Hanoi (VNA) – Vietnam aims to complete preparations for its international financial centre in Ho Chi Minh City and Da Nang in October and attract initial transactions in November, Deputy Prime Minister Nguyen Van Thang said at a meeting on October 22.
Thang, who is also Chairman of the Executive Council of the Vietnam International Financial Centre (VIFC), presided over the council’s fourth meeting in Hanoi, calling for coordinated efforts to ensure the centre operate effectively, safely and in line with the planned schedule.
He tasked the operating agencies in both cities with completing the necessary conditions in October and working directly with financial institutions and investors to attract members and generate transactions in November, while ensuring legal compliance and financial security.
According to reports presented at the meeting, the Ministry of Finance (MoF) has worked with relevant agencies to advise the Government on consolidating the executive council, issuing a development plan for the international financial centre through 2035, and finalising their operating regulations. The operating agencies in both cities have also agreed on application forms for membership registration and recognition.
The two cities have approved staffing arrangements and allocated personnel, funding, offices and technology infrastructure. They have also promoted investment overseas, with banks, securities companies, asset management organisations and investors signing memoranda of understanding, making commitments or submitting applications.
To prepare for initial transactions, MoF leaders have held direct discussions with commercial banks and financial institutions to identify deals that could be implemented soon.
At the meeting, representatives of the operating agencies in Ho Chi Minh City and Da Nang reported on progress and received feedback from ministries and agencies. The MoF proposed standardising operational procedures, one-stop services, membership criteria, reporting requirements, coordination between the two locations and the division of financial products between them.
Concluding the meeting, Thang praised the efforts made by ministries, agencies and the two cities, while urging them to accelerate outstanding tasks and resolve delays and bottlenecks.
He instructed the MoF to coordinate with the State Bank of Vietnam and relevant agencies to clearly define their respective responsibilities and powers, ensuring effective inspection, supervision and risk control without overlapping duties. Supervisory bodies must become operational before substantive transactions begin, Thang noted.
He also called for progress reports on the establishment of an arbitration centre and a specialised court, urging relevant agencies to bring these institutions into stable operation as soon as possible.
Regarding new financial products, Thang said products traded at international financial centres across the world could be considered for Vietnam if they suited local conditions and the country's capacity to manage risks.
In the initial phase, the MoF will work with the two cities to develop selected products and transactions in consultation with investment funds, investors and businesses. Priority will be given to transactions that connect capital providers with borrowers and support medium- and long-term funding needs.
Thang stressed the need for flexibility, practical implementation and timely adjustments rather than rigidly adhering to the initial product list.
He also directed ministries and agencies to promptly address proposals from the operating agencies and the MoF, review relevant regulations and propose necessary amendments, using expedited procedures where permitted by law. The aim is to prevent institutional obstacles from delaying products and transactions that are ready for implementation./.
VNA
See more
Vietjet, Satair partner to strengthen aviation supply chains
With the foundation of the Integrated Material Services (IMS) programme that currently supports Vietjet's Airbus fleet, the two companies aim to expand materials management solutions, apply digital technologies and optimise resources to improve operational efficiency and strengthen resilience to supply chain disruptions.
Vietnam, EU seek to deepen economic and trade ties
Since establishing diplomatic relations on November 28, 1990, Vietnam and the EU have developed increasingly close ties. The upgrade to the Comprehensive Strategic Partnership during President of the European Council António Costa's visit to Vietnam in January 2026 marked a historic milestone, making Vietnam the first ASEAN member state to establish the highest-level partnership framework with the EU.
Petrol prices fall further, diesel prices rise
E5 RON92 petrol was capped at 25,361 VND (0.98 USD) per litre, down 1,610 VND, while E10 RON95-III fell by 1,816 VND to 25,213 VND per litre.
More measures needed to boost private investment in R&D
The resolution calls on private enterprises to become leading forces in core technology development. However, high investment costs, commercialisation risks and legal uncertainties continue to discourage businesses, particularly small- and medium-sized enterprises (SMEs), from investing in R&D.
Vietnam’s shrimp exports hit 3.7 billion USD in nine months
The figure represented an 11% year-on-year increase, slowing from the 14% growth recorded in the first half of the year.
Colon Free Zone offers Vietnamese goods gateway to Latin America
Using the zone as a distribution hub could help businesses reach customers more easily, but they should carefully assess market demand, operating costs and sales potential before deciding to invest.
Institutional reforms provide boost for business growth
Institutional reform should go beyond reducing red tape to build business confidence and encourage companies to invest and expand operations.
VEFTA opens up new export opportunities for Vietnamese goods
While the agreement awaits entry into force, businesses are recommended to review tariff schedules, product-specific origin requirements, the costs of origin certification, quality testing and compliance with importers’ standards. Early preparation will help them make effective use of the new opportunities.
Vietnamese localities seek to deepen cooperation with Hungary
A delegation from Tay Ninh and Thanh Hoa visited Hungary from October 16–19 to showcase the two provinces’ potential, strengths and investment environments, and explore cooperation opportunities with Hungarian partners.
Reference exchange rate edges down on October 22
With the current trading band of ±5%, the ceiling rate applicable to commercial banks stood at 26,914 VND/USD, while the floor rate was 24,350 VND/USD.
Phu Quoc accelerates infrastructure development for APEC 2027
Provincial leaders have conducted regular field inspections to address bottlenecks involving land allocation, counterpart funding and construction material supplies amid the rainy season.
VinaCapital, A.P. Moller Capital sign MoU to target Vietnam logistics
The deal reflects both companies’ commitment to supporting Vietnam’s logistics sector and bolstering economic and investment ties between the two countries.
Vietnam announces priorities for APEC Finance Ministers’ Process 2027
The priorities are strengthening capital markets to mobilise private capital for innovative businesses, promoting data-driven finance to improve access to capital for micro, small and medium-sized enterprises (MSMEs), diversifying financial resources for development, and enhancing the capacity of young people in the financial sector.
Project proves effective in promoting smart factory development in southern Vietnam
Smart factories can help improve productivity, product quality and production management, while enabling businesses to participate more deeply in global supply chains, experts and enterprises said at a conference in Ho Chi Minh City on October 21.
Autumn Economic Forum to connect resources for new growth drivers in Vietnam
The event is designed as a platform for dialogue among governments, businesses, investors and experts on emerging global growth centres and opportunities for international cooperation.
Vietnam steps up stock market reforms following FTSE Russell upgrade
As of September 30, 2026, the stock market’s capitalisation reached 10.3 quadrillion VND (398.2 billion USD), equivalent to 80.2% of estimated GDP in 2025. The number of investor accounts rose from around 3,000 in 2000 to nearly 14.1 million or 13.8% of the population at the end of September 2026, exceeding the target of 11 million accounts by 2030.
Lending rates cut by up to 3%, to lower borrowing costs for businesses and priority sectors
The moves respond to the requests by the Government and the State Bank of Vietnam (SBV) to lower borrowing costs for businesses and priority sectors.
Vietnam, World Bank Group step up cooperation ahead of APEC 2027
Vietnam and the World Bank Group (WBG) have agreed to strengthen cooperation in preparation for APEC 2027, with a focus on policy priorities, support for micro, small and medium-sized enterprises (MSMEs), and technical assistance.
Vietnam, Belgium expand cooperation, tap trade, investment potential
The official visit to Belgium by General Secretary of the Communist Party of Vietnam Central Committee and President To Lam is expected to provide fresh impetus for cooperation in trade, investment, science and technology, innovation, high-quality human resources training, logistics and green growth.
Ca Mau shrimp festival expected to attract up to 10,000 visitors
The second Ca Mau Shrimp Festival, scheduled for November 21–23, is expected to attract 8,000–10,000 visitors, promoting the southernmost province’s shrimp industry, trade and tourism.