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

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Resolution No. 222/2025/QH15 dated June 27, 2025 of the National Assembly on International financial center in Vietnam
Issuing body: National Assembly of the Socialist Republic of VietnamEffective date:
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Official number:222/2025/QH15Signer:Tran Thanh Man
Type:ResolutionExpiry date:Updating
Issuing date:27/06/2025Effect status:
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Fields:Finance - Banking
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THE NATIONAL ASSEMBLY

THE SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom – Happiness

Resolution No. 222/2025/QH15

 

 

RESOLUTION

On International financial center in Vietnam

 

THE NATIONAL ASSEMBLY

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

Pursuant to the Law on Organization No. 57/2014/QH13, which was amended and supplemented under Law No. 65/2020/QH14 and Law No. 62/2025/QH15;

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

 

RESOLVES:

 

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

          This Resolution provides for the establishment, operation, management, supervision, and specific mechanisms and policies applicable to the International Financial Center in Viet Nam (hereinafter 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 related to the operation of the International Financial Center established under this Resolution.

          Article 3. Interpretation of terms

1. International Financial Center shall mean a geographically defined area established by the Government, located in Ho Chi Minh City and Da Nang City, concentrating a diverse ecosystem of financial services and supporting services, to which the mechanisms and policies provided in this Resolution shall be applicable.

2. Member of the International Financial Center (hereinafter referred to as “Member”) shall mean an entity recognized as a Member of the International Financial Center in the form of registration, recognition as a Member, or being granted an establishment and operation license in accordance with this Resolution and the detailed regulatory and guiding documents, including:

a) Commercial banks, branches of foreign banks, securities companies, insurance enterprises, and reinsurance enterprises;

b) Investment funds and asset management entities;

c) Market infrastructure entities;

d) Financial technology and digital asset entities;

dd) Consulting and supporting service providers;

e) Non-financial entities;

g) Other entities as prescribed by the Government.

3. Financial services shall mean activities and services directly or indirectly related to the mobilization, allocation, and management of financial resources, provided by financial institutions or other entities in accordance with this Resolution and the documents providing detailed provisions and implementation guidance.

4. Supporting services shall mean non-financial activities and services that directly or indirectly serve, support, facilitate, or enhance the efficiency of financial activities and other related activities at the International Financial Center in accordance with this Resolution and the documents providing detailed provisions and implementation guidance.

5. The Governing Authority of the International Financial Center (hereinafter referred to as the “Governing Authority”) shall mean the authority responsible for managing and administering the International Financial Center, issuing guidance documents within its competence, and organizing the implementation of tasks as prescribed in this Resolution and in the Government’s documents providing detailed provisions and implementation guidance.

6. The Supervisory Authority of the International Financial Center (hereinafter referred to as the “Supervisory Authority”) shall mean the specialized authority responsible for performing the function of supervision over activities within the International Financial Center, with duties of inspection, examination, supervision, prevention and handling of violations within the International Financial Center, ensuring compliance with the provisions of this Resolution, the documents providing detailed provisions and implementation guidance, and international practices.

7. The International Arbitration Center under the International Financial Center (hereinafter referred to as the “International Arbitration Center”) shall mean an independent arbitration organization under the International Financial Center that provides commercial arbitration and mediation services for parties involved in investment and business activities within the International Financial Center in accordance with the rules and regulations issued by the International Arbitration Center.

8. Strategic investor shall mean a Member that meets criteria regarding business sector, financial capacity, reputation, and has a long-term investment commitment in the International Financial Center.

9. A controlled financial regulatory sandbox policy shall mean a mechanism that allows the testing of new business models and technologies in the financial sector at the International Financial Center within a defined scope and time period, under the special supervision of the Governing Authority.

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

Article 4. Objectives for the development of the International Financial Center

1. The International Financial Center located in Ho Chi Minh City and Da Nang City shall be established based on a unified framework for operations, management, and supervision; with differentiated product development orientations that leverage the strengths of each city; ensuring fairness, mutual support, and aiming to become a leading international financial center, enhancing Viet Nam’s position in the global financial network in association with economic growth drivers.

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

3. The International Financial Center shall operate in accordance with advanced international standards, connect to major global financial markets and centers, facilitate the linkage of domestic and international exchanges, promote investment capital flows, and foster the development of technology-enabled financial services.

4. To attract and develop high-quality human resources and financial experts from both domestic and international sources; and create a favorable working and living environment for international experts and entrepreneurs at the International Financial Center.

5. The development of the International Financial Center shall ensure a harmonious balance of interests among the State, investors, and the people in socio-economic development, while maintaining financial security, economic security, political stability, public order, and social safety.

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

1. Entities that meet the conditions prescribed in this Resolution and in the documents providing detailed provisions and implementation guidance shall be subject to the special mechanisms and policies provided for in this Resolution.

2. The specific mechanisms and policies stipulated in this Resolution shall be applied within the scope of the International Financial Center as defined in the Government’s Decree on the establishment of the International Financial Center in accordance with Article 8 of this Resolution.

3. Principles of operation for Members:

a) Efficient, transparent, and honest operations;

b) Professionalism in providing financial services and supporting services;

c) Application of international standards in the activities of Members.

4. State management activities within the International Financial Center shall ensure the independence of the International Financial Center and its Members.

5. The State recognizes and protects the ownership rights of assets, investment capital, income, and other lawful rights and interests of Members.

6. The State shall have specific and superior mechanisms and policies to encourage 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 field of financial services 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, commodities, and e-commerce in Viet Nam and integrate with the international market;

c) Attract and develop innovation, financial services supporting green and sustainable projects in Viet Nam; develop financial services and supporting services in line with international practices;

d) Attract and develop high-quality human resources in Viet Nam capable of providing financial services and related professional services in accordance with international standards.

7. The Governing Authority and the Supervisory Authority shall be organized in a streamlined manner, with appropriate, effective, and efficient authority; and shall apply special administrative procedures to meet the needs of investors, organizations, and individuals in accordance with the provisions of this Resolution, the documents providing detailed provisions and implementation guidance consistent with international practices and the conditions of Vietnam.

Article 6. Application of law in the International Financial Center

1. Investment and business activities in the International Financial Center shall be governed by:

a) This Resolution and the documents providing detailed provisions and implementation guidance;

b) The current laws of the Socialist Republic of Viet Nam in cases where the documents stipulated at Point a of this Clause do not provide regulations.

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

a) For transactions in which at least one party is a foreign individual or organization, the parties to the transaction may agree to apply foreign law to such a transaction. Foreign law shall not be applied if its consequences are contrary to the fundamental principles of Vietnamese law. In case the parties do not have an agreement on the applicable law, the law of the country having the closest connection to the transaction shall be applied;

b) For transactions related to ownership rights, other rights to immovable property, lease of immovable property, or the use of immovable property as collateral, the law of the country where the immovable property is located shall be applied.

3. Principles of application of law:

a) In case of discrepancies between provisions of this Resolution and other laws or resolutions of the National Assembly on the same matter, the provisions of this Resolution shall prevail.

Legal normative documents detailing and guiding the implementation of this Resolution shall be applied in cases where multiple legal normative documents contain different provisions on the same matter;

b) In case laws or resolutions of the National Assembly promulgated after the effective date of this Resolution provide more preferential or more favorable mechanisms or policies for Members than those prescribed in this Resolution, Members shall be entitled to apply the more preferential or more favorable mechanisms or policies under such subsequently promulgated laws or resolutions;

c) In case international treaties to which the Socialist Republic of Viet Nam is a member contain provisions different from those of this Resolution, the provisions of such international treaties shall apply.

4. The Operational Regulation issued by the Governing Authority as stipulated in Clause 3, Article 9 of this Resolution shall be given priority in application for resolving issues within the scope and subjects of application of such Operational Regulation.

5. In order to ensure national interests and prevent elements that may threaten national security, legal normative documents on the International Financial Center may introduce restrictive measures on Members.

6. During the implementation of this Resolution, the Government is authorized to issue decrees to address arising issues that differ from the laws or resolutions of the National Assembly, ordinances, or resolutions of the Standing Committee of the National Assembly, and shall report such matters to the National Assembly or the Standing Committee of the National Assembly at the nearest session or meeting. The Government shall ensure that the promulgation of decrees complies with the regulations of the Communist Party on power control, safeguards national interests, the rights and interests of the people and businesses, ensures enforceability, and assumes full responsibility for the provisions issued.

Article 7. Language used in the International Financial Center

1. The official language used in transactions and operations at the International Financial Center shall be English or English accompanied by a Vietnamese translation.

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

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

4. Administrative procedures, transactions between Members, transactions between Members and foreign organizations or individuals, and dispute resolution shall be carried out in English or English accompanied by a Vietnamese translation.

Chapter II

ESTABLISHMENT, ORGANIZATIONAL STRUCTURE, AND OPERATION OF THE INTERNATIONAL FINANCIAL CENTER

 

Article 8. Establishment of the International Financial Center

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

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

a) Name, objectives, and development orientation of the International Financial Center; roadmap and development plans for 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, industries, products, and services prioritized for development in the International Financial Center;

e) Specific mechanisms and policies applicable to the International Financial Center under the authority of the Government;

g) Other relevant contents (if any).

Article 9. Agencies and organizations under the International Financial Center

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

a) The Governing Authority, which is responsible for directly managing and administering all activities within the International Financial Center;

b) The Supervisory Authority, which is responsible for supervising, inspecting, examining, preventing, and handling violations in financial activities within the International Financial Center;

c) Dispute resolution bodies within the International Financial Center:

c1) Specialized courts established in accordance with the Law on Organization of the People’s Courts;

c2) The International Arbitration Center under the International Financial Center, established in accordance with the Law on Commercial Arbitration, with authority to resolve disputes based on the agreement of the disputing parties, except for disputes related to the exercise of State power.

2. The agencies and organizations stipulated in Clause 1 of this Article shall operate independently in performing the powers assigned in accordance with the provisions of this Resolution, the documents providing detailed provisions and implementation guidance.

3. The Governing Authority shall promulgate the Operational Regulation or other equivalent documents to specifically regulate the organization and operation of the International Financial Center. Such regulations shall conform to the Constitution, international treaties to which the Socialist Republic of Viet Nam is a member, comply with international practices and standards, ensure consistency with the fundamental principles and policies stipulated in this Resolution and the documents providing detailed provisions and implementation guidance of this Resolution, and shall have legal effect as provided in Clause 4, Article 6 of this Resolution.

4. The Governing Authority and the Supervisory Authority shall be responsible for coordinating with the Ministry of Finance, the State Bank of Viet Nam, and other Ministries and ministerial-level agencies in the performance of tasks related to the management and supervision of the activities of the International Financial Center.

Chapter III

MEMBERS OF THE INTERNATIONAL FINANCIAL CENTER

Article 10. Registration, recognition, and termination of membership status

1. Organizations and enterprises may register to become Members of the International Financial Center when they meet the standards regarding financial capacity, reputation, and have fields of operation aligned with the development orientation of the International Financial Center, in accordance with the provisions of this Resolution, the documents providing detailed provisions and implementation guidance, except in the cases specified in Clauses 4, 5, and 6 of this Article.

2. The presence in the International Financial Center of the following entities entitles them to request recognition as Members without having to carry out registration procedures:

a) Financial institutions, investment funds, or enterprises included in the Fortune Global 500 list published by Fortune Magazine at the time of registration, or their direct parent companies, except for those operating in the fields of banking, securities, and insurance;

b) Financial institutions ranked among the top ten domestic enterprises in terms of charter capital in each respective sector, excluding the banking, securities, and insurance sectors.

3. Investors shall establish a legal entity as a Member in the International Financial Center in accordance with the provisions of this Resolution, the documents providing detailed provisions and implementation guidance, except in the case specified in Clause 4 of this Article.

4. Investors being foreign banks or domestic commercial banks shall establish a presence in 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 in the form of a limited liability company under an Establishment and Operation License issued by the State Securities Commission. These organizations may only provide services within the International Financial Center and abroad. The licensing for establishment, scope of operation, content of operation, and other related matters of such organizations shall be implemented in accordance with the provisions of the Government.

6. Investors operating in the insurance sector shall establish a presence in the form of a limited liability company under an Establishment and Operation License issued by the Ministry of Finance. The licensing for establishment, scope of operation, content of operation, and other related matters of such organizations shall be implemented in accordance with the provisions of the Government.

7. Members shall be assigned a unique identification code and shall be recorded in the Member Registry of the International Financial Center. This identification code has the same legal value as the enterprise code under the Business Registration Information System.

8. The system for registration and recognition of Members shall be developed, managed, and operated by the Governing Authority, including the Member Registration Portal and the Member Database, which shall share data with relevant agencies to simplify administrative procedures within the International Financial Center.

Article 11. Rights of Members and foreign investors

1. Rights of Members:

a) To establish capital management companies (holding companies) to mobilize foreign capital and manage investments, except where the Member is a commercial bank;

b) To mobilize capital from organizations and individuals outside the territory of Viet Nam and from non-residents without having to carry out licensing procedures with State management authorities, but shall comply with reporting and information declaration regimes as prescribed by the Government;

c) The debts of a Member to organizations and individuals outside the territory of Viet Nam shall not be included in the country’s external debt for the purpose of managing and supervising external debt safety indicators;

d) To freely conduct investment and business activities with organizations and individuals outside the territory of Viet Nam, with non-residents, or with other Members based on the license or registration granted to such Member in accordance with the provisions of this Resolution, the documents providing detailed provisions and implementation guidance;

dd) For enterprises operating in the field of finance and banking, upon being granted a license to establish a new entity in the International Financial Center, the Establishment and Operation License shall simultaneously serve as the Certificate of Member Registration;

e) Members may choose to apply International Accounting 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, member states of the European Union, Hong Kong (China), Japan, Mexico, New Zealand, China, India, South Korea, Russia, Singapore, Switzerland, the United Kingdom, the United States, and Viet Nam. In cases where entities have chosen to apply accounting standards different from Vietnamese Accounting Standards, they shall not be required to prepare financial statements under Vietnamese Accounting Standards;

g) Other rights as prescribed in this Resolution, the documents providing detailed provisions and implementation guidance.

2. Foreign investors:

a) To fully or partially own shares or capital contributions in a Member;

b) To be allowed to establish economic organizations within the International Financial Center without being required to have an investment project or carry out procedures for issuance of an Investment Registration Certificate or approval of investment policy for projects in the International Financial Center in accordance with the law on investment. After establishment, such economic organizations implementing investment projects shall comply with investment procedures under the law on investment;

c) Not required to carry out procedures for registration of capital contribution, share purchase, or capital contribution purchase in accordance with the law on investment when contributing capital, purchasing shares, or purchasing capital contributions of Members; only required to notify changes to enterprise registration information in accordance with the law on enterprises, except for the banking sector.

Article 12. Obligations of Members

1. To comply with the laws of Viet Nam and international treaties to which the Socialist Republic of Viet Nam is a member. Members and organizations or individuals operating within the International Financial Center are obliged to fully comply with Vietnamese law regarding anti-money laundering, counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction.

2. To fully perform tax obligations; to prepare, submit, and publicly disclose financial statements; to audit financial statements and disclose information in accordance with international practices to which Viet Nam is a member and in accordance with international financial governance standards.

3. Investment activities from the International Financial Center into the rest of Viet Nam and from the rest of Viet Nam into the International Financial Center shall comply with the provisions of the law on investment and other relevant laws.

The Government shall stipulate specific mechanisms for procedures and conditions for investment from the International Financial Center into the rest of Viet Nam and from the rest of Viet Nam into the International Financial Center; specific mechanisms for market access conditions, access to land and premises for business and production purposes.

4. To comply with the regulations of the Commodity Exchange established in the International Financial Center regarding the processes for issuance, listing, trading, redemption, and transfer of other financial instruments listed on the Commodity Exchange. The Charter and operational rules of the Commodity Exchange shall comply with international standards.

5. To maintain membership standards throughout the course of operation. In case of failure to meet membership standards, the Member shall carry out the procedures for termination of membership.

6. To comply with international standards on data security as announced and recognized for application in Viet Nam. Members shall establish information security systems and encrypt financial data; and are responsible for reporting information breaches to the Governing Authority within 48 hours from the time the incident occurs.

7. Other obligations as prescribed in this Resolution and the documents providing detailed provisions and implementation guidance.

Chapter IV

EXCHANGES AND TRADING PLATFORMS IN THE INTERNATIONAL FINANCIAL CENTER

 

Article 13. Establishment of exchanges and trading platforms

Exchanges and trading platforms shall be established and operated within the International Financial Center in the following areas:

1. Trading of commodities and commodity derivatives;

2. Trading of carbon credits;

3. Trading of cultural and artistic products;

4. Trading of precious metals;

5. Trading of green financial products;

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

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

1. Exchanges and trading platforms in the International Financial Center shall be organized and operated based on market principles, ensuring fair competition and transparency; encourage the participation of domestic and foreign investors.

2. The organization and operation of exchanges and trading platforms shall comply with international standards on trading, payment, information disclosure, and risk management.

3. Organizations that establish exchanges and trading platforms shall be responsible for formulating and promulgating internal regulations on listing, trading, settlement, asset and membership management, in accordance with the characteristics of each type of transaction, after being approved by the competent authority.

4. Members who meet the conditions for participating in exchanges and trading platforms shall be provided with products, services, and allowed to conduct transactions in accordance with the regulations of the respective exchange or trading platform.

Article 15. Management and supervision mechanism, preferential policies for exchanges and trading platforms

Exchanges and trading platforms established under this Resolution, and organizations or individuals participating in activities on such exchanges and trading platforms shall enjoy preferential treatments and support policies in accordance with the provisions of this Resolution and relevant legal provisions.

 

Chapter V

SPECIFIC POLICIES APPLIED

IN THE INTERNATIONAL FINANCIAL CENTER

Article 16. Foreign exchange policy

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

a) Payments, transfers, listings, advertisements, quotations, valuations, and price recordings related to activities and services between Members may be conducted in foreign currencies in accordance with the provisions of this Resolution, the documents providing detailed provisions and implementation guidance;

b) Payments, transfers, listings, advertisements, quotations, valuations, and price recordings related to activities and services between a Member and organizations or individuals overseas may be conducted in foreign currencies;

c) The use of foreign currencies in activities and services between a Member and organizations or individuals within the territory of Viet Nam who are not Members shall comply with current regulations on the use of foreign exchange within the territory of Viet Nam.

2. Members shall be allowed to obtain loans in foreign currencies from overseas organizations and individuals, and shall be subject to reporting and information disclosure requirements in accordance with the law.

3. Members may only obtain loans in foreign currencies from other Members that are credit institutions or foreign bank branches, except for the case stipulated at Point b, Clause 1, Article 11 of this Resolution.

4. Members are permitted to provide foreign currency loans to organizations within the territory of Vietnam that are not Members. The borrowing organizations under this Clause shall be responsible for complying with the regulations on conditions, eligible borrowers, purposes, and loan registration procedures.

5. The transfer of foreign investment capital into the International Financial Center, and the remittance of capital, profits, and other lawful proceeds from the International Financial Center to overseas by foreign investors shall be conducted in foreign currencies via foreign currency payment accounts opened in the name of the foreign investor at credit institutions or foreign bank branches permitted to operate within the International Financial Center.

6. Transfers of funds between Members related to investment activities within the International Financial Center shall be carried out via the Members’ foreign currency payment accounts.

7. When transferring funds for investment or lending activities from the International Financial Center to overseas destinations:

a) Members wholly owned by foreign investors are not required to comply with administrative procedures related to foreign exchange management but shall fully comply with regulations on account opening and reporting regimes;

b) Members not falling under the case specified at Point a of this Clause shall comply with foreign exchange management regulations applicable to outbound investment and lending from Viet Nam.

8. The transfer of funds by organizations within the territory of Viet Nam that are not Members for investment into the International Financial Center, and the transfer of funds for investment from the International Financial Center into the rest of Viet Nam, shall be implemented in accordance with regulations of the Government.

Article 17. Policy on banking activities

1. Members shall be granted Licenses for establishment and operation within the International Financial Center to carry out one or several banking activities in the following forms:

a) Single-member limited liability commercial bank;

b) Branch of a foreign bank.

2. Single-member limited liability commercial banks with 100% foreign capital and branches of foreign banks shall apply the accounting standards, debt classification, provisioning and use of provisions for risk handling, and certain limits and safety ratios according to the policies being applied by their owners or parent banks.

In cases where the owner or parent bank does not apply the International Accounting Standards (IAS/IFRS) issued by the International Accounting Standards Board or generally accepted accounting principles as specified at Point e, Clause 1, Article 11, then the single-member limited liability commercial bank with 100% foreign capital or the branch of the foreign bank shall apply the provisions of Vietnamese law on accounting standards; debt classification; provisioning and use of provisions for risk handling; and limits and safety ratios.

3. Single-member limited liability commercial banks with 100% domestic capital shall comply with the provisions of Vietnamese law on accounting standards; debt classification; provisioning and use of provisions for risk handling; and limits and safety ratios.

4. Single-member limited liability commercial banks with 100% domestic capital, single-member limited liability commercial banks with 100% foreign capital, and branches of foreign banks shall be established and operate under licenses granted by competent authorities.

5. The licensing for establishment, organization, scope and content of activities, and other related matters of commercial banks and branches of foreign banks that are Members shall be carried out in accordance with regulations of the Government.

Article 18. Financial policy and development of the capital market

1. Provisions for innovative start-up enterprises:

a) To be granted a Certificate of Innovative Start-up Enterprise upon meeting the criteria prescribed by the Governing Authority;

b) To be entitled to raise capital through crowdfunding mechanisms or private placement mechanisms via fundraising platforms of organizations licensed by the Governing Authority in accordance with Government guidelines. Domestic and foreign organizations are allowed to participate in the fundraising activities of innovative start-up enterprises;

c) To be entitled to preferential and supportive mechanisms, including tax incentives. Organizations and individuals participating in transactions and investments in innovative start-up enterprises shall be entitled to applicable tax incentive regulations;

d) Comply with reporting and information disclosure obligations as prescribed.

2. Development of the green financial market:

a) Financial products shall be granted green certification upon meeting the criteria prescribed by the Regulatory Authority and shall be issued and traded within the International Financial Center;

b) Issuers of green financial products and investors in green financial products shall be entitled to preferential and supportive mechanisms, including tax incentives;

c) Issuers of green financial products shall comply with reporting and information disclosure obligations as prescribed.

3. Members shall be entitled to apply simplified procedures and implement solutions to develop the insurance and reinsurance market.

4. The Government shall develop a transparent and in-depth market information system; improve structures and risk management regulations to enhance competitiveness, including operational risk management (ORM), market risk management (MRM), and particularly credit risk management (CRM) in accordance with international practices and the standards of global financial centers.

Article 19. Tax policy applicable to the International Financial Center

1. Corporate income tax:

a) Income of enterprises from implementing new investment projects arising within the geographical area of the International Financial Center and belonging to sectors prioritized for development in the International Financial Center shall be subject to a corporate income tax rate of 10% for 30 years, with exemption from corporate income tax for up to 4 years and a 50% reduction in the payable tax amount for up to 9 subsequent years;

b) Income of enterprises from implementing new investment projects arising within the geographical area of the International Financial Center but not belonging to sectors prioritized for development in the International Financial Center shall be subject to a corporate income tax rate of 15% for a period of 15 years, with exemption from corporate income tax for up to 2 years and a 50% reduction in the payable tax amount for up to 4 subsequent years;

c) In case an enterprise has an investment project eligible for multiple preferential corporate income tax rates for the same investment project, the enterprise may choose the most favorable preferential tax rate. In case of an expanded investment project, tax incentives shall be applied in accordance with current tax laws.

The determination of the duration of preferential tax rates, and the period of tax exemption and reduction as stipulated in this Clause shall be implemented in accordance with the law on corporate income tax.

2. Personal income tax:

a) Managers, experts, scientists, and individuals with high professional qualifications working at the International Financial Center, including Vietnamese and foreign nationals, shall be exempt from personal income tax on income from salaries and wages earned from performing work at the International Financial Center until the end of 2030;

b) Individuals earning income from the transfer of shares, contributed capital, or rights to contribute capital to Members shall be exempt from personal income tax until the end of 2030;

c) The Government shall stipulate the criteria and conditions for identifying managers, experts, scientists, and individuals with high professional qualifications who are eligible for the personal income tax incentives as prescribed in this Clause.

3. Goods and services exported from the International Financial Center to overseas or imported from overseas into the International Financial Center shall be subject to preferential export and import tax rates and procedures in accordance with international treaties to which the Socialist Republic of Vietnam is a member and the law on export and import duties.

4. Enterprises and individuals in the International Financial Center shall register, declare, and finalize taxes in accordance with the law on tax administration. The determination of the commencement date for enjoying tax incentives and the duration of tax exemption and reduction shall comply with the laws on corporate income tax and personal income tax.

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

1. Visas and residence for experts, managers, and investors

a) Issuance of visas and temporary residence cards valid for up to 10 years to foreign nationals who are key investors, experts, managers, and highly qualified workers employed by agencies or organizations headquartered in the International Financial Center (visa and temporary residence card code: UDD1), and to their accompanying family members (visa and temporary residence card code: UDD2);

b) Foreign nationals who are key investors, experts, scientists, individuals with exceptional talents, or senior managers working long-term for agencies or organizations headquartered in the International Financial Center may be considered for the granting of permanent residence cards upon the recommendation of the Governing Authority in order to reside permanently in Vietnam; they shall benefit from simplified procedures for the issuance of permanent residence cards compared to the general regulations;

c) The Government shall prescribe the criteria for identifying foreign nationals eligible for the preferential policies specified in Points a and b of this Clause, as well as the appraisal authority.

2. Exit and entry

a) The Governing Authority shall coordinate with the Ministry of Public Security and the Ministry of Foreign Affairs to establish a “single-window” mechanism to promptly support exit and entry procedures for investors, experts, and international clients coming to work or conduct transactions at the International Financial Center;

b) Priority exit and entry areas shall be established at international airports in Ho Chi Minh City and Da Nang City for entities affiliated with the International Financial Center. Identification cards for International Financial Center experts shall be issued to enable access to dedicated lanes and reduced processing times.

3. Work permits

Foreign nationals working at the International Financial Center shall be exempted from work permit requirements if they meet professional standards as prescribed by the Government or the Governing Authority.

Article 21. Policies on labor, employment, and social security

1. Labor recruitment

a) Members shall autonomously recruit employees, including foreign workers, according to job requirements without being subject to limitations on the proportion of foreign employees, without having to complete procedures to determine the need for foreign workers, and without being required to post recruitment notices for Vietnamese workers for positions intended for foreign workers as otherwise required by the labor law;

b) Dossiers, procedures, and sequences for granting work permits to foreign nationals shall follow a streamlined process.

2. Salaries and remuneration

a) Members shall determine the regime of salaries, bonuses, and other benefits for employees based on agreements specified in the labor contract;

b) The Governing Authority and the Supervisory Authority shall implement a lump-sum mechanism for staffing and administrative management expenditures; and shall be permitted to enter into contracts for hiring domestic and foreign experts based on mutually agreed remuneration and assigned duties;

c) The base salary applicable to officials, public employees, civil servants, and individuals receiving salaries, allowances, and other forms of remuneration working in the Governing Authority and Supervisory Authority shall be determined in accordance with market mechanisms. The Governing Authority and Supervisory Authority shall issue guidance for the implementation of this provision;

d) Domestic and foreign managers, scientists, and experts working at the Governing Authority and Supervisory Authority shall be provided with official housing or receive housing rental support during their term of service;

dd) The People’s Committee of Ho Chi Minh City and the People’s Committee of Da Nang City shall propose to the People’s Council at the same level to allocate revenues under their management authority to implement the provisions specified in Points c and d of this Clause.

3. Skills and workforce development

a) The State, the People’s Committee of Ho Chi Minh City, and the People’s Committee of Da Nang City shall implement training and capacity-building programs to develop human resources serving the International Financial Center;

b) Enterprises in the International Financial Center shall be eligible for training cost support for Vietnamese workers employed for new or expanded investment projects in the International Financial Center;

c) Local budgets shall support the training costs for personnel with university-level education or higher to meet the demand of the International Financial Center for a period of 4 years starting from 2026;

d) The Governing Authority and the Supervisory Authority shall determine the demand and target groups of workers to attract, formulate support policies for human resource development, determine criteria for identifying high-level managers, scientists, and experts eligible for human resource development support, and decide on the level of training cost support as prescribed in Points b and c of this Clause for each period;

dd) Budget allocations for the support specified in this Clause shall be included in the local budgets of Ho Chi Minh City and Da Nang City as decided by the respective People’s Councils.

4. Social security for workers

a) Foreign nationals working at the International Financial Center shall choose to participate in social insurance and unemployment insurance programs;

b) Vietnamese workers and foreign workers working at the International Financial Center shall participate in social insurance, health insurance, and unemployment insurance programs in accordance with the law. Foreign workers who have participated in equivalent social security programs in other countries or territories may be partially exempted from mandatory social insurance contributions in Vietnam;

c) The People’s Council of Ho Chi Minh City and the People’s Council of Da Nang City shall establish policies on allocating land and budgets to develop housing areas for workers near the International Financial Center to ensure favorable living conditions for stable employment.

Article 22. Land Policies in the International Financial Center

1. Investment projects located within the boundaries of the International Financial Center that fall under the List of priority sectors or are of large scale shall be allocated or leased land for a maximum term of 70 years. For projects in other sectors, the maximum land use term is 50 years. Upon expiry of the land use term, if the land user wishes to continue using the land and complies with the provisions of the land law, the State shall consider extending the land use term in accordance with the laws of Vietnam.

Land recovery, compensation, support, and resettlement shall be implemented in accordance with the provisions of land laws.

2. The State shall prioritize the allocation of clean land within the boundaries of the International Financial Center to allocate or lease to investors implementing projects in the List of prioritized sectors. For important infrastructure investment projects within the International Financial Center under the public-private partnership (PPP) model, the State shall allocate clean land for project implementation and invest in connecting infrastructure to the project.

3. Land use rights and assets attached to land in projects located within the boundaries of the International Financial Center:

a) Economic organizations and enterprises with foreign investment capital shall mortgage land use rights for land allocated or leased with a one-time rental payment and assets attached to the land at foreign credit institutions to secure loans for investment. Disputes regarding real estate and such mortgages shall be resolved in accordance with the laws of Vietnam;

b) In handling mortgaged assets, the mortgagee may only transfer the land use rights and assets attached to the land to entities eligible to receive such transfer in accordance with Vietnamese law.

4. The ownership rights of foreign nationals over residential properties associated with land use rights in housing projects shall be determined in accordance with the form of land allocation or land lease applicable to the real estate development project, as prescribed by the laws on housing and land.

Article 23. Policies on Construction and Environment

1. Investment projects in the International Financial Center are only required to register the applied technology and environmental information; are not required to prepare detailed construction planning, obtain construction permits, or complete procedures for approval, acceptance, or authorization in the construction sector.

2. Prior to commencement of construction, investors shall submit a written notice to the Governing Authority along with the following documents:

a) A technical-economic investment report including the contents prescribed by construction laws, prepared, appraised, and approved by the investor;

b) A report on the results of the appraisal of the technical-economic investment report conducted by organizations or individuals meeting legal conditions, including assessments on structural safety, environmental protection, and compliance with standards and technical regulations.

3. The investment registration certificate shall serve as the basis for land lease, land use conversion, administrative procedures, inspection, supervision, assessment, administrative sanctioning, and state management of the project.

4. The Governing Authority shall be responsible for inspecting, supervising, and assessing the project implementation in accordance with law, and shall resolve or notify competent authorities of issues arising in connection with the project.

Article 24. Controlled financial regulatory sandbox policy for FinTech and innovative financial services

1. The Governing Authority shall provide regulations on a controlled financial regulatory sandbox policy and implement them in the form of time-limited authorization for technologies, products, services, and business models not yet governed by existing laws.

2. Organizations and enterprises participating in the controlled trial may be exempt from certain legal provisions regarding standards and technical regulations for technologies, products, and services; business conditions; licensing procedures; compliance with business conditions; and other regulations that are inconsistent with the characteristics or novel features of the technologies, products, services, or business models proposed for testing.

3. Organizations and individuals participating in the controlled trial, supervising agencies and supervisors of the trial, shall be exempt from administrative, disciplinary, and civil liability to the State for any damage caused to the State during the trial due to objective causes, provided that they comply with the approved trial procedures. In the event of damage to other organizations or individuals, the trial entity shall compensate for damages in accordance with the law; partial financial compensation may be provided from the budgets of Ho Chi Minh City and Da Nang City depending on the level of damage and budget availability.

4. Innovative startups in the FinTech sector operating in the International Financial Center shall be entitled to preferential mechanisms equivalent to those at the National Innovation Center or higher incentives as prescribed by the Government.

5. FinTech enterprises may be eligible for non-refundable financial support from local budgets, subject to local budget conditions, to develop controlled trial projects for FinTech and innovation.

Article 25. Preferential Policies by Sector

The Governing Authority shall promulgate incentive and support programs to promote the following key sectors:

1. Green finance;

2. Digital assets and FinTech;

3. Commodities and commodity derivatives markets;

4. Other sectors as stipulated by the Government.

Article 26. Policies for Strategic Investors

1. The Governing Authority shall issue regulations on criteria and procedures for selecting strategic investors.

2. Strategic investors shall have the following rights:

a) Priority in being selected as investors for important investment projects for infrastructure development and support services of the International Financial Center. In the case where two or more investors are interested in the same project, the strategic investor shall be given priority;

b) To be leased land by the State without having to undergo land use rights auction or bidding procedures for investor selection, in cases of implementing investment projects in the priority sectors for development of the International Financial Center as specified in Point dd, Clause 2, Article 8 of this Resolution;

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

d) To provide investment support services and site clearance services to other investors within the International Financial Center and collect service fees in accordance with regulations;

dd) To invest in the construction of large-scale infrastructure projects in support of the development of the International Financial Center, including the development of complexes and ecosystems aimed at attracting financial institutions, multinational corporations, experts, and international entrepreneurs to live and work in the International Financial Center;

e) To participate with regulatory authorities in the formulation and adjustment of the development master plan for the International Financial Center;

g) To be entitled to investment incentives in accordance with provisions of this Resolution.

3. Strategic investors shall have the following obligations:

a) Ensure financial capacity and experience to effectively implement assigned investment projects; commit to long-term investment and support for the development of the International Financial Center;

b) In cases where a strategic investor is selected to implement infrastructure investment projects, the investor shall complete the investment within no more than 5 years and is not permitted to transfer such projects within 10 years from the date of investment approval, unless otherwise permitted by the Government under special circumstances;

c) Support the promotion of the International Financial Center in international forums; coordinate with regulatory authorities to attract investors and multinational financial institutions to the International Financial Center;

d) Provide necessary services to secondary investors as committed.

4. The Governing Authority shall sign an agreement with each strategic investor to record their commitments, incentives, and corresponding responsibilities.

5. During project implementation, if the strategic investor fails to meet the conditions on capital, investment progress, and other requirements for strategic investors, they shall not be entitled to the incentives provided in this Resolution and shall be subject to legal consequences under investment, land, and other relevant laws. The investor shall be liable for all consequences arising from the failure to fulfill their commitments in accordance with the law.

Article 27. Policies on development of technical and social infrastructure

1. Diversifying investment resources for infrastructure:

a) The International Financial Center shall be prioritized for capital investment in the synchronous and modern development of technical and social infrastructure;

b) 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 Centre.

2. For a period not exceeding 10 years from the establishment of the International Financial Center, each year, the central budget shall allocate targeted supplementary funds to the budgets of Ho Chi Minh City and Da Nang City in an amount corresponding to the central government’s share of domestic revenue generated in the geographical area of the International Financial Centre, for the purpose of investing in the infrastructure system of the International Financial Centre and the technical infrastructure system connected to the International Financial Centre.

3. Investors may advance investment capital for the construction of technical infrastructure systems, resettlement area infrastructure, and other related works within the geographical boundaries of the International Financial Centre.

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

a) Offset against land use fees or land rent payable;

b) Reimbursed by the state budget as prescribed.

5. Exemption from import duties shall be granted for technical equipment, technologies, and software solutions not yet produced domestically and imported to serve the construction of information infrastructure, operational management, and large data centers of the International Financial Center, according to lists issued by the Governing Authority based on lists of domestically produced goods issued by competent state agencies; exemption from import duties shall also apply to goods, materials, supplies, and components not yet produced domestically and imported to create fixed assets of investment projects in the International Financial Center.

6. The Governing Authority shall be entitled to promote, negotiate, and enter into contracts with qualified investors regarding the implementation modalities for infrastructure and social infrastructure development projects of the International Financial Centre in accordance with international practices, and submit such matters to the People’s Committee of Ho Chi Minh City or the People’s Committee of Da Nang City for consideration and decision on permitting implementation or approval of investment policy. In certain cases, the method of investor appointment and special-case investor selection may be applied.

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

a) Infrastructure projects of the International Financial Center under this Resolution shall not require investment policy decisions or medium-term public investment plan allocations as per the Law on Public Investment;

b) Projects related to the infrastructure systems of the International Financial Centre and infrastructure projects serving the International Financial Centre, as prescribed in this Resolution, shall be permitted to apply one-step construction design procedures in accordance with the Law on Construction;

c) The application of contractor appointment and special-case contractor selection shall be permitted for infrastructure system projects of the International Financial Centre;

d) Project owners shall have full discretion over all investment activities to ensure timely and quality project implementation and shall be responsible for their decisions.

8. Investment procedures under the PPP model for infrastructure projects in the International Financial Center:

a) Infrastructure projects invested under the PPP model within the International Financial Centre as prescribed in this Resolution shall not be subject to investment policy decision. In case the PPP project involves the use of state capital, it shall not be required to carry out the procedure for allocation of medium-term public investment plans in accordance with the Law on Public Investment;

b) Allow to apply various contract types or combinations of BOT, BOO, BTL, O&M, and other types of contracts in accordance with the provisions of the law on PPP to promote public investment–private management and private investment–public use models;

c) Allow to apply the method of direct contractor appointment and investor selection in special cases for infrastructure projects implemented under the PPP model in the International Financial Center;

d) To allow the proportion of state capital participation in PPP projects to be up to 70% of the total investment capital of the project; to permit the application of a revenue reduction risk-sharing mechanism without requiring adjustments to prices, fees of public products and services, or the duration of the contract; to exempt the project from revenue increase sharing for a period of 3 years from the date revenue is generated.

dd) PPP investors shall be entitled to incentives provided in this Resolution and relevant laws.

9. To allow for the selection of investors under special circumstances for infrastructure projects of the International Financial Centre that utilize non-budgetary funding sources.

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

1. Goods exported to or imported from the International Financial Centre shall be subject to administrative procedures equivalent to those applied to goods of prioritized enterprises in accordance with customs law.

2. Members shall be permitted to register declarations and carry out customs procedures and specialized inspection procedures for all types of goods exported to or imported from the International Financial Centre for the purposes of production and consumption, except for goods prohibited or temporarily suspended from export or import, or goods not yet authorized for circulation or use in Vietnam.

3. The Government shall stipulate preferential policies for the export, import, and distribution of goods and services in the International Financial Center and transactions arising from the purchase and sale of goods through the commodity derivatives exchange located within the International Financial Center.

Article 29. Policies on fees and charges

1. The People’s Councils of Ho Chi Minh City and Da Nang City shall decide on the rates, exemptions, reductions, collection, remittance, management, and use of fees and charges within the International Financial Center, including: Fees and charges not listed in the Fee and Charge Schedule issued together with the Law on Fees and Charges; Adjustments to the rates or collection percentages of fees and charges already prescribed by competent authorities for those types of fees and charges included in the Schedule issued together with the Law on Fees and Charges,
excluding court fees, court charges, and fees that constitute 100% central budget revenue.

2. After deducting operational expenses of the Governing Authority and Supervisory Authority, all revenues from fees and charges generated from the operation and functioning of the International Financial Center shall be retained by the budgets of Ho Chi Minh City and Da Nang City for a period not exceeding 10 years from the establishment of the International Financial Center for the investment in the infrastructure system of the International Financial Centre.

Article 30. Dispute resolution in investment and business activities

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

2. In addition to the methods specified in Clause 1 of this Article, disputes between Members or between a Member and an investor outside the International Financial Center, related to investment and business activities within the International Financial Center, may be resolved at one of the following institutions or organizations:

a) Foreign arbitration;

b) International arbitration;

c) The international arbitration center located within the International Financial Center;

d) Vietnamese arbitration;

dd) Foreign courts;

e) Vietnamese courts.

3. If the parties involved in the dispute have a written agreement that the dispute between Members or between a Member and another party shall be resolved at the international arbitration center of the International Financial Center, the decision recognizing the successful conciliation result, the decisions, and the arbitral awards issued by the Arbitral Tribunal under the International Arbitration Center of the International Financial Centre regarding dispute resolution shall be final and legally enforceable.

The disputing parties may agree to waive their right to request the Court to annul the decision recognizing the successful conciliation result or the legally effective arbitral award issued by the Arbitral Tribunal under the International Arbitration Center of the International Financial Centre. The Court shall not consider any request to annul such decision or award if the parties have agreed in writing to waive this right.

 

CHAPTER VI

IMPLEMENTATION PROVISIONS

Article 31. Management and supervision of the international financial center

The management and supervision of the International Financial Center shall be carried out in accordance with international practices and based on risk.

Article 32. Responsibilities of the Government and Ministries, sectors

1. The Government within the scope of its duties and powers, shall organize the implementation of this Resolution; issue or direct relevant ministries and sectors to issue or submit for issuance legal normative documents to guide the implementation of the mechanisms and policies stipulated in this Resolution.

2. The Government shall provide detailed regulations and guidance on 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 authorities

The People’s Councils and People’s Committees of Ho Chi Minh City and the People’s Councils and People’s Committees of Da Nang City, within their delegated authority, shall be responsible for performing state management tasks related to the International Financial Center within their respective localities in accordance with this Resolution and relevant laws.

Article 34. Supervision of the implementation of the Resolution

The Standing Committee of the National Assembly, the Ethnic Council and Committees of the National Assembly, the delegations of National Assembly deputies of Ho Chi Minh City and the delegations of National Assembly deputies of Da Nang City, within their duties and powers, shall supervise the implementation of this Resolution. The Vietnam Fatherland Front at all levels and its member organizations, the business community, and the general public shall participate in the supervision and social critique of the implementation process of this Resolution and provide feedback 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 conduct a preliminary review and report to the National Assembly on the implementation of this Resolution after five years of enforcement. No later than March 30, 2034, the Government shall report to the National Assembly on the results of implementation and propose the promulgation of a Law on the International Financial Center.

3. Policies, projects, and other subjects that have been approved for implementation by competent authorities in accordance with this Resolution and have not been completed by the time this Resolution ceases to be in effect shall continue to be implemented according to the issued decisions.

Projects and activities that have been approved and enjoyed incentives under this Resolution during its effective period shall continue to be entitled to such incentives until their completion, even if the Resolution ceases to be effective at the time of completion.

4. Heads of agencies, units, officials, and civil servants participating in the formulation and issuance of mechanisms and policies stipulated in this Resolution and in the documents providing detailed provisions and implementation guidance shall be considered for exemption, exclusion, or reduction of responsibility in accordance with Clause 11, Article 68 of the Law on Promulgation of Legal Normative Documents.

__________________________________________________________________

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

 

 

CHAIRMAN OF THE NATIONAL ASSEMBLY
 

Tran Thanh Man

 

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