Resolution 222/2025/QH15 on International financial center in Vietnam

RESOLUTION

On the International Financial Center in Vietnam^[1]

THE NATIONAL ASSEMBLY

Pursuant to the Constitution of the Socialist Republic of Vietnam, which has a number of articles amended and supplemented under Resolution No. 203/2025/QH15;

Pursuant to Law No. 57/2014/QH13 on Organization of the National Assembly, which has a number of articles amended and supplemented under Law No. 65/2020/QH14 and Law No. 62/2025/QH15;

Pursuant to Law No. 64/2025/QH15 on Promulgation of Legal Documents;

RESOLVES:

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

This Resolution provides the establishment, operation, management and supervision of, and specific mechanisms and policies applicable to, the International Financial Center in Vietnam (below referred to as the International Financial Center).

Article 2. Subjects of application

This Resolution applies to members of the International Financial Center, investors, agencies, organizations and individuals involved in the operation of the International Financial Center established under this Resolution.

Article 3. Interpretation of terms

In this Resolution, the terms below are construed as follows:

1. International Financial Center means an area with defined geographical boundaries that is established by the Government in Ho Chi Minh City and Da Nang city, where a diverse ecosystem of financial services and support services is concentrated and the mechanisms and policies specified in this Resolution are applied.

2. Member of the International Financial Center (below referred to as Member) means an entity recognized as a Member of the International Financial Center through registration or recognition as a Member, or granted an establishment and operation license in accordance with this Resolution and documents detailing and guiding its implementation, including:

a/ Commercial banks, foreign bank branches, securities companies, insurance enterprises and reinsurance enterprises;

b/ Investment and asset management funds;

c/ Market infrastructure organizations;

d/ Financial technology and digital asset organizations;

dd/ Consulting and support service providers;

e/ Non-financial institutions;

g/ Other entities as specified by the Government.

3. Financial services means activities and services directly or indirectly related to the mobilization, allocation and management of financial resources, that are provided by financial institutions or other entities as prescribed in this Resolution and documents detailing and guiding its implementation.

4. Support services means non-financial activities and services that directly or indirectly serve, supplement, facilitate, or enhance the efficiency of, financial activities and other related activities at the International Financial Center as specified in this Resolution and documents detailing and guiding its implementation.

5. Executive Agency of the International Financial Center (below referred to as the Executive Agency) means an agency responsible for managing and operating the International Financial Center, issuing guiding documents within its competence; and organizing the implementation of tasks as specified in this Resolution and the Government’s documents detailing and guiding its implementation.

6. Supervisory Agency of the International Financial Center (below referred to as the Supervisory Agency) means an agency specialized in performing the function of supervising activities at the International Financial Center, having the tasks of inspecting, examining, supervising, and preventing and handling violations in the International Financial Center, ensuring compliance with this Resolution, the documents detailing and guiding its implementation, and international practices.

7. International Arbitration Center of the International Financial Center (below referred to as International Arbitration Center) means an independent arbitration body of the International Financial Center that provides the services of dispute resolution by arbitration and commercial mediation to parties involved in investment and business activities at the International Financial Center in accordance with the rules and regulations issued by the International Arbitration Center.

8. Strategic investor means a Member that meets the criteria on business lines, financial capacity, and reputation, and has committed to making long-term investment at the International Financial Center.

9. Sandbox policy means a mechanism that allows the testing of new business models and technologies in the financial sector at the International Financial Center within a specified scope and time and under special supervision by the Executive Agency.

10. Products and services provided at the International Financial Center include: stocks, bonds, fund certificates; financial derivatives; fund management; insurance, reinsurance; banking and foreign exchange; green finance; carbon credits; financial technology, digital assets and other products and services as specified by the Government.

Article 4. Development objectives of the International Financial Center

1. The International Financial Center located in Ho Chi Minh City and Da Nang city shall be built on the basis of unified operation, management and supervision; have specific product development orientations to promote the strengths of each city; ensure balance and mutual support, aiming to become a leading international financial center, raising Vietnam’s profile in the global financial network, associated with economic growth drivers.

2. To promote sustainable finance and the development of green finance products and mobilize resources for energy transition and green transition projects, thereby contributing to sustainable socio-economic development.

3. The International Financial Center shall operate according to advanced international standards, connect with major markets and financial centers around the world, facilitate the connection of domestic and international exchanges, promote investment capital flows, and develop technology-based financial services.

4. To attract and develop high-quality human resources, and domestic and foreign financial experts; to create a favorable working and living environment for international experts and businesspeople at the International Financial Center.

5. The development of the International Financial Center must ensure the harmony of interests between the State, investors and people in socio-economic development, firmly maintaining financial safety, economic security, political stability, and social order and safety.

Article 5. Principles of establishment and operation of the International Financial Center

1. Entities that meet the conditions specified in this Resolution and the documents detailing and guiding its implementation are entitled to the specific mechanisms and policies specified in this Resolution.

2. Specific mechanisms and policies specified in this Resolution shall be applied within the scope of the International Financial Center as specified in the Government’s Decree on the establishment of the International Financial Center under Article 8 of this Resolution.

3. Principles of operation of Members:

a/ Effective, transparent and honest operation;

b/ Professionalism in providing financial services and support services;

c/ Application of international standards.

4. State management activities in the International Financial Center must ensure the independence of the International Financial Center and its Members.

5. The State shall recognize and protect the ownership over assets, investment capital, income, and other lawful rights and interests of Members.

6. The State shall adopt specific and superior mechanisms and policies to promote and facilitate the attraction of capital, technology, modern management methods, high-quality human resources, and infrastructure development into the International Financial Center in order to:

a/ Create an attractive environment for investment in the financial services sector to promote investment attraction and the free movement of international capital between the International Financial Center and the world;

b/ Develop the securities market, insurance, banking activities, financial technology, digital assets, goods, and e-commerce in Vietnam and integrate them with the international market;

c/ Attract and develop innovation and financial services to support green and sustainable projects in Vietnam; and develop financial services and support services in line with international practices;

d/ Attract and develop high-quality human resources in Vietnam that are capable of providing financial services and related professional services up to international standards.

7. The Executive Agency and the Supervisory Agency shall be organized in a streamlined manner, with appropriate powers, ensuring effectiveness and efficiency; and may apply special administrative procedures to meet the requirements of investors, organizations and individuals in accordance with this Resolution and the documents detailing and guiding its implementation, international practices and Vietnam’s conditions.

Article 6. Application of law at the International Financial Center

1. Investment and business activities at the International Financial Center shall be regulated by:

a/ This Resolution and the documents detailing and guiding its implementation;

b/ Current laws of the Socialist Republic of Vietnam, in case such activities are not regulated by the documents specified at Point a of this Clause.

2. Choice of application of foreign law in investment and business transactions at the International Financial Center:

a/ For a transaction involving at least one party being a foreign individual or organization, the parties to the transaction may agree to apply foreign law to that transaction. Foreign law may not be applied if  its application is contrary to the basic principles of Vietnam’s law. In case the parties have no agreement on the applicable law, the law of the country most closely connected with that transaction shall apply;

b/ For transactions related to ownership rights, other rights over real estate, lease of real estate or use of real estate as collateral, the law of the country where the real estate is located shall apply.

3. Principles of application of law:

a/ In case the provisions of this Resolution and other laws and resolutions of the National Assembly differ on the same issue, the provisions of this Resolution shall prevail.

Legal documents detailing and guiding the implementation of the contents of this Resolution shall be applied in case there are multiple legal documents containing different provisions on the same issue;

b/ In case other laws and resolutions of the National Assembly promulgated after the effective date of this Resolution provide more preferential or favorable mechanisms and policies for Members than those specified in this Resolution, Members shall be entitled to apply the more preferential or favorable mechanisms and policies;

c/ In case a treaty to which the Socialist Republic of Vietnam is a contracting party has provisions different from those of this Resolution, the provisions of that treaty shall prevail.

4. The Operating Regulation issued by the Executive Agency under Clause 3, Article 9 of this Resolution shall be applied with priority in resolving issues related to the scope of regulation and subjects of application of such Operating Regulation.

5. In order to ensure national interests and prevent factors that are likely to threaten national security, legal documents on the International Financial Center may impose restrictive measures on Members.

6. In the course of implementing this Resolution, the Government may promulgate decrees to handle arising issues in ways that differ from the laws and resolutions of the National Assembly or ordinances and resolutions of the National Assembly Standing Committee, but shall report such to the National Assembly or the National Assembly Standing Committee at the upcoming session or meeting. When promulgating such a decree, the Government shall ensure compliance with the Party’s regulations on power control, ensure national interests, the interests of the people and businesses, ensure conditions for implementation, and take responsibility for the promulgated regulations.

Article 7. Languages ​​used at the International Financial Center

1. The official language used in the process of conducting transactions and operations at the International Financial Center is English or English accompanied by Vietnamese translations.

2. Regulations and rules applicable at the International Financial Center shall be issued in both English and Vietnamese.

3. Statistical, financial, technical and other documents shall be stored at the International Financial Center in English or in English accompanied by Vietnamese translations.

4. Administrative procedures and transactions between Members, transactions between Members and foreign organizations and individuals, and dispute resolution shall be conducted in English or in English accompanied by Vietnamese translations.

Chapter II

ESTABLISHMENT, ORGANIZATIONAL STRUCTURE AND OPERATION OF THE INTERNATIONAL FINANCIAL CENTER

Article 8. Establishment of the International Financial Center

1. The Government shall promulgate a Decree on the establishment of the International Financial Center.

2. The establishment of the International Financial Center involves the following contents:

a/ Name, objectives and development orientations of the International Financial Center; roadmap and development plan in each city;

b/ Location, administrative boundaries and area of ​​the International Financial Center;

c/ Organizational structure of the International Financial Center;

d/ Functions, tasks, powers and responsibilities of the agencies and organizations specified in Clause 1, Article 9 of this Resolution;

dd/ List of sectors, trades, products and services of the International Financial Center that are prioritized for development;

e/ Specific mechanisms and policies applicable to the International Financial Center under the Government’s competence;

g/ Other contents (if any).

Article 9. Agencies and organizations of the International Financial Center

1. Agencies and organizations of the International Financial Center include:

a/ The Executive Agency, having the functions of directly managing and operating all activities at the International Financial Center;

b/ The Supervisory Agency, having the functions of supervising, inspecting, checking, and preventing and handling violations in financial activities at the International Financial Center;

c/ The agencies in charge of resolving disputes at the International Financial Center:

c1/ A specialized court established under the Law on Organization of People’s Courts.

c2/ The International Arbitration Center under the International Financial Center, established under the Law on Commercial Arbitration, and competent to resolve disputes according to the agreements of the disputing parties, except disputes related to the exercise of the State’s power.

2. The agencies and organizations specified in Clause 1 of this Article shall operate independently in exercising the delegated powers under this Resolution and the documents detailing and guiding its implementation.

3. The Executive Agency may issue the Operating Regulation or another equivalent document to provide specific regulations on the organization and operation of the International Financial Center. These regulations must comply with the Constitution and treaties to which the Socialist Republic of Vietnam is a contracting party, and be consistent with international practices and standards, and the basic principles and policies provided in this Resolution and the documents detailing and guiding its implementation, and shall be valid in accordance with Clause 4, Article 6 of this Resolution.

4. The Executive Agency and the Supervisory Agency shall coordinate with the Ministry of Finance, the State Bank of Vietnam, other ministries and ministerial-level agencies in performing the tasks of managing and supervising the operation of the International Financial Center.

Chapter III

MEMBERS OF THE INTERNATIONAL FINANCIAL CENTER

Article 10. Registration, recognition and termination of membership

1. Organizations and enterprises may register to become Members of the International Financial Center when they meet the criteria of financial capacity and reputation and have fields of operation consistent with the International Financial Center’s development orientation as specified in this Resolution and the documents detailing and guiding its implementation, except the cases specified in Clauses 4, 5 and 6 of this Article.

2. If present at the International Financial Center, the following entities have the right to request recognition as Members without having to carry out registration procedures:

a/ Financial institutions, investment funds or enterprises on the Fortune Global 500 list published by Fortune Magazine at the time of registration, or parent companies of these organizations, funds or enterprises, except organizations operating in the fields of banking, securities and insurance;

b/ Financial institutions in the group of top ten domestic enterprises in terms of charter capital in each corresponding sector, except the sectors of banking, securities and insurance.

3. Investors shall establish a legal entity as a Member at the International Financial Center in accordance with this Resolution and the documents detailing and guiding its implementation, except the case specified in Clause 4 of this Article.

4. Investors that are foreign banks or domestic commercial banks shall establish a presence at the International Financial Center in the form specified in Clause 1, Article 17 of this Resolution.

5. Investors operating in the securities sector shall establish a presence as a limited liability company under an establishment and operation license issued by the State Securities Commission of Vietnam. These companies may only provide services at the International Financial Center and abroad. The licensing of establishment, scope of operation, content of operation and other related issues of the above-mentioned companies must comply with the Government’s regulations.

6. Investors operating in the insurance sector shall establish a presence as a limited liability company under an establishment and operation license issued by the Ministry of Finance. The licensing of establishment, scope of operation, content of operation and other related issues of the above-mentioned companies must comply with the Government’s regulations.

7. Each Member shall be granted a unique identification number and recorded in the Membership Register of the International Financial Center. The identification number is as valid as the enterprise code according to the Enterprise Registration Information System.

8. The Membership Registration and Recognition System shall be established, managed and operated by the Executive Agency, including the Membership Registration Portal and the Membership Database, and share data with related agencies to simplify administrative procedures at the International Financial Center.

Article 11. Rights of Members and foreign investors

1. Rights of Members:

a/ To establish a capital management company (holding company) to raise capital from abroad and manage investments, except Members being commercial banks;

b/ To raise capital from organizations and individuals outside the territory of Vietnam, and from non-residents without having to carry out licensing procedures with state management agencies, but having to implement the reporting and information declaration regime under the Government’s regulations;

c/ To have their debts to organizations and individuals outside the territory of Vietnam not included in the country’s foreign debts in the management and supervision of foreign debt safety indicators;

d/ To freely conduct investment and business activities with organizations and individuals outside the territory of Vietnam, non-residents or other Members according to the license or registration certificate granted to them according to this Resolution and the documents detailing and guiding its implementation;

dd/ For enterprises operating in the financial and banking sectors, when being granted a new establishment license at the International Financial Center, the establishment and operation license is also the Member registration certificate;

e/ To choose to apply International Accounting Standards or International Financial Reporting Standards (IAS/IFRS) issued by the International Accounting Standards Board or generally accepted accounting principles (Accounting Standards or Financial Reporting Standards) of the following countries: Australia, Brazil, Canada, European Union member countries, Hong Kong (China), Japan, Mexico, New Zealand, China, India, Korea, Russia, Singapore, Switzerland, the United Kingdom, the United States of America and Vietnam. In case the entities have chosen to apply Accounting Standards other than Vietnamese Accounting Standards, they are not required to prepare financial statements according to Vietnamese Accounting Standards;

g/ Other rights as provided in this Resolution and the documents detailing and guiding its implementation.

2. Rights of foreign investors:

a/ To own the whole or part of the shares or capital contributions of Members;

b/ To establish an economic organization in the International Financial Center without having to formulate an investment project and without having to carry out procedures for grant of an investment registration certificate or approval of the investment policy for the project in the International Financial Center in accordance with  the investment law. After being established, the economic organization implementing the investment project shall carry out investment procedures in accordance with the investment law;

c/ To be exempt from procedures for registering capital contribution, purchasing shares or purchasing capital contributions in accordance with the investment law when contributing capital, purchasing shares or purchasing capital contributions of Members; only to notify changes in enterprise registration contents as specified in the law on enterprises, except those in the banking sector.

Article 12. Obligations of Members

1. To comply with Vietnam’s law and treaties to which the Socialist Republic of Vietnam is a contracting party. Members and organizations and individuals operating at the International Financial Center are obliged to fully comply with the provisions of Vietnam’s law against money laundering, terrorism financing, and financing of proliferation of weapons of mass destruction.

2. To fully perform tax obligations; to prepare, submit and publicize financial statements; to have their financial statements audited and disclose information in line with international practices of which Vietnam is a contracting party and international standards on financial governance.

3. To implement investment activities from the International Financial Center into the rest of Vietnam; and from the rest of Vietnam into the International Financial Center in accordance with the investment law and other relevant laws.

The Government shall provide specific mechanisms regarding procedures and conditions for investment from the International Financial Center into the rest of Vietnam and from the rest of Vietnam into the International Financial Center; and specific mechanisms regarding market access conditions, land access conditions and production and business premises.

4. To comply with regulations of the Commodity Exchange established at the International Financial Center regarding the process of issuing, listing, trading, redeeming and transferring other financial instruments listed on the Commodity Exchange. The Charter and operating rules of the Commodity Exchange must conform to international standards.

5. To maintain membership standards throughout their operation; otherwise, and carry out procedures for terminating their membership.

6. To conform to international standards on data security that are announced and recognized for application in Vietnam; to build an information security system and encrypt financial data; to be responsible for reporting information disclosure incidents to the Executive Agency within 48 hours from the time of occurrence of an incident.

7. Other obligations as specified in this Resolution and the documents detailing and guiding its implementation.

Chapter IV

EXCHANGES AND TRADING PLATFORMS AT THE INTERNATIONAL FINANCIAL CENTER

Article 13. Establishment of exchanges and trading platforms

Exchanges and trading platforms shall be established and operate at the International Financial Center in the following fields:

1. Trading of commodities and commodity derivatives;

2. Trading of carbon credits;

3. Trading of cultural and artistic products;

4. Trading of precious and rare metals;

5. Trading of green finance products;

6. Other new transactions and types of trading platforms to meet development needs.

Article 14. Principles of organization and operation of exchanges and trading platforms

1. Exchanges and trading platforms at the International Financial Center shall be organized and operate in adherence to market principles, ensuring fair and transparent competition; and encouraging the participation of domestic and foreign investors.

2. The organization and operation of exchanges and trading platforms must conform to international standards on transactions, payment, information disclosure and risk management.

3. Organizations establishing exchanges and trading platforms shall formulate and promulgate internal regulations on listing, transactions, payment, asset management and membership in conformity with characteristics of each type of transaction after such regulations are approved by competent authorities.

4. Members that meet the conditions for participating in exchanges and trading platforms shall be provided with products, services and transactions under regulations of the exchanges and trading platforms.

Article 15. Management and supervision of and incentive policies for exchanges and trading platforms

The exchanges and trading platforms established under this Resolution and organizations and individuals participating in activities on these exchanges and trading platforms are entitled to incentives and support under this Resolution and relevant regulations.

Chapter V

SPECIFIC POLICIES APPLIED AT THE INTERNATIONAL FINANCIAL CENTER

Article 16. Foreign exchange policy

1. The use of foreign currencies by Members must comply with the following provisions:

a/ The use of foreign currencies is permitted for payment, money transfer, listing, advertising, quotation, pricing and price recording for activities and services between Members under this Resolution and the documents detailing and guiding its implementation;

b/ The use of foreign currencies is permitted for payment, money transfer, listing, advertising, quotation, pricing and price recording for activities and services between Members and organizations and individuals abroad;

c/ The use of foreign currencies in activities and services between Members and organizations and individuals in the territory of Vietnam that are not Members must comply with current regulations on the use of foreign currencies in the territory of Vietnam.

2. Members may borrow capital in foreign currencies from organizations and individuals abroad and shall comply with the reporting and information declaration regime in accordance with law.

3. Members may only borrow capital in foreign currencies from Members that are credit institutions or foreign bank branches, except the case specified at Point b, Clause 1, Article 11 of this Resolution.

4. Members may lend capital in foreign currencies to organizations in the territory of Vietnam that are not Members. The organizations that are the borrowers specified in this Clause shall comply with the provisions on conditions, subjects, purposes, and procedures for registering loans.

5. The transfer of foreign investment capital into the International Financial Center, and the remittance of capital, profits and lawful revenues from the International Financial Center abroad by a foreign investor shall be made in foreign currency, through a foreign-currency payment account in the name of the foreign investor opened at a credit institution or foreign bank branch licensed to operate in the International Financial Center.

6. The transfer of money among Members related to investment activities in the International Financial Center shall be made through the Members’ foreign-currency payment accounts.

7. When transferring money to carry out investment and lending activities from the International Financial Center abroad:

a/ Members with 100% charter capital owned by foreign investors do not have to comply with regulations on administrative procedures related to foreign exchange management, but shall fully comply with regulations on account opening and reporting regime;

b/ Members other than those specified at Point a of this Clause shall comply with regulations on foreign exchange management applicable to investment and lending from Vietnam abroad.

8. The transfer of money by organizations in the territory of Vietnam that are not Members to invest in the International Financial Center and the transfer of money to carry out investment activities from the International Financial Center into the rest of Vietnam must comply with the Government’s regulations.

Article 17. Policy on banking activities

1. Members shall be granted an establishment and operation license at the International Financial Center to carry out one or several of banking activities in the following forms:

a/ Single-member limited liability commercial bank;

b/ Foreign bank branch.

2. Wholly foreign-owned single-member limited liability commercial banks and foreign bank branches shall apply the current policies of their owners and parent banks on accounting standards; debt classification, provisioning and use of reserves to handle risks; certain limits and prudential ratios.

In case the owner or parent bank does not apply the IAS/IFRS issued by the International Accounting Standards Board or the generally accepted accounting principles as specified at Point e, Clause 1, Article 11, the wholly foreign-owned single-member limited liability commercial bank or foreign bank branch shall apply the provisions of Vietnam’s law on accounting standards; debt classification, provisioning and use of reserves to handle risks; limits and prudential ratios.

3. Wholly domestically-owned single-member limited liability commercial banks shall comply with the provisions of Vietnam’s law on accounting standards; debt classification, provisioning and use of reserves to handle risks; limits and prudential ratios.

4. Wholly domestically-owned single-member limited liability commercial banks, wholly foreign-owned single-member limited liability commercial banks, and foreign bank branches shall be established and operate under licenses issued by competent agencies.

5. The licensing of establishment, organization, scope, content of operations and other related issues of commercial banks and foreign bank branches that are Members must comply with the Government’s regulations.

Article 18. Policies on finance and capital market development

1. For innovative startup enterprises:

a/ Being granted a certificate of innovative startup enterprise when meeting the criteria set by the Executive Agency;

b/ Being allowed to raise capital through a crowdfunding mechanism or a private offering mechanism through a capital raising platform of an organization licensed by the Executive Agency under the Government’s guidance. Domestic and foreign organizations may participate in capital raising activities of innovative startup enterprises;

c/ Being entitled to preferential and support mechanisms, including tax incentives. Organizations and individuals participating in transactions and investing in innovative startup enterprises are entitled to tax incentives;

d/ Having to implement the law-prescribed reporting and information disclosure regime.

2. Development of the green finance market:

a/ Financial products may be granted green certification when meeting the criteria set by the Executive Agency and being issued and traded at the International Financial Center;

b/ Organizations issuing green finance products and investors in green finance products are entitled to preferential and support mechanisms, including tax incentives;

c/ Organizations issuing green finance products shall comply with the law-prescribed reporting and information disclosure regime.

3. Members may apply processes and procedures and implement solutions to develop the insurance and reinsurance markets according to fast-track procedures.

4. The Government shall build a transparent and specialized market information system; improve the risk management structure and regulations to increase competitiveness, including operational risk management (ORM), market risk management (MRM), especially credit risk management (CRM) in line with international practices and standards of financial centers around the world.

Article 19. Tax policies applicable to the International Financial Center

1. Corporate income tax

a/ Income of enterprises from the implementation of new investment projects in the area of ​​the International Financial Center in sectors and trades prioritized for development at the International Financial Center are subject to a corporate income tax rate of 10% for 30 years, corporate income tax exemption for no more than 4 years and a 50% reduction in the payable tax amount for no more than 9 subsequent years;

b/ Income of enterprises from the implementation of new investment projects in the area of ​​the International Financial Center that are not in the sectors and trades prioritized for development at the International Financial Center are subject to a corporate income tax rate of 15% for 15 years, tax exemption for no more than 2 years and a 50% reduction in the payable tax amount for no more than 4 subsequent years;

c/ In case an enterprise has an investment project that is eligible for different corporate income tax incentives, the enterprise may choose to apply the most beneficial corporate income tax incentive. In case an enterprise implements an expanded investment project, tax incentives shall be applied under the current tax laws.

The determination of the period of application of preferential tax rates and the period of corporate income tax exemption or reduction specified in this Clause must comply with the law on corporate income tax.

2. Personal income tax

a/ Managers, experts, scientists and highly qualified people working at the International Financial Center, including Vietnamese and foreigners, are exempt from personal income tax on income from salaries and wages earned from performing jobs at the International Financial Center until the end of 2030;

b/ Individuals who earn income from transferring shares, capital contributions and capital contribution rights to Members are exempt from personal income tax until the end of 2030;

c/ The Government shall specify criteria and conditions for determining managers, experts, scientists and highly qualified people who are entitled to personal income tax incentives specified in this Clause.

3. Goods and services exported from the International Financial Center to foreign countries or imported from foreign countries into the International Financial Center are eligible for preferential export duty and import duty rates and procedures in accordance with treaties to which the Socialist Republic of Vietnam is a contracting party and the law on export duty and import duty.

4. Enterprises and individuals based at the International Financial Center shall register, declare and settle taxes in accordance with the law on tax administration. The determination of the time of commencement of enjoyment of preferential treatment and the period of tax exemption or reduction must comply with the law on corporate income tax and the law on personal income tax.

Article 20. Policies on entry, exit, residence and labor for experts, managers and investors

1. Visas and residence for experts, managers and investors

a/ Visas and temporary residence cards of a term of up to 10 years shall be issued to foreigners who are important investors, experts, managers, and highly qualified workers working for agencies and organizations headquartered at the International Financial Center (visa and temporary residence card code is UĐ1) and accompanying family members (visa and temporary residence card code is UĐ2);

b/ Foreigners who are critical investors, experts, scientists, people with special talents, and senior managers working for a long term at agencies and organizations headquartered at the International Financial Center shall be considered for grant of permanent residence cards at the proposal of the Executive Agency for long-term residence in Vietnam; and enjoy favorable policies on procedures for granting permanent residence cards compared to general regulations;

c/ The Government shall specify criteria for determining foreigners who are eligible for incentives specified at Points a and b of this Clause and the appraisal agency.

2. Exit and entry

a/ The Executive Agency shall coordinate with the Ministry of Public Security and the Ministry of Foreign Affairs to establish a “single-window” mechanism to quickly support the settlement of exit and entry procedures for investors, experts and international customers coming to work and transact at the International Financial Center;

b/ Priority exit and entry procedures areas shall be established at international airports in Ho Chi Minh City and Da Nang city for subjects belonging to the International Financial Center, and identification cards shall be issued for experts of the International Financial Center to use separate entrances, shortening the time for completing procedures.

3. Work permits

Foreigners working at the International Financial Center are exempt from work permits if they meet the professional standards specified by the Government or the Executive Agency.

Article 21. Labor, employment and social security policies

1. Recruitment

a/ Members may proactively recruit laborers, including foreign workers, based on work needs, without being subject to restrictions on the proportion of foreign workers, without having to carry out procedures for verifying the need for foreign workers and without having to announce the recruitment of Vietnamese workers for positions expected for foreign workers in accordance with to the labor law;

b/ Dossiers, order and procedures for granting work permits to foreigners shall be implemented according to a fast-track process.

2. Salary and benefits

a/ Members may decide on salary, bonus and other benefits for employees based on agreements in labor contracts;

b/ The Executive Agency and the Supervisory Agency shall implement the package allocation of staff and administrative management expenses; and may sign contracts to hire domestic and foreign experts on the basis of agreement on salary levels and assigned jobs;

c/ The basic salary level applicable to cadres, civil servants, public employees, salary and allowance recipients and employees working in the Executive Agency and the Supervisory Agency shall be determined according to the market mechanism. The Executive Agency and the Supervisory Agency shall guide the implementation of this provision;

d/ Domestic and foreign managers, scientists and experts working in the Executive Agency and the Supervisory Agency shall be provided with official  residences or part of housing rental during their working period;

dd/ The People’s Committees of Ho Chi Minh City and Da Nang city shall submit to their respective People’s Councils to allocate revenue sources under their management to implement Points c and d of this Clause.

3. Skills and human resource development

a/ The State, and the People’s Committees of Ho Chi Minh City and Da Nang city shall implement programs on training and further training of human resources to serve the International Financial Center;

b/ Enterprises at the International Financial Center shall be provided with part of vocational training costs for Vietnamese workers working for new or expanded investment projects at the International Financial Center;

c/ The local budgets shall provide part of training costs for university- and higher-level human resources to serve the needs of the International Financial Center for 4 years, counting from 2026;

d/ The Executive Agency and the Supervisory Agency shall determine the needs and target groups of workers to be attracted; policies to support human resource development; decide on criteria for managers, scientists and experts with high professional qualifications to receive support for human resource development; and decide on the level of support for human resource training costs specified at Points b and c of this Clause for each period;

dd/ The budget funds as support specified in this Clause shall be included by the People’s Councils of Ho Chi Minh City and Da Nang city in the local budgets.

4. Social security for workers

a/ Foreigners working at the International Financial Center may choose to participate in social insurance and unemployment insurance;

b/ Vietnamese workers and foreign workers working at the International Financial Center may participate in social insurance, health insurance and unemployment insurance programs as prescribed by law. Foreign workers who have participated in similar social security programs in foreign countries and territories are partially exempted from compulsory social insurance obligations in Vietnam;

c/ The People’s Councils of Ho Chi Minh City and Da Nang city shall regulate the allocation of land areas and budget funds to invest in developing housing areas for workers near the International Financial Center, ensuring favorable living conditions for workers to feel secure to work.

Article 22. Land policy at the International Financial Center

1. Investment projects within the area of the International Financial Center that are on the List of sectors and trades prioritized for development or are of a large scale may be allocated land or leased land for up to 70 years. For projects in other fields, the maximum land use period is 50 years. Upon expiration of the land use period, if the land user wishes to continue using the land and has complied with the land law, the State may consider extending the land use period in accordance with Vietnam’s law.

The land recovery, compensation, support and resettlement must comply with the land law.

2. The State shall prioritize the allocation of clean land areas within the boundaries of the International Financial Center for allocation or lease to investors to implement projects on the List of sectors and trades prioritized for development. For important infrastructure investment projects at the International Financial Center implemented in the form of public-private partnership (PPP), the State shall allocate clean land areas for project implementation and invest in infrastructure works connected to the projects.

3. Land use rights and land-attached assets for projects within the boundaries of the International Financial Center

a/ Economic organizations and foreign-invested enterprises may mortgage land use rights for allocated land or leased land with one-off land rental payment and land-attached assets at foreign credit institutions to borrow investment capital. The settlement of disputes over real estate and mortgages must comply with Vietnam’s law;

b/ When handling mortgaged assets, the mortgagee may only exercise the right to transfer land use rights and land-attached assets to entities permitted to acquire land use rights and land-attached assets in accordance with Vietnam’s law.

4. Foreigners’ right to own a house associated with the land use rights of that housing project shall be determined based on the form of land allocation and land lease of the real estate construction investment project in accordance with the housing law and the land law.

Article 23. Construction and environmental policies

1. For investment projects in the International Financial Center, it is only necessary to register the applied technology and make environment registration; but not necessary to formulate detailed master plans, apply for construction permits and carry out procedures for approval, acceptance and permission in the construction sector.

2. Before commencing construction, an investor shall send to the Executive Agency a written notice of commencement of construction together with the following documents:

a/ The economic-technical report on construction investment, including contents prescribed by the construction law, prepared, appraised and approved by the investor;

b/ The report on the results of the verification of the economic-technical report on construction investment, conducted by an organization or individual qualified under law, regarding construction safety, environmental protection; compliance with standards and technical regulations.

3. The investment registration certificate serves as the basis for land lease or land repurposing; completion of administrative procedures; inspection, examination, supervision, assessment, handling of administrative violations, and the state management of the project.

4. The Executive Agency is responsible for examining, supervising and assessing the implementation of the project in accordance with law; resolve within its competence or notify the competent agency to resolve issues arising from the project.

Article 24. Sandbox policy for financial technology (FinTech) services and innovation

1. The Executive Agency shall specify the sandbox policy and implement it in the form of definite-term permission for technologies, products, services and business models that are not yet specified by law.

2. Organizations and enterprises implementing controlled testing may choose not to apply certain regulations on standards and technical regulations for technologies, products and services; on business conditions, licensing procedures, and assurance of business conditions, and other regulations that are not suitable for the characteristics and new features of the technologies, products, services or business models proposed for testing.

3. Organizations and individuals participating in controlled testing, management agencies and supervisors of controlled testing are exempted from administrative, disciplinary and civil liability to the State if they have complied with the testing process but, due to objective reasons, cause damage to the State during the testing. In case of causing damage to other organizations and individuals, the testing organizations and individuals shall pay compensation in accordance with law and will be considered for partial payment of compensation costs from the budgets of Ho Chi Minh City and Da Nang city depending on the level of damage and budget capacity.

4. Innovative startup enterprises in the FinTech sector operating at the International Financial Center are entitled to preferential mechanisms as at the Vietnam National Innovation Center or higher incentives under the Government’s regulations.

5. FinTech enterprises shall be considered for provision of non-refundable funds from local budgets depending on the conditions of each local budget to develop controlled testing projects for FinTech and innovation.

Article 25. Incentive policies by sector

The Executive Agency may issue incentive and support programs to promote the following key sectors:

1. Green finance;

2. Digital assets and FinTech;

3. Commodity and commodity derivatives markets;

4. Other sectors as specified by the Government.

Article 26. Policies for strategic investors

1. The Executive Agency shall issue regulations on criteria and procedures for selecting strategic investors.

2. Strategic investors have the following rights:

a/ To be given priority in being selected as investors to implement important investment projects to develop infrastructure and support services for the International Financial Center. In case 2 or more investors express interest in the same project, the strategic investor will be given priority;

b/ To be leased land by the State without auctioning land use rights or bidding to select investors in case of implementing investment projects in sectors and trades prioritized for development at the International Financial Center as specified at Point dd, Clause 2, Article 8 of this Resolution;

c/ To participate in investment, business development, operation management, sublease or transfer of investment projects at the International Financial Center;

d/ To provide investment support services and site clearance services for other investors at the International Financial Center and collect service charges under regulations;

dd/ To invest in the construction of large-scale infrastructure works to support the development of the International Financial Center, including the development of complexes and ecosystems to attract financial institutions, multinational corporations, and international experts and businessmen to live and work at the International Financial Center;

e/ To join management agencies in the establishment and adjustment of the master plans on the development of the International Financial Center;

g/ To enjoy investment incentives provided in this Resolution.

3. Strategic investors have the following obligations:

a/ To ensure financial capacity and experience to effectively implement assigned investment projects; to commit to making long-term investment and supporting the development of the International Financial Center;

b/ In case of being selected as investors of infrastructure investment projects, to complete investment within 5 years and to refrain from transferring these projects within 10 years from the date of investment approval, except special cases permitted by the Government;

c/ To support the promotion of the International Financial Center at international forums; to coordinate with management agencies in attracting investors and multinational financial institutions to the International Financial Center;

d/ To provide necessary services to secondary investors as committed.

4. The Executive Agency shall sign an agreement with each strategic investor to record the investor’s commitments and corresponding incentives and responsibilities.

5. During the implementation of an investment project, if a strategic investor fails to meet the conditions on capital and investment progress and other conditions for strategic investors, the investor will not be entitled to incentives as prescribed in this Resolution and shall be handled in accordance with the investment law, the land law and other relevant laws. The investor shall be responsible for any consequences arising from its failure to properly fulfill its/his/her commitments in accordance with law.

Article 27. Policy on technical and social infrastructure development

1. Diversification of infrastructure investment resources

a/ The International Financial Center shall be given priority for receiving investment capital to develop synchronous and modern technical and social infrastructure;

b/ It is permitted to mobilize resources from the state budget and other lawful sources to invest in the infrastructure system of the International Financial Center and the technical infrastructure system connected to the International Financial Center.

2. Within 10 years from the date of establishment of the International Financial Center, the central budget shall annually provide target transfers for the budgets of Ho Chi Minh City and Da Nang city corresponding to the domestic revenues belonging to the central budget as decentralized and arising in the area of ​​the International Financial Center to invest in the infrastructure system of the International Financial Center and the technical infrastructure system connected to the International Financial Center.

3. Investors are allowed to advance investment capital to build technical infrastructure systems, resettlement area infrastructure and other related works within the geographical boundaries of the International Financial Center.

4. The advanced investment capital of investors specified in Clause 3 of this Article shall be refunded in the following ways:

a/ Being deducted from the payable amounts of land use levy and land rental;

b/ Being paid by the state budget under regulations.

5. To grant exemption from import duty on technical equipment, technology and software solutions that have not been produced domestically and are imported to serve the projects on construction of information infrastructure, operation management, and large data centers of the International Financial Center, according to the list issued by the Executive Agency based on the List of domestically produced goods issued by the competent state agency; and exemption from import duty on goods, raw materials, supplies and components that have not been produced domestically and are imported to create fixed assets of investment projects at the International Financial Center.

6. The Executive Agency may promote, negotiate and sign contracts with capable investors on the method of implementing the projects of developing technical and social infrastructure of the International Financial Center in line with international practices, and shall propose the People’s Committee of Ho Chi Minh City and the People’s Committee of Da Nang city to consider and decide to allow implementation or approve the investment policy. In special cases, the form of investor appointment and investor selection may be applied.

7. Public investment procedures for infrastructure projects at the International Financial Center

a/ Infrastructure system projects of the International Financial Center as prescribed in this Resolution are not subject to investment policy decision or assignment of medium-term public investment plans as prescribed in the Law on Public Investment;

b/ Infrastructure system projects of the International Financial Center and infrastructure projects serving the International Financial Center as prescribed in this Resolution may apply construction designs in a single-step process as prescribed in the Construction Law;

c/ Contractor appointment or contractor selection may be applied in special cases for infrastructure system projects of the International Financial Center;

d/ Project owners may decide on all aspects of work in investment activities to organize project implementation to ensure progress and quality, and are responsible for their decisions.

8. Procedures for investment in the PPP form for infrastructure projects at the International Financial Center

a/ Infrastructure projects invested in the PPP form at the International Financial Center as prescribed in this Resolution are not subject to investment policy decision. In case a PPP project uses state capital, it is not required to carry out procedures for assigning medium-term public investment plans as prescribed by the Law on Public Investment;

b/ All contract types, combining BOT, BOO, BTL and O&M contracts and other types of contracts as prescribed by the law on investment in the PPP form may be applied to promote public investment-private management and private investment-public use;

c/ The method of contractor appointment or investor selection in special cases may be applied for infrastructure projects invested in the PPP form of the International Financial Center;

d/ The proportion of state capital in a PPP project must not exceed 70% of the total investment of the project; the mechanism of sharing reduced revenues may be applied without having to adjust prices and charges for products and public services, and adjust the contract term; and exemption from sharing increased revenues for 3 years from the time of revenue generation is granted;

dd/ PPP investors are entitled to incentives as prescribed in this Resolution and current laws.

9. Investor selection may be applied in special cases for the International Financial Center’s infrastructure projects using non-budget capital sources.

Article 28. Policy on export, import and distribution of goods and services

1. Goods exported and imported into and out of the International Financial Center are entitled to go through administrative procedures as for goods of priority enterprises as prescribed by the customs law.

2. Members may register declaration forms, and carry out customs procedures and specialized inspection procedures for all types of exported and imported goods serving production and consumption at the International Financial Center, except goods prohibited from export, prohibited from import, suspended from export, suspended from import, and goods not yet permitted for circulation or use in Vietnam.

3. The Government shall prescribe preferential policies for exported and imported goods, distribution of goods and services at the International Financial Center and transactions arising from the purchase and sale of goods through the commodity derivatives exchange at the International Financial Center.

Article 29. Policy on charges and fees

1. The People’s Council of Ho Chi Minh City and the People’s Council of Da Nang city shall decide on the collection, exemption, reduction, payment, management and use of charges and fees in the area of ​​the International Financial Center, including charges and fees not included in the List of charges and fees issued together with the Law on Charges and Fees; adjust the levels or rates of charges and fees decided by competent authorities, for charges and fees included in the List of charges and fees issued together with the Law on Fees and Charges, except court fees as well as charges and fees fully belonging to the central budget.

2. After deducting the operating costs of the Executive Agency and the Supervisory Agency, all charges and fees arising from the operation and activities of the International Financial Center shall be retained in the budgets of Ho Chi Minh City and Da Nang city for no more than 10 years from the date the International Financial Center is established to invest in the infrastructure system of the International Financial Center.

Article 30. Dispute resolution in business investment activities

1. Investors, Members and related parties may use dispute resolution methods in accordance with Vietnam’s law.

2. In addition to the dispute resolution methods specified in Clause 1 of this Article, disputes between Members or disputes between Members and investors outside the International Financial Center regarding business investment activities at the International Financial Center shall be resolved at one of the following agencies and organizations:

a/ Foreign arbitration;

b/ International arbitration;

c/ The International Arbitration Center under the International Financial Center;

d/ Vietnamese arbitration;

dd/ Foreign court;

e/ Vietnamese court.

3. In case there is a written agreement between the involved parties that the dispute between the Members or the dispute between a Member and another party is resolved at the International Arbitration Center of the International Financial Center, the decision to recognize the successful conciliation result, the decision or award of the Arbitration Council of the International Arbitration Center under the International Financial Center on the dispute resolution is final and effective.

The disputing parties have the right to agree to waive the right to request the court to annul the decision to recognize the successful conciliation or the legally effective arbitral award of the Arbitration Council of the International Arbitration Center under the International Financial Center. The court shall not resolve the request to annul the award or decision of the Arbitration Council when the parties have agreed in writing to waive this right.

Chapter VI

ORGANIZATION OF IMPLEMENTATION

Article 31. Management and supervision of the International Financial Center

Management and supervision at the International Financial Center shall be implemented in line with international practices and based on risks.

Article 32. Responsibilities of the Government and ministries and sectors

1. The Government shall, within the ambit of its tasks and powers, organize the implementation of this Resolution; promulgate, or direct related ministries and sectors to promulgate, or submit for promulgation legal documents guiding the implementation of the mechanisms and policies prescribed in this Resolution.

2. The Government shall detail and guide the implementation of Articles 6, 9, 10, 11, 12, 13, 15, 16, 18, 19, 20, 21, 22, 23, 24, 26, 27, 30 and 31 of this Resolution.

Article 33. Responsibilities of local administrations

The People’s Council and People’s Committee of Ho Chi Minh City, and the People’s Council and People’s Committee of Da Nang city shall, within the ambit of their assigned competence, perform state management tasks for the International Financial Center in their respective localities in accordance with this Resolution and relevant laws.

Article 34. Oversight of the implementation of the Resolution

The National Assembly Standing Committee, the Ethnic Council and the National Assembly’s Committees, the National Assembly Deputies’ Delegation of Ho Chi Minh City, and the National Assembly Deputies’ Delegation of Da Nang city shall, within the ambit of their respective tasks and powers, oversee the implementation of this Resolution. Vietnam Fatherland Front Committees at all levels and their member organizations, the business community and the people shall participate in oversight and social criticism of the implementation of the Resolution, and contribute comments to improve the mechanisms and policies for the International Financial Center.

Article 35. Implementation provisions

1. This Resolution takes effect on September 1, 2025.

2. The Government shall review and report to the National Assembly on the implementation of this Resolution after 5 years of implementation. No later than March 30, 2034, the Government shall report to the National Assembly on the results of the implementation of this Resolution and propose the promulgation of a Law on the International Financial Center.

3. Policies, projects and other subjects that are to be implemented under decisions of competent agencies according to this Resolution, but have not yet ended when this Resolution ceases to be effective, will continue to be implemented according to the issued decisions.

Projects and activities that have been approved and enjoyed incentives under this Resolution during the effective period of this Resolution, if not ended when this Resolution ceases to be effective, will continue to enjoy incentives under this Resolution until the projects or activities end.

4. Heads of agencies and units, cadres, civil servants and public employees participating in the formulation and promulgation of mechanisms and policies prescribed in this Resolution and the documents detailing and guiding its implementation shall be considered for exclusion, waiver or reduction of liability in accordance with Clause 11, Article 68 of the Law on Promulgation of Legal Documents.

This Resolution was adopted on June 27, 2025, by the 15^th National Assembly of the Socialist Republic of Vietnam at its 9^th session.

Chairman of the National Assembly
TRAN THANH MAN