On July 24, 2026, the Executive Council of the International Financial Centre (IFC) in Vietnam issued Decision No. 05/QD-HDDDTTTC promulgating the Regulations on the Operation of the International Financial Centre in Vietnam. This is an important legal document aimed at concretizing the provisions of Resolution No. 222/2025/QH15 and the Government’s guiding decrees, while completing the organizational, management, and operational framework of the IFC in Vietnam.
In the following article, Siglaw will provide updates on the key provisions of the Regulations and analyze their significance for organizations, businesses, and investors interested in the IFC in Vietnam.
What contents are regulated under the Regulations on the Operation of the IFC?
The Regulations consist of 07 chapters and 25 articles, providing comprehensive provisions on the organization and operation of the IFC in Vietnam, focusing on the following key areas:
Regulations on the organization and operation of the International Financial Centre’s Executive Agency
One of the core contents of the Regulations is the establishment of the organizational and operational mechanism of the Executive Agency of the IFC in Ho Chi Minh City and Da Nang City. This is a specialized administrative body under the city-level People’s Committee, responsible for directly managing and operating the activities of the International Financial Centre within its jurisdiction, while performing assigned functions, tasks, and powers under Resolution No. 222/2025/QH15 and relevant legal documents.
Notably, the Regulations set out principles for handling issues arising during the management and operation process where existing laws do not provide specific provisions or where different interpretations exist. In such cases, the Executive Agencies in each city are responsible for leading the consolidation of opinions from ministries, sectors, and relevant authorities to report to the Executive Council for consideration, decision-making, or submission to competent authorities for resolution.
This provision contributes to ensuring consistency in management while creating a flexible mechanism for handling new financial models and specialized activities of the International Financial Centre.
Responsibilities of the Executive Agency
According to Article 4 of the Regulations, the Executive Agencies in each city are assigned a number of important responsibilities to develop and operate the IFC, including:
- Promoting international cooperation and investment promotion activities; organizing activities to promote the image of the International Financial Centre; participating in global financial centre networks; conducting research, exchanging information, and implementing programs to attract high-quality human resources and international financial institutions;
- Developing development strategies and plans; submitting annual work programs to the city-level People’s Committee for approval; and, based on strategies issued by the Executive Council, establishing development roadmaps for the International Financial Centre suitable to the conditions of each locality;
- Monitoring, evaluating, and reporting on operations; periodically or upon request reporting to the Executive Council and the city-level People’s Committee on operational results, difficulties, obstacles, and proposals for improving relevant mechanisms, policies, and legal regulations.
Powers of the Executive Agency
In addition to management responsibilities, the Regulations also grant the Executive Agency various powers to ensure proactive operation of the IFC.
The Executive Agency is entitled to engage domestic and international organizations and experts to provide services including legal consultancy, development strategy consultancy, investment promotion, high-quality human resource development, technical standard development, operation of information technology systems, electronic one-stop administrative systems, and other services supporting the activities of the International Financial Centre.
In addition, the Executive Agency has the authority to:
- Establish appraisal councils, advisory groups, expert teams, and specialized committees to support appraisal, licensing, and management of activities within the International Financial Centre;
- Coordinate with ministries and sectors in immigration-related matters to support investors, experts, and foreign individuals working at the International Financial Centre;
- Decide on the organization of research activities, training programs, conferences, seminars, dialogues, and international cooperation activities;
- Issue financial management regulations, internal spending regulations, regulations on receiving and using sponsorships, and other internal regulations within its authority.
The clear definition of the functions, responsibilities, and powers of the Executive Agency under the Regulations plays a particularly important role in establishing a unified governance model for the International Financial Centre in Vietnam.
Regulations on the Financial Mechanism of the IFC
In addition to provisions on the organization and operation of the Executive Agency, the Regulations dedicate Chapter III to establishing the financial mechanism of the International Financial Centre.
Revenue Sources, Expenditure Items, and Financial Management
According to Article 6 of the Regulations, the revenue sources, use of revenues, and expenditure items of the International Financial Centre shall be implemented in accordance with Articles 15, 16, and 17 of Decree No. 323/2025/ND-CP, while also complying with the Financial Management Regulations, Internal Spending Regulations, and other regulations issued by the Executive Agencies in each city.
Financial management must ensure compliance with the principles of applying laws to the International Financial Centre and the operating mechanism of a specialized administrative authority.
Notably, the Regulations grant the Executive Agencies in each city the authority to decide on the allocation and use of lawful financial resources to serve the management, operation, investment, and development of the International Financial Centre in accordance with Resolution No. 222/2025/QH15. This provision enhances flexibility and autonomy in mobilizing and utilizing resources, rather than relying entirely on traditional budget allocation mechanisms.
In addition, the Regulations provide specific provisions on business trip expenses and domestic and international hospitality expenses, ensuring compliance with regulations issued by the Ministry of Finance while meeting the requirements for attracting investors and international partners during the development of the International Financial Centre.
Management of Public Assets and Resource Utilization
Article 7 of the Regulations provides that the Executive Agencies in each city may use public assets allocated or received from the State to serve the operations of the IFC.
For these assets, the Executive Agencies are not required to prepare a Scheme for the use of public assets for business purposes, leasing, joint ventures, or cooperation, as normally required under public asset management regulations. This represents a special mechanism designed to facilitate the effective utilization of resources for the development of the International Financial Centre.
Furthermore, the exploitation and utilization of assets may be carried out through direct negotiation with agencies, organizations, investors, or Members wishing to use such assets, based on previously developed utilization plans. This approach helps shorten administrative procedures while ensuring transparency, accountability, and efficiency in public asset management.
Support Mechanism for the International Arbitration Centre
Another notable provision under Chapter III is Article 8, which establishes a support mechanism for the International Arbitration Centre under the International Financial Centre.
Accordingly, the International Arbitration Centre may be considered for the allocation of office premises within the International Financial Centre and may receive support for equipment and operational funding depending on local budget capacity.
The funding support shall be implemented in accordance with Article 15 of Decree No. 323/2025/ND-CP. The management and use of such funding must ensure proper purposes, transparency, accountability, and efficiency.
Mechanisms for Investor and Contractor Selection
One of the notable new features of the Regulations is the detailed establishment of mechanisms for selecting investors and contractors for projects within the IFC.
Instead of merely referring generally to investment and bidding laws, the Regulations clearly specify cases where special mechanisms under Resolution No. 222/2025/QH15 and relevant guiding decrees shall apply. This provides a legal foundation for accelerating the implementation of key projects while ensuring transparency, openness, and compliance with applicable authority requirements.
Direct Appointment of Investors for Certain Projects
According to Article 9 of the Regulations, certain projects within the International Financial Centre may apply the investor appointment mechanism, including:
- Investment projects implemented under the public-private partnership (PPP) model that fall within cases eligible for investor appointment under PPP regulations;
- Business investment projects eligible for investor appointment under bidding regulations;
- Projects developing technical infrastructure and social infrastructure of the International Financial Centre in accordance with Decree No. 324/2025/ND-CP.
Investor Selection in Special Cases
In addition to the investor appointment mechanism, Article 10 of the Regulations also provides for investor selection mechanisms in special cases.
Accordingly, this mechanism applies to:
- Certain PPP projects classified as special cases under relevant laws;
- Business investment projects falling under special cases regulated by the Law on Bidding;
- Infrastructure projects using non-state budget capital of the International Financial Centre under Resolution No. 222/2025/QH15.
Contractor Selection Mechanism
Article 11 of the Regulations provides mechanisms for contractor selection for infrastructure projects within the International Financial Centre.
Accordingly, for bidding packages under infrastructure projects of the International Financial Centre, the following methods may be applied:
- Direct appointment of contractors in cases permitted by law;
- Contractor selection in special cases;
- Other contractor selection methods in accordance with the Law on Bidding.
Notably, for project bidding packages that do not use state budget funds and are outside the scope of regulation of the Law on Bidding, the Executive Agencies in each city are entitled to proactively decide on procurement activities, provided that the principles of transparency, openness, efficiency, and accountability are ensured.
Registration, Recognition, and Termination of Membership Status in the International Financial Centre
Unlike the conventional business management model, participation in activities within the IFC is carried out through a registration process and requires recognition of Member status by the Executive Agency. This serves as the legal basis for organizations to access special mechanisms and policies, as well as to conduct business, investment, and service provision activities within the International Financial Centre in accordance with Resolution No. 222/2025/QH15 and relevant guiding documents.
Registration and Recognition of Members
According to Article 12 of the Regulations, organizations wishing to operate within the International Financial Centre must complete Member registration procedures with the Executive Agency in Ho Chi Minh City or Da Nang City, depending on the location where their activities are implemented.
The registration process must satisfy the conditions stipulated in Resolution No. 222/2025/QH15, Decree No. 323/2025/ND-CP, and relevant sector-specific regulations applicable to each business field. After the application dossier is reviewed and all required conditions are satisfied, the Executive Agency will issue a decision recognizing the organization’s Member status.
Changes to and Termination of Member Status
The Regulations also provide specific provisions on cases involving changes to registration information, suspension of operations, or termination of Member status.
Accordingly, Members are responsible for notifying the Executive Agency of any changes relating to their name, address, business sectors, legal representative, or other important information. At the same time, Member status may be terminated in cases such as voluntary termination of operations, failure to continue satisfying legally required conditions, or falling under cases subject to revocation by competent authorities.
Rights and Obligations of Members
After being recognized, Members are entitled to participate in investment, business, and service provision activities within the International Financial Centre within the scope of their registered operations. They are also entitled to benefit from preferential mechanisms, policies, and support measures under Resolution No. 222/2025/QH15 and relevant guiding documents.
Alongside these rights, Members must fully perform obligations including:
- Complying with the laws of Vietnam and the Regulations on the Operation of the International Financial Centre;
- Maintaining operational conditions prescribed under relevant specialized regulations;
- Implementing reporting obligations and providing information upon request from the Executive Agency and competent authorities;
- Complying with inspection, examination, supervision activities, and financial obligations as required by law.
Conditions Applicable to Different Groups of Organizations Operating within the IFC
A notable feature of the Regulations is the separate provisions applicable to different groups of organizations operating within the International Financial Centre.
Accordingly, credit institutions, foreign banks, insurance enterprises, reinsurance enterprises, investment funds, fund management companies, asset management companies, financial service providers, FinTech enterprises, and other financial institutions applying for Member status must simultaneously satisfy:
- Conditions prescribed under Resolution No. 222/2025/QH15;
- Conditions prescribed under Decree No. 323/2025/ND-CP;
- Operational conditions under corresponding specialized laws.
The establishment of separate conditions for each group of entities aims to ensure that only organizations with sufficient financial capacity, governance capability, risk management systems, and legal compliance conditions are permitted to operate within the International Financial Centre.
Coordination Mechanism Among Authorities in the Management and Operation of the International Financial Centre
Coordination Between Executive Agencies in Different Cities
Under the Regulations, the Executive Agencies in Ho Chi Minh City and Da Nang City are responsible for regularly exchanging information and coordinating in the process of managing and implementing assigned tasks to ensure consistency in the application of mechanisms and policies applicable to the International Financial Centre.
This coordination is not limited to administrative activities but also includes sharing management experience, cooperating in investment promotion, attracting Members, developing high-quality human resources, and handling issues arising during operations.
This mechanism helps prevent inconsistent policy implementation between the two localities while establishing a unified operational standard for the International Financial Centre.
Coordination Between Executive Agencies and the Supervisory Authority
The Regulations also establish coordination responsibilities between the Executive Agencies and the Supervisory Authority, ministries, ministerial-level agencies, and competent state authorities in managing activities of the International Financial Centre.
Accordingly, the relevant authorities are responsible for:
- Exchanging and providing information for management purposes;
- Coordinating inspection, examination, and supervision of Members’ activities;
- Providing timely guidance or handling issues arising in relation to legal application;
- Proposing improvements to mechanisms and policies applicable to the International Financial Centre.
This mechanism ensures synchronized management across various sectors, including investment, finance, banking, securities, insurance, taxation, customs, labor, and other specialized fields.
Coordination with Local Specialized Agencies
In addition to coordination at the central level, the Regulations require departments, agencies, and specialized bodies under the People’s Committees of Ho Chi Minh City and Da Nang City to closely coordinate with the Executive Agencies in performing state management functions.
Such coordination focuses on areas including:
- Handling administrative procedures;
- Providing data and information;
- Supporting investment activities;
- Managing land, construction, labor, immigration, and other areas related to the operation of the International Financial Centre.
This serves as a foundation for effectively implementing the “one-stop” mechanism and reducing processing time for procedures of businesses and investors.
Coordination Between Executive Agencies and Central Ministries and Agencies
The Executive Agencies in each city are responsible for coordinating with central ministries and agencies in implementing state management requirements; providing timely information and reports; and developing systems for data connection and sharing to support management, supervision, and market analysis.
When difficulties or obstacles arise during operations, the Executive Agencies are responsible for reporting and proposing solutions to relevant ministries and agencies.
Central ministries and agencies shall coordinate with the Executive Agencies in:
- Developing regulations, procedures, and professional guidance;
- Researching and proposing special mechanisms and policies to improve operational efficiency;
- Providing guidance on reporting contents, forms, and deadlines;
- Supporting the resolution of issues arising during operations.
Both parties shall perform other coordination tasks in accordance with legal regulations and requirements of competent authorities.
Responsibilities for Implementation and Significance of Issuing the Regulations
Chapter VII of the Regulations provides provisions on implementation responsibilities and enforcement, thereby clearly defining the responsibilities of relevant entities to ensure consistent implementation of the Regulations in practice.
Responsibilities for Implementation
Under the Regulations, the Executive Agencies in Ho Chi Minh City and Da Nang City, Members of the International Financial Centre, and relevant agencies, organizations, and individuals are responsible for fully implementing the provisions of the Regulations in accordance with their assigned functions, duties, and authorities.
During implementation, relevant authorities are responsible for:
- Coordinating the implementation of tasks within their management scope;
- Carrying out reporting obligations as prescribed;
- Providing guidance on implementation of matters within their authority;
- Promptly reporting difficulties, obstacles, or proposing amendments and supplements when issues arise that are not yet regulated or require adjustment to better suit practical circumstances.
Significance of Issuing the Regulations on the Operation of the International Financial Centre
The issuance of the Regulations on the Operation of the IFC in Vietnam by the Executive Council represents an important step in concretizing Resolution No. 222/2025/QH15 and relevant implementing decrees.
Rather than only establishing general principles regarding mechanisms and policies, the Regulations create a detailed legal framework covering:
- Organizational structure;
- Financial mechanisms;
- Investor selection mechanisms;
- Member management;
- Coordination mechanisms among authorities during the operation of the International Financial Centre.
The Regulations therefore provide an important foundation for the establishment and operation of the International Financial Centre in Vietnam, contributing to improving the investment environment, attracting international financial institutions, investors, and high-quality human resources, while supporting Vietnam’s goal of developing a modern and internationally integrated financial hub.
Conclusion
The issuance of the Regulations on the Operation of the IFC in Vietnam by the Executive Council marks an important milestone in the process of completing the legal framework to realize the goal of establishing an International Financial Centre in accordance with Resolution No. 222/2025/QH15.
The Regulations not only concretize the organizational, management, and operational mechanisms of the Centre but also establish detailed provisions on financial mechanisms, investment activities, Member recognition, inter-agency coordination, and responsibilities of participating entities. Thereby, the Regulations create a stable, transparent legal foundation that is aligned with international practices.
Customers seeking detailed consultation on the Regulations on the Operation of the International Financial Centre or related legal mechanisms are invited to contact Siglaw Firrm for prompt and in-depth support.
Head Office in Hanoi: 44/A32 – NV13, Geleximco Area A, Le Trong Tan Street, Tay Mo Ward, Hanoi City.
Southern Branch: 103-105 Nguyen Dinh Chieu Street, Xuan Hoa Ward, Ho Chi Minh City.
Central Branch: VIFC DN – ICT Building, Software Park No. 2, Nhu Nguyet Street, Hai Chau Ward, Da Nang
Email: vp@siglaw.com.vn
Hotline: (+84)961 366 238
Facebook: https://www.facebook.com/hangluatSiglaw
