Decree 323/2025/ND-CP establishment of the International Financial Center in Vietnam

DECREE

On the establishment of an International Financial Center in Vietnam^[1]

Pursuant to Law No. 63/2025/QH15 on Organization of the Government;

Pursuant to Law No. 72/2025/QH15 on Organization of Local Administration;

Pursuant to the National Assembly’s Resolution No. 222/2025/QH15 on an International Financial Center in Vietnam;

At the proposal of the Minister of Finance;

The Government promulgates the Decree on the establishment of an International Financial Center in Vietnam.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

This Decree details and guides the implementation of Articles 8 and 9 of the National Assembly’s Resolution No. 222/2025/QH15 of June 27, 2025, on an International Financial Center in Vietnam (below referred to as Resolution No. 222/2025/QH15), regarding the establishment of an International Financial Center in Vietnam (below referred to as the International Financial Center).

Article 2. Subjects of application

1. Members of the International Financial Center, investors, organizations and individuals involved in investment, business and dispute resolution activities within the International Financial Center.

2. The Executive Bodies, the Supervisory Body and Dispute Resolution Bodies of the International Financial Center.

3. Other related agencies, organizations and individuals.

Article 3. Name, objectives and development orientations of the International Financial Center

1. The International Financial Center is a unified legal entity operating in two locations: Ho Chi Minh City and Da Nang city. The Operation Regulation of the International Financial Center shall be approved by the Executive Board of the International Financial Center, and be effective and applied uniformly at both locations. All standards, regulations, procedures, rules, operational forms, and licensing standards within the International Financial Center shall be issued and applied uniformly and simultaneously at both locations.

2. Official name:

a/ Vietnamese: Trung tâm tài chính quốc tế Việt Nam tại Thành phố Hồ Chí Minh và Trung tâm tài chính quốc tế Việt Nam tại thành phố Đà Nẵng;

b/ English: Viet Nam International Financial Center in Ho Chi Minh City (VIFC-HCMC) and Viet Nam International Financial Center in Da Nang city (VIFC-DN).

3. The development objectives of the International Financial Center must comply with Article 4 of Resolution No. 222/2025/QH15 and the following provisions:

a/ To form a comprehensive, transparent legal framework consistent with international practices and standards, with competitive advantages to attract international financial institutions and investors from many countries;

b/ To strengthen the attraction and concentration of domestic and foreign capital sources, and take advantage of the shift in international capital flows to supplement resources for Vietnam’s socio-economic development. The International Financial Center will serve as a gateway in connecting global capital flows with Vietnam, contributing to promoting the development of spearhead industries;

c/ To connect and support value chains in Vietnam’s strategic sectors. Through financial services at the International Financial Center, to form a bridge to attract investment and financing for projects in strategic sectors, enhancing added value and competitiveness of the Vietnamese economy in the global value chain.

4. Development orientations of the International Financial Center

a/ The Viet Nam International Financial Center in Ho Chi Minh City aims to develop into an international financial center with a comprehensive and diverse financial ecosystem, providing traditional and specialized financial services, exploiting the synergistic and mutual-support effects of financial services such as: capital mobilization, investment, payment, issuance and trading of financial products, asset management,  financial technology (fintech) services, green financial services, and other financial services;

b/ The Viet Nam International Financial Center in Da Nang aims to develop into a modern international financial center, closely linked to the innovation, digital technology and sustainable finance ecosystem, creating a regulatory sandbox for new financial models, pioneering the deployment and expansion of digital asset products, digital payments, specialized trading platforms and exchanges; promoting supply chain financing, third-party services, and non-deposit-taking lending institutions to complement the traditional financial market, forming specialized, flexible and innovative financial products.

Article 4. Development roadmap and plan

1. The People’s Committee of Ho Chi Minh City and the People’s Committee of Da Nang city shall ensure that during the 2025-2026 period:

a/ The International Financial Center is established and put into operation; this includes allocating sufficient resources and personnel necessary for the operation of agencies and organizations under the International Financial Center;

b/ Several key infrastructure projects are completed to serve as a foundation for the International Financial Center, ensuring seamless connectivity;

c/ A modern financial ecosystem is created: To promote new exchanges and trading platforms as specified in Article 13 of Resolution No. 222/2025/QH15, fintech services; and an ecosystem of international-standard consulting and support services is initially established to serve the operations of the International Financial Center.

2. From 2026 onward, agencies and organizations under the International Financial Center shall assume the prime responsibility for, and coordinate with ministries and ministerial-level agencies in:

a/ Proposing and formulating specific and superior mechanisms and policies according to a suitable roadmap to encourage and facilitate the attraction of capital, technology, modern management methods, high-quality human resources, and large international financial institutions and investors, and completing a comprehensive, transparent and unified legal framework for the International Financial Center, while establishing appropriate inspection, supervision and risk management mechanisms to ensure national financial-monetary security and safety;

b/ Developing a detailed development roadmap and plan and adopting mechanisms for managing and supervising operations at the International Financial Center;

c/ Developing a comprehensive system of essential technical infrastructure and services (transportation, telecommunications, logistics, information technology, and other necessary infrastructure and services) to facilitate the operation and development of the International Financial Center.

3. Within 5 years from the effective date of this Decree, the Executive Board of the International Financial Center shall assume the prime responsibility for conducting a preliminary review and evaluation, and reporting to the Government on the results of the operation of the International Financial Center; if necessary, it shall submit a restructuring plan toward the Center’s streamlining and unification when the conditions on safety and efficiency are fully met to ensure uninterrupted operation at both locations.

Article 5. Location, administrative boundaries and area of ​​the International Financial Center

1. In Ho Chi Minh City

a/ Area: approximately 898 hectares;

b/ Location within the administrative boundaries of Saigon ward, Ben Thanh ward, and the Thu Thiem Urban Area in An Khanh ward, Ho Chi Minh City. Specifically, the boundaries are defined as follows: within the area bounded by Vo Van Kiet street - Pho Duc Chinh street - Nguyen Cong Tru street - Nam Ky Khoi Nghia street - Le Duan street - Ton Duc Thang street - Nguyen Huu Canh street - Nhieu Loc Thi Nghe canal - Saigon river - Lan Anh Villa Area boundary - Tran Bach Dang street - Tran Nao street - the northern and northeastern boundary sections of the Thu Thiem New Urban Area - Street No. 7 - Ca Tre canal - Saigon River - Vo Van Kiet street.

2. In Da Nang city:

a/ Area: approximately 300 hectares;

b/ Location: An Hai ward with a total area of ​​6.17 hectares embracing 5 land plots A12, A13, A14, A15 and A*; the 20-story IT building in Software Park No. 2 in Hai Chau ward, with an area of ​​0.12 hectare; the land area northwest of the access road to Thuan Phuoc bridge in Hai Chau ward with an area of ​​9.7 hectares; the land plot at the corner of Nhu Nguyet and Xuan Dieu streets in Hai Chau ward with an area of ​​1.98 hectares, and approximately 282 hectares in the planned land reclamation area opposite Nguyen Tat Thanh street.

3. The People’s Committee of Ho Chi Minh City and the People’s Committee of Da Nang city shall determine the detailed locations, administrative boundaries, area, and land areas to be allocated for the International Financial Center within their respective localities. The Executive Body of the International Financial Center in Ho Chi Minh City and the Executive Body of the International Financial Center in Da Nang city shall organize the publication of information on the International Financial Center’s electronic single-window administrative system.

4. The International Financial Center consists of functional zones such as: financial transaction area, banking services area, stock and commodity exchange area, office area, arbitration center and court area, and other functional zones as designated by the Executive Body of the International Financial Center in Ho Chi Minh City and the Executive Body of the International Financial Center in Da Nang city to ensure the uninterrupted operation of members, agencies and organizations under the International Financial Center, and related investors, agencies, organizations and individuals in each locality.

5. The allocation of land areas for the International Financial Center in each locality must meet the following conditions:

a/ Conforming with the regional and municipal master plans already approved by competent authorities. In case the allocation of land areas remains unconformable with the existing master plans, the People’s Committee of Ho Chi Minh City and the People’s Committee of Da Nang city shall supplement and update the regional and municipal maser plans in the next planning adjustment or planning process to ensure timely allocation of land areas for the establishment and operation of the International Financial Center in their respective localities;

b/ Having an appropriate land area for feasible use; having suitable natural conditions;

c/ Having specific boundaries; conditions for developing essential infrastructure and services; convenient transportation access;

d/ Having the ability to connect with high-level research and training institutions;

dd/ Meeting environmental protection requirements as prescribed by the law on environmental protection;

e/ Ensuring national defense and security.

Article 6. List of sectors, occupations, products and services prioritized for development in the International Financial Center

1. The list of sectors, occupations, products and services prioritized for development in the International Financial Center is provided in the Appendix to this Decree.

2. The Executive Body of the International Financial Center in Ho Chi Minh City and the Executive Body of the International Financial Center in Da Nang city shall issue detailed lists of sectors, occupations, products and services prioritized for development in their respective centers in accordance with Clause 1 of this Article.

Article 7. Operation Regulation and application of laws at the International Financial Center

1. The Executive Board of the International Financial Center may issue the Operation Regulation or another equivalent document to specifically regulate the organization and operation of the International Financial Center, provided that such regulation does not contravene the Constitution and treaties to which the Socialist Republic of Vietnam is a contracting party, complies with international practices and standards, and is consistent with the fundamental principles and policies prescribed in Resolution No. 222/2025/QH15 and detailing and guiding documents.

2. The issuance and revision of the Operation Regulation must ensure transparency, feasibility, broad consultation with stakeholders, and protection of the lawful interests of stakeholders.

3. In case of discrepancies between current laws (except the Constitution) and the Operation Regulation with respect to matters within the scope of regulation and subjects of application of the Operation Regulation, the Operation Regulation shall prevail.

Chapter II

EXECUTIVE BODIES

Article 8. Operation model

The Executive Bodies include:

1. The Executive Board of the International Financial Center (below referred to as the Executive Board).

2. The Executive Body of the International Financial Center in Ho Chi Minh City and the Executive Body of the International Financial Center in Da Nang city (below referred to as the Executive Bodies in the cities).

Article 9. Executive Board

1. The Executive Board shall be established, composed of:

a/ The Chairperson of the Executive Board, which shall be decided by the Prime Minister;

b/ Vice Chairpersons of the Executive Board, including a leader of the Ministry of Finance; a leader of the State Bank of Vietnam; the Chairperson of the People’s Committee of Ho Chi Minh City and the Chairperson of the People’s Committee of Da Nang city;

c/ The members of the Executive Board, who are leaders of relevant ministries and ministerial-level agencies.

2. The Executive Board has the following tasks and powers:

a/ To issue the development strategy, roadmap and plan for the International Financial Center;

b/ To issue the Operation Regulation of the International Financial Center;

c/ To give opinions on the appointment, relief from duty and removal from office of the Chairperson of the Executive Body of the International Financial Center in Ho Chi Minh City and the Chairperson of the Executive Body of the International Financial Center in Da Nang city;

d/ To decide on issues on which the Executive Body of the International Financial Center in Ho Chi Minh City and the Executive Body of the International Financial Center in Da Nang city hold divergent opinions;

dd/ To establish an International Financial Center Advisory Council comprising reputable domestic and international financial and legal experts, with the function of advising and consulting the Executive Board;

e/ To perform other tasks related to the International Financial Center as assigned by the Government and the Prime Minister.

3. The Executive Board has an assisting body. The Chairperson of the Executive Board shall decide on the establishment of the assisting body.

4. The Prime Minister shall decide on the establishment of the Executive Board.

Article 10. The Executive Body of the International Financial Center in Ho Chi Minh City and the Executive Body of the International Financial Center in Da Nang city

1. The Executive Body of the International Financial Center in Ho Chi Minh City shall be established under the People’s Committee of Ho Chi Minh City, and the Executive Body of the International Financial Center in Da Nang city shall be established under the People’s Committee of Da Nang city.

2. The Executive Bodies in the cities have the legal person status, a seal bearing the national emblem, and may open accounts at the State Treasury to receive funds from the state budget and open accounts at commercial banks for non-state budget funds. The Executive Bodies in the cities are specific-type administrative agencies performing the state management of activities at the International Financial Center in accordance with this Decree and other relevant legal documents.

3. Functions

The Executive Bodies in the cities shall directly manage and operate the activities of the International Financial Center within their localities according to their competence or delegated powers and the Operation Regulation approved by the Executive Board; and shall operate independently in performing their assigned tasks and powers as prescribed in Clauses 4 and 5 of this Article and other relevant legal documents.

4. Tasks

a/ To formulate and issue plans for mobilizing, allocating and utilizing resources from the state budget, private investment, and other lawful sources to invest in and develop essential infrastructure and services within the International Financial Center in their localities. To formulate a plan for training high-quality human resources to serve the International Financial Center according to needs and development trends;

b/ To develop and operate a unified electronic single-window administrative system for the International Financial Center, including the Membership Registration and Recognition System prescribed in Clause 8, Article 10 of Resolution No. 222/2025/QH15 and other systems serving the operation of the International Financial Center;

c/ To develop, issue, and organize the implementation of, internal procedures and technical guidelines; standards, conditions, procedures and processes for business registration, membership registration and licensing at both locations, ensuring adherence to the principle of common registration and recognition at both locations of the International Financial Center according to the Operation Regulation;

d/ To formulate and issue guiding documents, and organize the issuance, modification, supplementation and revocation of membership registration certificates, and establishment and operation licenses in the banking, securities and insurance sectors, and related documents in other fields according to their competence, through the electronic single-window administrative system;

dd/ To formulate and issue guiding documents on the management and supervision of the activities of members within the International Financial Center;

e/ To report to and propose the municipal People’s Committees to provide non-refundable financial support from the local budget for fintech enterprises and decide on the implementation after obtaining the approval from the municipal People’s Committees, for the cases specified in Clause 5, Article 24 of Resolution No. 222/2025/QH15;

g/ To issue regulations, mechanisms and policies on regulatory sandbox; licensing and management of technologies, products, services and business models not yet regulated by law, for a period not exceeding 5 years. To issue incentive and support programs to promote the development of green finance; digital assets and fintech; commodity markets, derivatives markets, and other fields according to their competence;

h/ To manage the organizational structure, payroll and number of employees; to decide on the rotation, assignment, secondment, appointment, reappointment, relief from duty, dismissal, retirement, termination of employment, commendation and disciplining; to implement salary regimes, benefit regimes, and training and further training programs for cadres, civil servants, public employees and workers within the units under their management. To issue guidelines on the implementation of specific and superior salary and benefit regimes based on market mechanisms for cadres, civil servants, public employees and workers under their management;

i/ To issue guiding documents, after consulting the State Bank of Vietnam, and organize the processing of administrative procedures and receipt of information related to foreign exchange management through the single-window administrative system as prescribed in the Decree on licensing the establishment and operation of banks, foreign exchange management, anti-money laundering, counter-terrorism financing, and prevention of proliferation of weapons of mass destruction at the International Financial Center;

k/ To perform other tasks as prescribed in the Operation Regulation and relevant laws; and other tasks assigned by the Government, the Executive Board and the municipal People’s Committees.

5. Powers

a/ To issue, modify, supplement and revoke membership registration certificates, establishment and operation licenses in the banking, securities, insurance and other fields according to their competence in the International Financial Center;

b/ To develop financial infrastructure, technology and support services; to act as the project owner for assigned projects; to mobilize capital from international financial institutions and development banks;

c/ To be delegated by the municipal People’s Committees to handle administrative procedures related to the operation of the International Financial Center under the competence of the municipal People’s Committees and their affiliated agencies and units;

d/ To assume the prime responsibility for, and coordinate with relevant agencies in, resolving difficulties arising during the operation of the International Financial Center in their localities; to organize the evaluation of project implementation and financial activities within the International Financial Center in their localities, ensuring compliance with law;

dd/ To apply the method of contractor appointment and contractor selection in special cases for infrastructure projects of the International Financial Center and the method of contractor appointment and investor selection in special cases for infrastructure projects invested under the PPP method of the International Financial Center;

e/ To manage and utilize allocated state budget funds and other revenue sources under regulations; to manage and utilize assets and construction investment projects according to their competence; to prevent and combat corruption and waste;

g/ To exercise other powers as assigned in the Operation Regulation and by the Executive Board and the municipal People’s Committees.

6. Organizational structure

a/ The Executive Body in each city has a Chairperson, Vice Chairpersons (with the number decided by the Chairperson of the municipal People’s Committee) and an Executive Director (domestic or foreign experts may be hired);

b/ Agencies and units within the Executive Body in each city include: the Office; the Strategy and General Affairs Department; the Legal Affairs Department; the Members Department; the Technology Department, and other specialized units to be decided by the Chairperson of the Executive Body in each city, ensuring a streamlined structure to meet the development requirements of the International Financial Center, and performing key tasks related to the proposal and implementation of policies and provision of public services within the International Financial Center;

c/ The appointment, removal from office and relief from duty of the Chairperson of the Executive Body in each city shall be decided by the Chairperson of the municipal People’s Committee after consulting the Chairperson of the Executive Board. The appointment, removal from office and relief from duty of Vice Chairpersons of the Executive Body in each city shall be decided by the Chairperson of the municipal People’s Committee;

d/ The appointment, removal from office, relief from duty, and signing of a hiring contract (in case of hiring) for the Executive Director of the Executive Body in each city shall be decided by the Chairperson of the Executive Body in each city;

dd/ The Chairperson of the municipal People’s Committee shall be responsible for allocating the payroll of civil servants and public employees, and the number of staff working for the Executive Body in each city;

e/ Based on the workload, nature, characteristics, functions and assigned tasks, the Chairperson of the Executive Body in each city shall decide on the number of labor contracts and the hiring of domestic and foreign experts to work at the Executive Body in each city, with the salary and benefit regimes prescribed at Point c, Clause 2, Article 21 of Resolution No. 222/2025/QH15. The basic salary applicable to cadres, civil servants, public employees, those receiving salaries and allowances, and workers working in the Executive Body in each city shall be determined according to the market mechanism.

Chapter III

THE SUPERVISORY BODY

Article 11. Legal status and legal person status

1. The Supervisory Body for the International Financial Center (below referred to as the Supervisory Body) shall be established, and managed by the People’s Committee of Ho Chi Minh City. The Supervisory Body shall be located in Ho Chi Minh City and may establish a branch in Da Nang city. The Chairperson of the Supervisory Body shall decide on the establishment, organizational structure, functions and duties of the branch in Da Nang city, ensuring independent, regular and continuous operation in carrying out its assigned tasks and powers.

2. The Supervisory Body is a specific-type administrative agency with legal person status, a seal bearing the national emblem, and a logo as prescribed by law. It may open an account at the State Treasury to receive funds from the state budget and accounts at commercial banks for non-state budget funds.

3. The Supervisory Body shall perform its functions, duties and powers as prescribed in Article 12 of this Decree and other relevant legal documents.

Article 12. Functions, tasks and powers

1. Functions

The Supervisory Body has the functions of inspecting, examining, supervising, preventing, and handling violations at the International Financial Center as prescribed in Clauses 2 and 3 of this Article and other relevant legal documents, ensuring that the activities of members, investors, organizations and individuals at the International Financial Center must comply with regulations.

2. Tasks

a/ To issue plans and regulations on operational procedures and organize the inspection, examination and supervision of activities according to the Operation Regulation of the International Financial Center;

b/ To conduct scheduled and unscheduled inspections, examinations and supervisions to prevent and handle violations; to coordinate with relevant agencies in inspecting, examining, supervising, and handling violations at the International Financial Center;

c/ To coordinate with relevant agencies in evaluating, monitoring and reviewing the implementation of regulatory sandbox policies within the International Financial Center;

d/ To assume the prime responsibility for, and coordinate with agencies and organizations under the International Financial Center and relevant agencies in, issuing regulations on the operation of the Supervisory Body;

dd/ To manage the organizational apparatus, payroll, and number of employees; decide on the rotation, transfer, secondment, appointment, reappointment, relief from duty, dismissal, retirement, termination of employment, commendation and disciplining; to implement salary regimes, benefit policies, and training and further training for cadres, civil servants, public employees and workers under its management competence;

e/ To assume the prime responsibility for, and coordinate with relevant agencies in, receiving and processing feedback, proposals, and difficulties from organizations and individuals; to coordinate in resolving complaints and disputes within the International Financial Center;

g/ To perform other tasks as prescribed in the Operation Regulation of the International Financial Center and as assigned by the Government and the Prime Minister.

3. Powers

a/ To implement regulations on measures to handle violations, imposing administrative sanctions, requiring remediation of consequences, and applying other handling measures as prescribed in the Operation Regulation of the International Financial Center;

b/ To manage and utilize allocated state budget funds and other revenue sources according to regulations; to manage assets and construction investment projects according to its competence; to prevent and combat corruption and waste;

c/ To be delegated by the municipal People’s Committee powers to handle administrative procedures related to the activities within the International Financial Center under the competence of the People’s Committee and its affiliated agencies and units;

d/ To exercise other powers as prescribed in the Operation Regulation of the Supervisory Body and as assigned by the Government and the Prime Minister.

Article 13. Organizational structure

1. The Supervisory Body has a Chairperson and Vice Chairpersons (with the number decided by the Chairperson of the People’s Committee of Ho Chi Minh City). The Chairperson of the Supervisory Body is the head of the Supervisory Body, held responsible to the Government and the Prime Minister and before law for all activities of the Supervisory Body. The Vice Chairpersons shall be held responsible to the Chairperson and before law for the areas of work assigned to them.

2. The agencies and units under the Supervisory Body include: the Office; the Legal Affairs and Risk Management Department; the Inspection, Auditing and Supervision Department; the Technology and Information Department; and other specialized units as decided by the Chairperson of the Supervisory Body, ensuring a streamlined structure to meet the development requirements of the International Financial Center and perform groups of tasks within the scope of the International Financial Center.

3. The appointment, relief from duty and removal from office of the Chairperson and Vice Chairpersons of the Supervisory Body shall be decided by the Chairperson of the People’s Committee of Ho Chi Minh City. For the Supervisory Body’s branch established in Da Nang city, the appointment, relief from duty and removal from office of its leaders shall be decided by the Chairperson of the People’s Committee of Ho Chi Minh City after reaching agreement with the Chairperson of the People’s Committee of Da Nang city.

4. The Chairperson of the People’s Committee of Ho Chi Minh City shall be assigned to allocate the payrolls of civil servants and public employees, and the number of staff working in the Supervisory Body. In case of establishing a branch in Da Nang city, the Chairperson of the People’s Committee of Ho Chi Minh City shall reach agreement with the Chairperson of the People’s Committee of Da Nang city on the allocation of payrolls of civil servants and public employees, and the appropriate number of staff.

5. Based on the workload, nature, characteristics, functions and assigned tasks, the Chairperson of the Supervisory Body shall decide on the number of labor contracts and the hiring of domestic and foreign experts to work at the Supervisory Body with the salary and benefit regimes prescribed at Point c, Clause 2, Article 21 of Resolution No. 222/2025/QH15. The basic salary applicable to cadres, civil servants, public employees, those receiving salaries and allowances, and workers working in the Supervisory Body shall be determined according to market mechanisms.

Chapter IV

DISPUTE RESOLUTION BODIES

Article 14. Dispute Resolution Bodies

1. Dispute Resolution Bodies at the International Financial Center include:

a/ The Specialized Court;

b/ The International Arbitration Center under the International Financial Center.

2. The resolution of disputes arising at the International Financial Center must comply with Resolution No. 222/2025/QH15, the Law on the Specialized Court at the International Financial Center, and the Decree on the International Arbitration Center under the International Financial Center.

Chapter V

FINANCES OF THE INTERNATIONAL FINANCIAL CENTER

Article 15. Revenue sources of the International Financial Center

1. The revenue sources of the International Financial Center from the revenues of agencies and organizations under the International Financial Center include:

a/ Revenues from voluntary contributions and lawful donations from domestic and foreign organizations and individuals in accordance with law;

b/ Revenues from the provision of services or other lawful activities as prescribed by law;

c/ Revenues from charges and fees retained to serve the activities of the Executive Body and the Supervisory Body;

d/ Funds from the state budget, and funds for performing tasks assigned by competent state agencies;

dd/ Other lawful sources of revenue and funding.

2. Agencies and organizations under the International Financial Center may receive and use contributions and non-refundable monetary donations from individuals, organizations and businesses at home and abroad to support activities at the International Financial Center. Contributions, donations, and interest generated from deposits of these contributions and donations shall be managed as lawful revenue sources of the International Financial Center, not belonging to the state budget, and are not subject to the procedures for establishing all-people ownership according to current regulations.

Article 16. Use of revenues of the International Financial Center

Revenues of the International Financial Center shall be used to fund:

1. Public services or other tasks assigned by state agencies.

2. The operations of agencies and organizations under the International Financial Center.

3. The provision of services or other activities as prescribed by law.

Article 17. Expenditures for the operation of agencies and organizations under the International Financial Center

1. Expenditures for payment of salaries, wages and allowances for the management apparatus.

2. Expenditures for hiring consultants, experts, and related services to meet the management and operation requirements of the International Financial Center.

3. Expenditures for social insurance, unemployment insurance and health insurance premiums, welfare, other benefits, and contributions as prescribed by law.

4. Expenditures for purchasing, maintaining and repairing office supplies, assets and equipment to meet the management and operation requirements of the International Financial Center.

5. Expenditures for public services and other necessary operation expenses.

6. Expenditures for training, seminars, conferences; promotion and advertising; professional development and international cooperation.

7. Other expenditures directly related to the operations of agencies and organizations under the International Financial Center.

Article 18. Management of assets and finances of the International Financial Center

1. The Executive Body in each city shall coordinate with the Supervisory Body in issuing financial disclosure standards to ensure transparency, accountability and independent audits.

2. The Supervisory Body shall periodically inspect and supervise the management and use of assets and finances of the International Financial Center in accordance with law.

3. Agencies and organizations under the International Financial Center shall periodically disclose information on the management and use of assets and finances in accordance with law.

Chapter VI

ORGANIZATION OF IMPLEMENTATION

Article 19. Responsibilities of agencies and organizations under the International Financial Center

1. To assume the prime responsibility for, and coordinate with the Ministry of Finance, the State Bank of Vietnam, ministries, ministerial-level agencies and localities in, performing the functions, tasks and powers as prescribed in this Decree.

2. Periodically, or when necessary to address urgent or unexpected issues, to report to the Government, ministries, ministerial-level agencies, the People’s Committee of Ho Chi Minh City, and the People’s Committee of Da Nang city, according to their respective areas of state management, on the operation, implementation plans, difficulties, obstacles, and issues requiring consultation, in accordance with the Operation Regulation of the International Financial Center.

3. The Executive Body in Ho Chi Minh City and the Executive Body in Da Nang city shall coordinate in and reaching agreement on:

a/ Formulating and issuing regulations on coordination, establishment and shared operation, information sharing and real-time synchronization of member databases; providing and sharing information according to the Operation Regulation and at the request of ministries, ministerial-level agencies and localities; and a mechanism for coordination in handling incidents (if any);

b/ Establishing and operating common standards, criteria, conditions and procedures for registration and recognition of common members in both cities with real-time synchronization;

c/ Establishing a common platform for secure and real-time synchronized data management, ensuring coordination, support, and protection of data, information and systems against disasters, cyberattacks, and other information security threats;

d/ Sharing and providing information on the development orientations of unique and specific products, leveraging the strengths of each city; ensuring fairness and mutual cooperation, aiming to build and develop the International Financial Center in Vietnam into a leading financial center in the region and the world, contributing to enhancing Vietnam’s position in the global financial network and linked to national economic growth;

dd/ Issuing guiding documents to specify the establishment, organization, operation, recovery, dissolution, bankruptcy and asset liquidation of member banks.

4. The Supervisory Body shall assume the prime responsibility for, and coordinate with relevant state management agencies in, carrying out inspections, examinations and supervisions to prevent and handle violations at the International Financial Center.

5. To assume the prime responsibility for, and coordinate with the Ministry of Finance, the State Bank of Vietnam, and relevant ministries and agencies in, promoting cooperation with domestic and international organizations, associations, businesses and experts in the construction, operation and development of the International Financial Center; to organize conferences, seminars and research, and hire experts and consultants during the construction of the International Financial Center.

6. To ensure the issuance of documents according to their competence in accordance with the Operation Regulation, not in contravention of the Constitution, treaties to which the Socialist Republic of Vietnam is a contracting party, in compliance with international practices and standards, and in consistency with the fundamental principles and policies prescribed in Resolution No. 222/2025/QH15 and detailing and guiding documents.

Article 20. Responsibilities of the People’s Committee of Ho Chi Minh City and the People’s Committee of Da Nang city

1. To mobilize resources from the state budget, private resources, and other lawful sources to invest in the development of the infrastructure of the International Financial Center; to allocate state budget funds, physical facilities, public assets and human resources to ensure the operation of agencies and organizations under the International Financial Center.

2. To direct the implementation of the plan for developing and recruiting human resources and experts for agencies and organizations under the International Financial Center.

3. During the construction of the International Financial Center, to promptly handle, according to their competence, or report to competent authorities, specific solutions to address and resolve difficulties and obstacles, or propose specific and superior mechanisms and policies to ensure the flexible and effective operation of the International Financial Center in conformity with the practical situation and the development requirements of the financial market.

4. To perform the state management tasks for the International Financial Center within the scope of their assigned competence; to direct local departments and sectors to perform state management functions under regulations; to formulate and promulgate coordination regulations to ensure uniform handling of issues related to land, construction, infrastructure, public services, and security and order at the International Financial Center; to assist agencies and organizations under the International Financial Center in management and supervision activities at the International Financial Center.

5. To allocate funds for the operation of the Executive Body in each city and the Supervisory Body as prescribed in Clause 2, Article 29 of Resolution No. 222/2025/QH15.

Article 21. Responsibilities of relevant ministries, ministerial-level agencies, sectors and localities

1. The Ministry of Finance shall assume the prime responsibility for, and coordinate with relevant ministries, ministerial-level agencies and localities in, reporting and proposing to the Government policies, mechanisms and solutions to amend and supplement the provisions of this Decree.

2. The Ministry of Public Security shall assume the prime responsibility for, and coordinate with the People’s Committee of Ho Chi Minh City and the People’s Committee of Da Nang city in, deploying the provision of data center infrastructure and data infrastructure, monitoring the operation of information systems, and ensuring the safety, security and confidentiality of information for information systems at the International Financial Center, meeting practical requirements.

3. The Ministry of National Defense shall assume the prime responsibility for, and coordinate with relevant ministries, agencies, localities and agencies in, ensuring national defense and security, protecting national sovereignty and safeguarding national interests in activities at the International Financial Center, especially activities related to critical national information infrastructure; formulating plans for protection and response to emergencies, ensuring the safety of the International Financial Center; and perform the state management of national defense in the International Financial Center in accordance with law.

4. The Ministry of Science and Technology shall coordinate with and guide agencies and organizations under the International Financial Center on standards and technical regulations related to the designing, construction and operation of the electronic single-window administrative system and other systems (if any) at the International Financial Center.

5. The Ministry of Home Affairs shall coordinate and guide the organization, structure, payrolls and other related matters (if any) within its management scope for agencies and organizations under the International Financial Center.

6. The State Bank of Vietnam, the Ministry of Industry and Trade, the Ministry of Finance, the Ministry of Public Security, the Ministry of Home Affairs, and other relevant ministries, ministerial-level agencies and sectors shall coordinate with the Supervisory Body, the People’s Committee of Ho Chi Minh City and the People’s Committee of Da Nang city in conducting inspections, examinations and supervisions to prevent and handle violations committed by agencies, individuals and organizations at the International Financial Center according to their assigned management areas.

7. Relevant ministries, ministerial-level agencies, sectors and localities shall perform other tasks assigned by the Government and the Prime Minister.

Chapter VII

IMPLEMENTATION PROVISIONS

Article 22. Effect

1. This Decree takes effect on December 18, 2025.

2. In case the documents referred to in this Decree are amended, supplemented or replaced, the corresponding provisions of the amending, supplementing or replacing documents shall apply.

Article 23. Implementation responsibility

Ministers, heads of ministerial-level agencies, heads of government-attached agencies, the Chairperson of the People’s Committee of Ho Chi Minh City, the Chairperson of the People’s Committee of Da Nang city, and relevant organizations and individuals shall implement this Decree.-

On behalf of the Government
Prime Minister
PHAM MINH CHINH

Appendix

LIST OF SECTORS, TRADES, PRODUCTS AND SERVICES PRIORITIZED FOR DEVELOPMENT IN THE INTERNATIONAL FINANCIAL CENTER

(To the Government’s Decree No. 323/2025/ND-CP of December 18, 2025)

1. Development of infrastructure of the International Financial Center

a/ Construction and commercial operation of infrastructure facilities of the International Financial Center;

b/ Development of digital infrastructure, digital assets, financial logistics infrastructure, and cross-border payment and transaction connection;

c/ Development of the financial technology system;

d/ Construction and operation of multi-asset depository, clearing and settlement centers.

2. Green finance and environmental, social and governance (ESG) finance

a/ Organizing markets; providing market support services; trading in debt instruments and green finance, ESG, and green financial products;

b/ Organizing markets; providing market support services; trading in green assessment products, ESG and sustainability indices;

c/ Providing infrastructure, and registration, depository, clearing and settlement services; organizing domestic and international markets for carbon credit trading;

d/ Conducting insurance and reinsurance business for disaster and climate change risks;

dd/ Trading in financial services in support of tourism and sustainable services, and green tourism infrastructure funds;

e/ Trading in green, ESG and sustainability index credit rating services.

3. Commodity, commodity derivatives and international trade finance markets

a/ Organizing markets, providing market support services, providing services and solutions for supply chain finance, trade finance, and ESG;

b/ Trading in corporate finance products, including trade finance, structured commodities and commodity derivatives;

c/ Conducting business in insurance, reinsurance, insurance brokerage in international trade, transport insurance and maritime finance;

d/ Piloting the implementation of a regulatory sandbox for blockchain-based trade finance products;

dd/ Extending credit, including provision of loans for export and import, bank guarantees, letters of credit, factoring, discounting and accompanying services;

e/ Trading in international finance derivatives products, including stock and index derivatives;

g/ Providing banking services under regulations applied in the International Financial Center.

4. Financial technology (Fintech) and innovation

a/ Providing infrastructure and trading in digital asset products and services and decentralized finance;

b/ Providing securities trading infrastructure for small- and medium-sized enterprises and innovative startup enterprises;

c/ Trading in regulatory technology (RegTech) solutions, including anti-money laundering and counter-terrorism financing; customer and enterprise verification; data management; personal data protection; cybersecurity; and fraud management;

d/ Trading in infrastructure, platforms, services and products related to capital markets and fund management, including crowdfunding, personal finance, asset management technology, robo-advisory services, and alternative trading platforms;

dd/ Researching new financial products, including asset tokenization and stablecoin;

e/ Developing and providing capital financing platforms, including supply chain finance, receivables financing, and circulating goods-based financing;

g/ Developing corporate financing activities of non-deposit-taking lending institutions, including factoring companies, financial companies and financial leasing companies;

h/ Providing digital banking infrastructure, platforms and services, including money transfer, payment, integrated payment, digital lending, and Buy Now Pay Later;

i/ Providing insurance technology (InsurTech) infrastructure, platforms, services and products, including open insurance technology, embedded insurance, insurance lifecycle innovation, and cyber insurance;

k/ Developing incubators, innovation centers, and research and development centers; climate technology, green technology, Web 3.0, quantum technology and other innovative technologies;

l/ Investment in, and construction of, digital technology industry infrastructure.

5. Investment funds and asset management services

a/ Trading in fund management services, fund governance, fund certificates and collective investment products;

b/ Trading in family offices, brokerage services, and individual and institutional asset management;

c/ Trading in digital technology funds, green and ESG funds, and green tourism infrastructure investment funds;

d/ Trading in venture capital funds, private equity funds and hedge funds;

dd/ Trading in cross-border depository and fund governance services.

6. Professional support services and other fields

a/ Trading in corporate legal compliance services, including anti-money laundering and counter-terrorism financing, customer and enterprise verification, data analytics and management, personal data protection, cybersecurity, and fraud management;

b/ Trading in credit rating services, asset valuation services, corporate information disclosure services, accounting-auditing services, appraisal and guarantee services;

c/ Trading in risk advisory, market research and international portfolio administration services; and cross-border merger and acquisition advisory services;

d/ Trading in legal services, international arbitration services, and services of settlement of disputes in international finance and trade, tax services and financial advisory services in conformity with international standards, and operational support services for financial institutions;

dd/ Investment in and commercial operation of infrastructure for finance and financial technology training, and international testing and certification centers;

e/ Trading in services related to law compliance concerning financial crime, such as anti-money laundering (AML) and counter-terrorism financing (CFT) measures; recommendations of the Financial Action Task Force (FATF); and other relevant compliance activities.