Vietnam's Draft Resolution On Financial Centers: Implications For Fintech And Banking

Tasked with implementing the Politburo's policy outlined in Notice No. 47-TB/TW dated November 15, 2024, the prime minister of Vietnam issued Decision No. 1718/QD-TTg on December 31, 2024, appointing himself as the head of a steering committee dedicated to the establishment of an international financial center in Ho Chi Minh City and a regional financial center in Da Nang by 2025. The Ministry of Planning and Investment has subsequently drafted an outline for the National Assembly's Resolution on the Establishment of Regional and International Financial Centers in Vietnam ("Draft Resolution").

This Draft Resolution introduces two key policy groups: (i) policies governing the quantity, location, structure, organization, functions, and responsibilities of the financial centers; and (ii) policies applicable to various areas and matters within the financial centers.