the goal of turning Ho Chi Minh City and Da Nang into leading international financial centers with autonomy and tools to compete, thereby raising Vietnam’s position in the global financial network, in association with economic growth drivers.

Below are some of the key points of the IFC Resolution, which has notable changes from previous drafts (see our articles on Vietnam’s Draft Resolution on Financial Centers: Implications for Fintech and Banking and Vietnam’s Emerging Regulatory Landscape for Blockchain and Cryptocurrency), including:

  • The removal of the Central Supervisory Agency.
  • The addition of a definition of international financial centers, which are specific geographic areas in Ho Chi Minh City and Da Nang with members entitled to special policies.
  • The addition of a list of entities eligible for membership, and entitlement to the special policies.

Major Policy Breakthroughs

The IFC Resolution introduces specific policies in the following areas:

  • Liberalization of foreign exchange control for members, including policies such as open foreign exchange use between members and exemption from foreign exchange control procedures for 100% foreign-owned members.
  • Specialized licensing for members to establish and operate single-member limited liability banks and foreign bank branches with the ability to apply accounting standards, debt classification, risk provisions, and prudential ratios according to the owner’s policies.
  • Creation of a capital market for innovative startups, including a crowdfunding mechanism or private placement mechanism through a licensed platform, and development of a green finance market with green certification.
  • Creation of a regulatory sandbox for fintech technologies, products, services, and business models not yet prescribed by law, offering exemption from compliance with standards and technical regulations as well as exemption from liability for damage to the state during experimentation.
  • Tax incentives such as 10% corporate income tax for 30 years for projects in prioritized sectors or 15% for 15 years for projects in other sectors, and exemption from personal income tax until 2030 for the earned income of highly qualified personnel.
  • Immigration policies to attract and keep foreign talent, such as granting visas, temporary resident cards valid for up to 10 years, and permanent resident cards to certain groups (e.g., important investors, experts, managers, and other talents) as well as work permit exemption.
  • Changes to employment, including exemption from requirements for foreign labor demand reporting, market-rate salaries for public servants in the executive agencies and supervisory agencies, and allowing foreign workers to opt into Vietnam’s social insurance and unemployment programs.
  • Priority in allocation and lease of clean land funds and land tenure of up to 70 years for prioritized sectors.
  • Streamlining of administrative procedures for construction and environmental compliance.
  • Supplementing the budgets of Ho Chi Minh City and Da Nang from the central budget for 10 years, allowing up to 70% state investment in certain projects, and bypassing bidding procedures for certain infrastructure projects.
  • Allowing members to choose to resolve disputes in various venues, including foreign arbitration, international arbitration, the international arbitration center of the international financial center, arbitration in Vietnam, foreign courts, and Vietnamese courts.
  • Making English or English with Vietnamese translation the official language for transactions and operations.
  • Establishing new trading floors and trading platforms for commodity trading and commodity derivatives, trading of carbon credits, trading in cultural and artistic products, trading in rare metals, trading of green financial products, and transactions and other new types of trading platforms according to development needs.

Products and Services

The products and services to be provided in the international financial centers include stocks, bonds, fund certificates, financial derivatives, fund management, insurance, reinsurance, banking and foreign exchange, green finance, carbon credits, fintech, digital assets, and other products and services prescribed by the government.

Membership

Membership can be obtained through registration or recognition. Members will be granted a separate identification number and will be recorded in the register of members of the international financial centers.

The following entities can apply for registration to be members of the international financial centers:

  • Commercial banks, foreign bank branches, securities companies, and insurance and reinsurance enterprises.
  • Investment and asset management funds.
  • Entities organizing market infrastructure.
  • Fintech and digital asset organizations (this is one of the prioritized sectors under the IFC Resolution).
  • Entities providing consultancy and support services.
  • Non-financial organizations.
  • Other entities as prescribed by the government.

The following qualifying entities can apply to be recognized as members:

  • Financial institutions, investment funds, or enterprises on the Fortune Global 500 list published by Fortune magazine at the time of application, or their direct parent companies, except for organizations operating in the fields of banking, securities, and insurance.
  • Financial institutions belonging to the group of top 10 domestic (Vietnamese) enterprises in terms of charter capital in each respective field, except for banking, securities, and insurance.

Next Steps

The government will promulgate a decree(s) on establishment of the international financial centers, including establishment of their executive agencies, supervisory agencies, and dispute resolution agencies as well as handling of issues that differ from prevailing laws and resolutions of the National Assembly, ordinances and resolutions of the National Assembly Standing Committee. The decree(s) will coexist with innovative regulations that apply nationally, like the Fintech Sandbox Decree (Vietnam Issues Fintech Sandbox Decree) and upcoming crypto regulations (Vietnam’s Emerging Regulatory Landscape for Blockchain and Cryptocurrency).

Interested investors should stay updated on how to apply for membership in international financial centers in Ho Chi Minh City and Da Nang, particularly those with a focus on products and services which are currently unregulated or subject to stringent regulations preventing foreign investment.

Related Professionals

Industries

Fintech

Practices

Banking and Finance

Location

RELATED INSIGHTS​ 

November 24, 2025
A recent warning from the Central Bank of Myanmar (CBM) against cryptocurrency use upholds the country’s ongoing strategy of enforcing strict prohibitions on unauthorized cryptocurrency activities while also promoting the controlled development of a central bank digital currency (CBDC). The CBM’s warning, issued November 16, 2025, reminded the public of announcements in May 2019 and a notification in May 2020 confirming that all online and offline cryptocurrency transactions are strictly prohibited. The CBM also clarified that no financial institution in Myanmar is authorized to deal with digital currencies. The warning highlighted global risks, such as money laundering, scams, tax evasion, hacking, and severe financial losses caused by price volatility and insufficient regulation. The CBM urged the public to use only legitimate banking channels and avoid illegal cryptocurrency activities. The warning comes five months after the CBM issued a notification announcing the formation of the Central Committee for the Issuance of a Central Bank Digital Currency. This committee includes senior CBM officials, representatives from relevant ministries and the banking sector, and technology experts. Its main role is to research CBDC models, test secure digital payment systems, and ensure that any future implementation aligns with Myanmar’s monetary policy and financial stability objectives. Taken together, these two actions illustrate the CBM’s continued pursuit of its dual strategy to promote innovation through CBDC development while prohibiting cryptocurrency use. Businesses should note that while CBDC pilot programs may appear in the future, cryptocurrencies remain off-limits.
Read More
November 7, 2025
Tilleke & Gibbins has contributed the Vietnam chapter to the latest edition of the Global FinTech Guide published by Multilaw. The guide provides a comprehensive overview of the legal and regulatory framework governing financial technology across major jurisdictions around the world. Compiled by experienced practitioners from Multilaw member firms, the Global FinTech Guide examines how technological innovation is transforming financial services and how regulators are adapting to developments such as digital payments, virtual assets, and online financial platforms. The publication offers comparative insights into regulatory regimes and presents detailed, jurisdiction-specific analysis for companies, investors, and entrepreneurs active in the FinTech sector. The Vietnam chapter, prepared by lawyers in Tilleke & Gibbins’ technology, media, and telecommunications team, surveys the key legal and regulatory developments shaping the country’s FinTech ecosystem. It covers the following areas: Payment services Asset and portfolio management Financial advisory and broking services (including robo-advisory and auto-trading) Trading platforms, social trading platforms, and signal following Crowdfunding, crowdinvesting, and crowdlending Distributed ledger technology (DLT) and cryptocurrencies Loan services, factoring, loan broking, and finetrading Identification Online banking services Initial coin offerings (ICOs) and token sales Insurtech Regtech and compliance management Know-your-customer (KYC) requirements Tilleke & Gibbins also contributed the Thailand chapter to the Global FinTech Guide. The full guide is available on the Multilaw website.
Read More
November 7, 2025
Tilleke & Gibbins has contributed the Thailand chapter to the latest edition of the Global FinTech Guide published by Multilaw. The guide offers an overview of the legal and regulatory environment for financial technology across key jurisdictions worldwide. Prepared by leading experts from Multilaw member firms, the Global FinTech Guide explores how innovation is reshaping the financial sector and how governments and regulators are responding to emerging technologies such as digital payment services, cryptocurrencies, and online financial advisory platforms. The publication enables quick comparison of regulatory frameworks and provides detailed country-level insights for investors, startups, and established financial institutions engaging in FinTech activities. The Thailand chapter, authored by lawyers in Tilleke & Gibbins’ technology and financial services teams, outlines the country’s evolving regulatory landscape for fintech operations. It addresses the following topics: Payment services Asset and portfolio management Financial advisory and broking services (including robo-advisory and auto-trading) Trading platforms, social trading platforms, and signal following Crowdfunding, crowdinvesting, and crowdlending DLT and cryptocurrencies Loan services, factoring, loan broking, and finetrading Identification Online banking services Initial coin offerings (ICOs) and token sales Insurtech Regtech and compliance management Know-your-customer (KYC) requirements Tilleke & Gibbins also contributed the Vietnam chapter to the Global FinTech Guide. The full guide is available on the Multilaw website.
Read More
September 24, 2025
On September 12, 2025, the Bank of Thailand (BOT) officially released its AI Risk Management Guidelines for Financial Service Providers, building upon the draft guidelines issued in June 2025. The guidelines reflect a balanced approach, encouraging innovation while safeguarding financial stability and consumer protection. The guidelines are targeted at all financial service providers, including financial institutions and special financial institutions under the Financial Institution Business Act, as well as payment providers under the Payment Systems Act. The guidelines apply to both AI systems developed in-house and those developed by third parties that are adopted for use by financial service providers. AI Risk Management Guidelines The two main pillars in managing AI risk are (1) governance of AI system implementation and (2) AI system development and security controls, consisting of the following key elements: 1. Governance Stakeholder roles and responsibilities. Boards and senior management assume accountability for decisions and operations involving AI systems, and are responsible for defining roles and responsibilities for AI oversight. This includes establishing an AI system usage policy, designating personnel responsible for AI risk management, and building awareness of AI-related risk within the organization. Organizations are expected to foster internal capabilities to use AI securely and avoid overreliance that could compromise business continuity or customer service. AI system usage policy. Policies governing AI usage should align with organizational goals, regulatory obligations, and recognized responsible AI frameworks—such as the FEAT principles (fairness, ethics, accountability, and transparency). These policies should be reviewed regularly to respond to technological advancements and evolving risk profiles. Risk management throughout the AI lifecycle. Risk management should encompass the entire AI lifecycle, from establishing risk appetite to implementing continuous risk assessment and control measures tailored to specific use cases. Financial service providers should assess risks and impacts of AI usage on operations and customer services.
Read More