Legal Framework of the International Financial Center (Part 1)

I. LEGAL BASIS

1. Framework Legislation:

• Resolution No. 222/2025/QH15 on the International Financial Center in Vietnam

  (Issuing authority: National Assembly; Date of issuance: 27 June 2025; Effective date: 1 September 2025)

2. Implementing Regulations:

• Decree No. 323/2025/ND-CP on the establishment of the International Financial Center in Vietnam

• Decree No. 324/2025/ND-CP on financial policies applicable within the International Financial Center

• Decree No. 325/2025/ND-CP on labor, employment, and social security within the International Financial Center

• Decree No. 326/2025/ND-CP on land and environmental regulations within the International Financial Center

• Decree No. 327/2025/ND-CP on entry and residence policies for foreign nationals within the International Financial Center

• Decree No. 328/2025/ND-CP on the International Arbitration Center under the International Financial Center

• Decree No. 329/2025/ND-CP on banking licensing, foreign exchange management, anti-money laundering, and counter-terrorism financing within the International Financial Center

• Decree No. 330/2025/ND-CP on the establishment and operation of commodity exchanges within the International Financial Center

II. LEGAL OVERVIEW OF THE INTERNATIONAL FINANCIAL CENTER (“IFC”)

Issue Categories	Regulations
Operating Principles	The IFC is a unified legal entity operating in two locations: Ho Chi Minh City and Da Nang City.  All standards, regulations, procedures, operational rules, templates, and licensing criteria within the IFC are issued uniformly and applied simultaneously across both locations. Each location follows distinct product development orientations, leveraging its respective strengths while ensuring fairness and mutual support.
Development Orientation	1. IFC in Ho Chi Minh City:  - Oriented toward becoming an IFC with a comprehensive and diversified financial ecosystem;   - Provision of both traditional and advanced financial services;  - Leveraging synergies among financial services such as capital mobilization, investment, payments, issuance and trading of financial products, asset management, financial technology (fintech), green finance, and other financial services. 2. IFC in Da Nang City: - Oriented toward becoming a modern IFC closely integrated with innovation ecosystems, digital technologies, and sustainable finance, serving as a controlled sandbox for new financial models; - Pioneering the deployment and scaling of digital asset products, digital payments, specialized trading platforms and exchanges;  - Promoting supply chain finance, third-party services, and non-deposit-taking lending institutions to complement traditional financial markets, forming flexible, innovative, and specialized financial products.
Location and Administrative Boundaries	1. Ho Chi Minh City a) Area: approximately 898 hectares b) Location: within the administrative boundaries of Sai Gon Ward, Ben Thanh Ward, and Thu Thiem New Urban Area (An Khanh Ward), Ho Chi Minh City, with boundaries defined by Vo Van Kiet Street – Pho Duc Chinh Street – Nguyen Cong Tru Street – Nam Ky Khoi Nghia Street – Le Duan Street – Ton Duc Thang Street – Nguyen Huu Canh Street – Nhieu Loc–Thi Nghe Canal – Saigon River – Lan Anh Villa Area boundary – Tran Bach Dang Street – Tran Nao Street – northern and northeastern boundary of Thu Thiem New Urban Area – Road No. 7 – Ca Tre Creek – Saigon River – Vo Van Kiet Street. 2. Da Nang City: a) Area: approximately 300 hectares b) Location: An Hai Ward: 6.17 hectares comprising five land plots (A12, A13, A14, A15, and A*); A 20-story information technology building at Software Park No. 2, Hai Chau Ward (0.12 hectares); Land area northwest of the access road to Thuan Phuoc Bridge, Hai Chau Ward (9.7 hectares); Land plot at the intersection of Nhu Nguyet and Xuan Dieu Streets, Hai Chau Ward (1.98 hectares); Approximately 282 hectares within the proposed land reclamation area opposite Nguyen Tat Thanh Street.
Governance Structure	(i) IFC Governing Council    Bao gồm:    . Chairperson: Deputy Prime Minister Nguyen Hoa Binh   . Vice Chairpersons: Minister of Finance; Governor of the State Bank of Vietnam; Chairpersons of the People’s Committees of Ho Chi Minh City and Da Nang City.   . Members: Vice Ministers of the Ministry of Home Affairs, Ministry of Industry and Trade, and Ministry of Natural Resources and Environment. (ii) IFC Executive Authorities: IFC Executive Authority in Ho Chi Minh City, IFC Executive Authority in Da Nang City.
Functional Zones	The IFC comprises the following functional zones: Financial trading zone Banking services zone Securities exchange zone Commodity exchange zone Office zone Arbitration and court center Administrative zone of the IFC Other functional zones as prescribed
Business Lines and Sectors	- Priority business lines, products, and services of the IFC are specified in the Annex attached below. - The IFC Executive Authorities in Ho Chi Minh City and Da Nang City shall issue detailed regulations on priority sectors applicable within their respective jurisdictions, consistent with the prescribed list.
IFC Membership	Form 1: Membership Registration Organizations and enterprises may register as IFC Members upon meeting standards relating to financial capacity, reputation, and business activities aligned with the IFC’s development orientation. Form 2: Membership Recognition The following entities may request recognition as IFC Members without undergoing registration procedures: (i) Financial institutions, investment funds, or enterprises listed in the Fortune Global 500, or their direct parent companies (excluding banking, securities, and insurance institutions); (ii) Domestic financial institutions ranked among the top 10 enterprises by charter capital in their respective sectors (excluding banking, securities, and insurance). In both cases, entities must establish a legal entity as an IFC Member in accordance with regulations. Members are issued a unique identification code recorded in the IFC Membership Register. This identification code has legal validity equivalent to an enterprise registration number under the National Business Registration Information System.

PRIORITY BUSINESS LINES, PRODUCTS, AND SERVICES OF THE INTERNATIONAL FINANCIAL CENTER

(Attached to Decree No. 323/2025/ND-CP dated 18 December 2025)

Sector Groups	Business Lines
I. Development of IFC Infrastructure	Construction and operation of IFC infrastructure; Development of digital infrastructure, digital assets, financial logistics infrastructure, and cross-border payment and trading connectivity; Development of financial technology systems; Construction and operation of multi-asset depository, clearing, and settlement centers.
II. Green Finance and ESG Finance	Organization of markets and support services; trading in green and ESG debt and equity instruments; Organization of markets, support services, and trading of green/ESG ratings and sustainability indices; Provision of infrastructure and organization of domestic and international carbon credit trading markets; Insurance and reinsurance for natural disaster and climate risks; Financial services supporting sustainable tourism and green tourism infrastructure funds; Green and ESG credit rating services.
III. Commodity Markets, Commodity Derivatives, and International Trade Finance	Organization of markets and services for supply chain finance, trade finance, and ESG-linked finance; Trading in corporate financial products, including structured commodities and commodity derivatives; Insurance, reinsurance, and brokerage services for international trade, transportation, and maritime finance; Sandbox pilots for blockchain-based trade finance products; Credit provision including export/import loans, guarantees, letters of credit, factoring, discounting, and related services; Trading in international financial derivatives, including equity and index derivatives; Banking services in accordance with IFC regulations.
IV. Financial Technology (Fintech) and Innovation	Infrastructure and services for digital assets and decentralized finance; Securities trading infrastructure for SMEs and innovative startups; Regulatory technology (RegTech) services, including AML/CFT, KYC, data management, personal data protection, cybersecurity, and fraud management; Capital market and asset management platforms, including crowdfunding, personal finance, robo-advisory, and alternative trading platforms; Research and development of new financial products, including asset tokenization and stablecoins; Development of financing platforms for supply chain finance, receivables financing, and inventory-based financing; Corporate financing by non-deposit-taking lenders such as factoring companies, finance companies, and leasing companies; Digital banking infrastructure and services, including transfers, payments, integrated payments, digital lending, and buy-now-pay-later; Digital insurance (InsurTech) platforms and services;  Development of incubators, innovation centers, R&D hubs, climate tech, green tech, Web 3.0, quantum technology, and other emerging technologies;  Investment and development of digital industrial infrastructure.
V. Investment Funds and Asset Management Services	Fund management and administration services; Family offices, brokerage, and asset management services; Digital technology funds, green and ESG funds, and green tourism infrastructure funds; Venture capital, private equity, and hedge funds; Cross-border custody and fund administration services.
VI. Professional Support Services and Other Sectors	Legal compliance support services, including AML/CFT, KYC, data protection, cybersecurity, and fraud prevention; Credit rating, asset valuation, corporate disclosure, accounting, auditing, appraisal, and underwriting services; Risk consulting, market research, international portfolio management, and cross-border M&A advisory services; Legal services, international arbitration, financial and trade dispute resolution, tax services, international-standard financial advisory, and operational support services for financial institutions; Investment in financial and fintech education infrastructure, examination centers, and international certification bodies; Services related to compliance with financial crime prevention regulations, including FATF standards and related compliance activities.