State Bank of Vietnam sets out the government steering committee and action plan to launch an international financial centre by end-2025

The State Bank of Vietnam has published an update on Vietnam’s implementation of the National Assembly resolution on an International Financial Centre, including the Prime Minister’s decisions to establish a national steering committee and to adopt an action plan targeting an operational international financial centre in Ho Chi Minh City and a regional financial centre in Da Nang by end-2025. The steering committee is chaired by the Prime Minister and is tasked with directing strategy, policy and institutional set-up, resource mobilisation and infrastructure development, and domestic and international cooperation for the centre’s build-out. The Governor of the State Bank of Vietnam is a deputy head of the committee, and an SBV deputy governor is a member. The action plan sets five workstreams for July to December 2025 covering a special legal and policy framework including implementing decrees, strategic and digital infrastructure including 5G, data and smart monitoring systems and blockchain-related build-out with pilots for digital assets and NFTs, development of priority financial services and markets including a controlled sandbox for technology-enabled finance and upgrades to commodity trading, human capital and supporting ecosystems, and international benchmarking with implementation monitoring. Relevant ministries, government bodies and the Ho Chi Minh City and Da Nang authorities are instructed to produce detailed unit-level plans and deliver the assigned tasks on schedule, escalating issues for resolution where needed.