The State Bank of Vietnam reported on a 21–26 July 2025 fact-finding mission to the Shanghai Free Trade Zone in China and the Astana International Financial Centre in Kazakhstan, aimed at informing Vietnam’s design of an international financial centre and its associated banking and foreign exchange regime. The central bank linked the visit to the National Assembly’s resolution on an international financial centre in Vietnam, under which it will advise on a Government decree covering licensing and banking operations, foreign exchange management, and anti-money laundering, counter-terrorist financing and counter-proliferation financing requirements for the centre. The delegation, led by Deputy Governor Pham Tien Dung and including SBV units responsible for payments, foreign exchange administration, credit institution safety, legal affairs and international cooperation, also included representatives from Vietcombank, BIDV and Agribank to incorporate market perspectives into policy design. In Shanghai, meetings with the Shanghai municipal government, the People’s Bank of China’s Shanghai branch, the FTZ authority and commercial banks focused on the FTZ’s role as a controlled financial liberalisation testbed, including more flexible foreign exchange policies and the Free Trade Account mechanism, under centralised oversight involving the People’s Bank of China, the National Financial Regulatory Administration and relevant ministries. In Astana, discussions with the Central Bank of Kazakhstan, the AIFC Authority and the AIFC Financial Services Authority covered the AIFC’s special legal regime based on English common law, banking constraints such as prohibitions on retail deposit-taking and retail services and a focus on foreign-currency activity, and the AFSA’s licensing and supervisory role, including its information-sharing memorandum of understanding with the Central Bank of Kazakhstan. The SBV indicated the learnings would be used to refine its ongoing work on the draft decree to support implementation of the National Assembly resolution within its required timeframe.
State Bank of Vietnam 2025-07-29
State Bank of Vietnam benchmarks Shanghai Free Trade Zone and Astana International Financial Centre to shape banking and foreign exchange rules for Vietnam’s international financial centre
The State Bank of Vietnam visited the Shanghai Free Trade Zone and Astana International Financial Centre to inform Vietnam's international financial centre development and banking regime. This visit, linked to the National Assembly's resolution, will guide a Government decree on licensing, banking operations, and compliance. Insights will refine the draft decree to align with the resolution's timeline.