Centralized Governance for Financial Center Development

The Vietnamese government has officially established a Steering Committee for the International Financial Center (IFC) under Decision No. 1646/QĐ-TTg, signed on August 1, 2025 by Prime Minister Pham Minh Chinh.

The committee plays a central role in directing, coordinating, and ensuring the consistent development of the IFC in line with Resolution 222/2025/QH15. Its formation reflects a structured and top-down governance approach, which is critical for large-scale institutional projects such as financial centers.

High-Level Leadership and Cross-Ministry Coordination

The Steering Committee is chaired by the Prime Minister, with participation from key government leaders, including the Standing Deputy Prime Minister, leaders of Ho Chi Minh City and Da Nang, as well as senior officials from the Ministry of Finance, the State Bank of Vietnam, and other ministries.

This high-level, cross-ministerial structure highlights the strategic importance of the IFC initiative and ensures alignment across policy, regulation, security, and economic development priorities.

Mandate: Strategy, Policy, and Execution

The committee is responsible for shaping the strategic direction of the IFC, overseeing the development of regulatory frameworks, and guiding the establishment and operation of relevant institutions within the financial center.

In addition, it plays a key role in mobilizing resources for infrastructure development and facilitating both domestic and international cooperation. This includes engaging with global financial institutions, policymakers, and experts to align Vietnam’s IFC with international standards.

Ministry of Finance as the Standing Body

The Ministry of Finance has been appointed as the standing body of the Steering Committee. It is responsible for coordinating inter-agency efforts, preparing policy proposals, consolidating feedback, and supporting the committee’s operations.

This structure ensures continuity in execution and provides a central point for policy development and implementation.

Outlook

The establishment of the Steering Committee marks an important step in building the institutional foundation of Vietnam’s international financial center.

With strong political backing and coordinated governance, the initiative is better positioned to move from policy design to effective execution. In the context of increasing regional competition among financial hubs, such alignment will be critical to ensuring long-term success.