Vietnam eyes financial hub spanning 2 cities

Deputy Prime Minister Nguyen Hoa Binh revealed the idea at a meeting with consultants Tuesday before placing it before the National Assembly at its ongoing session.

Richard McClellan, global ambassador of property developer Terne Holdings, was all in support.

The financial center should be viewed as a unified operating system, not a single geographic area, and this model would enable Vietnam to build a globally competitive financial hub, he said.

Da Nang and HCMC complement rather than compete with each other, he said.

Buildings in Da Nang City, central Vietnam, in April 2025. Photo by VnExpress/Nguyen Dong

Vietnam could also explore the possibility of setting up two international financial centers or one operating in two localities to leverage the strengths of both, he added.

Jochen Biedermann, managing director of the World Alliance of International Financial Centers, said Vietnam should prioritize investments in software, digital infrastructure and human resource training to ensure the seamless operation of a financial center with a presence in two locations.

Andreas Baumgartner, CEO and founder of The Metis Institute, said the model should have unified management but preserve the distinct advantages and operational independence of the two locations.

Establishing an international financial center is seen as a transformative step in attracting high-quality financial resources, strengthening governance, boosting national competitiveness, and deepening Vietnam’s integration into the global financial system.

Binh affirmed the government’s commitment to developing a groundbreaking legal framework to maximize these opportunities.

"Vietnam will adhere to international laws and standards, encourage innovative activities and ensure distinctive, superior and attractive mechanisms for investors."

He added that policies would balance the interests of the state, investors and citizens while aligning with Vietnam’s management and governance capabilities.

Da Nang City Party Secretary Nguyen Van Quang described the international financial center as a "very new and challenging" but essential project for Vietnam.

He said the city has the necessary ecosystem, including both hard and soft infrastructure, to support the center’s operations.

HCMC vice chairman Nguyen Van dung said the city is reviewing policies, developing technical infrastructure and planning human resource training to support the financial center.

At the conference, executives of international financial organizations, businesses, investors, and partners promised cooperation, support and connections to ensure the successful development of the international financial center.