A National Ambition to Reform Finance and Fuel Growth
Vietnam is one of Asia’s most dynamic economies, with manufacturing-led growth creating jobs, lifting incomes and integrating the country into global trade. As the economy continues to mature, there is an opportunity to build on these foundations by strengthening higher-value services, skills and innovation. This shift will help sustain growth, raise productivity and support long-term economic resilience.
To reach the next stage of development, Vietnam needs to channel new capital, attract global talent and build a stronger service economy that creates higher-skilled, better-paid jobs that keep more value inside the country. One of the things that will help the country achieve this is the creation of the Vietnam International Financial Centre (VIFC).
Based in Ho Chi Minh City and Da Nang, the VIFC is both a landmark project and a strategic shift in Vietnam’s economic model. It is designed to modernise the country’s financial system, connect Vietnam more closely to global capital, and support long-term growth through higher-value jobs, investment and innovation to deliver better services and new opportunities to citizens. Ho Chi Minh City will continue to deepen and broaden its offering of capital-market services to meet the rising demand of a rapidly evolving regional economic and trade hub. Meanwhile, Da Nang will develop an innovation-oriented financial centre, focusing on regulatory sandboxes for fintech and digital assets, as well as sustainable and trade finance.
Turning Ambition Into Action
Since 2023, TBI has worked closely with Vietnam’s IFC Steering Committee to help shape this ambitious reform. We supported the government in designing the legal, regulatory and institutional foundations for the IFC, from investment incentives to sectoral priorities.
Our team facilitated study visits to global financial centres including London, Luxembourg, Frankfurt, Dubai and Abu Dhabi. These exchanges gave senior leaders, including the deputy prime minister and officials from the Ministry of Finance, access to international insights that informed the centre’s design and strategic partnerships. We also facilitated partnerships with global investors and expert organisations to embed international best practices, and we are now supporting the development of operational guidelines that will make the IFC a reality.
Why It Matters
The success of the VIFC could reshape Vietnam’s financial architecture and accelerate its shift towards a more resilient, innovation-driven economy. For citizens, this would mean new opportunities, including better access to financial services, more skilled jobs and faster-growing cities.
Reforms on this scale take vision and technical support. TBI is proud to play a part in helping Vietnam deliver its financial future.
This was originally posted to Institute Insights, where TBI experts bring to life our work enabling political leaders to drive change that transforms lives.