Among the eight implementing decrees issued on December 18, 2025, to provide the legal framework for Vietnam’s new International Financial Centers (IFC), Decree No. 323/2025/ND‑CP serves the core function of officially establishing the IFC as a unified entity in two locations—Ho Chi Minh City and Da Nang—and setting out a plan for its development and governance.

The key contents of the decree are summarized below.

Location and Focus of IFCs

The Vietnam International Financial Center in Ho Chi Minh City (VIFC‑HCMC) and the Vietnam International Financial Center in Da Nang (VIFC‑DN) are designed to attract capital, fintech, and international market participants under a dedicated regulatory framework.

The IFCs will host functional zones for financial trading, banking, securities and commodities exchanges, offices, dispute resolution (via specialized court and international arbitration center), and related activities as set by the executive authority of each IFC.

VIFC-HCMC, with a total area of 898 hectares in central Ho Chi Minh City, is oriented to develop a comprehensive and diverse financial ecosystem, providing traditional and specialized financial services, and leveraging synergies between financial services such as capital mobilization, investment, payment services, issuance and trading of financial products, asset management, fintech, and green financial services.

VIFC-DN, with a total area of 300 hectares, is oriented to develop as a modern IFC, closely integrated with the innovation ecosystem, digital technology, and sustainable finance. VIFC-DN will establish a controlled testing platform for new financial models, taking the lead in the deployment and scaling of digital-asset products, digital payments, and specialized trading platforms and exchanges, while promoting supply chain finance, third-party services, and non-bank financial intermediaries to complement and support the traditional financial market, developing specialized, flexible, and innovative financial products.

Near‑Term Priorities and Review Timeline

In 2026, the government will prioritize completing the essential infrastructure and ensuring adequate human and other resources for the operation of the IFCs; developing a modern finance ecosystem for the IFCs by promoting exchanges, new trading platforms, and fintech; and developing international-standard advisory and support services.

After the IFCs have been in operation for five years, the government will review their operational efficiency to further decide on any necessary action to ensure streamlined, efficient, and uninterrupted operations.

Governance at a Glance

The IFC governance structure is divided into executive, supervisory, and dispute resolution bodies.

• IFC Executive Council: The central strategic and coordinating body for the IFC has the key functions and powers of issuing development strategies, roadmaps, and plans, promulgating operation regulations, and deciding on matters that remain unresolved between the VIFC-HCMC Executive Authority and the VIFC-DN Executive Authority. The IFC Executive Council will establish the IFC Consulting Council and other supporting bodies to assist in its operation.
• VIFC-HCMC Executive Authority and VIFC-DN Executive Authority: Independent legal entities under the People’s Committees of Ho Chi Minh City and Da Nang, each executive authority is responsible for the direct management and operation of IFC activities within its local jurisdiction, acting independently within its delegated powers and in accordance with the operating regulations approved by the IFC Executive Council. Among other duties, the executive authorities issue licenses such as member registration certificates, establishment and operation licenses in authorized sectors within the IFC, and licenses for unregulated technologies, products, services, and business models for a maximum period of five years.
• IFC Supervision Authority: A legal entity located in Ho Chi Minh City under the supervision of the People’s Committee of Ho Chi Minh City (which may establish a branch in Da Nang), the IFC Supervision Authority will handle inspection, examination, supervision, and prevention and handling of violations within the IFC.
• IFC dispute resolution bodies: These include the specialized court and the international arbitration center under the IFC. The operation of the specialized court will be conducted pursuant to the Law on the Specialized Court in the IFC, which was passed by the National Assembly on December 11, 2025.

Outlook

The IFC framework signals Vietnam’s push to become a regional financial hub. For investors and operators, it offers:

• Regulatory clarity and speed: Dedicated authorities with licensing powers, including time‑bound sandbox approvals.
• Market access and innovation: Support for new platforms, digital assets, and fintech pilots, alongside traditional financial services.
• Dispute resolution options: A specialized court and international arbitration within the IFC.

As the framework evolves over the next five years, participants should monitor implementing regulations, licensing practices, and supervisory approaches to quickly identify opportunities and manage compliance.