On September 7, 2026, at Courtyard by Marriott Danang Han River Hotel, Da Nang City, the Conference on “Policy Discussions and Development of Financial Instruments” was officially opened. The Conference was organized by the Executive Agency of the International Financial Center in Da Nang City (VIFC-DN) in coordination with the International Finance Corporation.
Siglaw Firm was honored to attend the Conference, providing an opportunity to directly engage with in-depth discussions on policies, legal frameworks, and development trends of modern financial instruments in the context of Vietnam’s ongoing efforts to establish an International Financial Center.
Taking place from September 7 to September 11, 2026, the Conference brought together domestic and international delegates, experts, and speakers, along with representatives from regulatory authorities, financial institutions, fund management companies, securities companies, and legal consulting firms. It served as an important forum for promoting policy discussions, sharing practical experience, and learning from international practices, thereby contributing to the study and improvement of the legal framework and operational mechanisms for the International Financial Center in Vietnam.
Over the five-day working program, delegates focused on a wide range of key topics in modern finance, including public and private investment funds in international finance; secured transactions and new types of collateral; supply chain finance and commodity transactions; global carbon markets and climate finance; as well as orientations for developing digital carbon exchanges and asset tokenization. The topics discussed not only reflected emerging trends in international financial markets but also provided practical perspectives for building a modern, transparent financial ecosystem suited to Vietnam’s conditions.
The first day of the Conference focused on public investment funds, private investment funds, public funds, and various investment fund models in international finance. The presentation and discussion sessions provided in-depth analysis of the structures and operating mechanisms of each type of fund, while also considering them in relation to Vietnam’s legal framework, international practices, and the development orientation of the International Financial Center in Da Nang.
Attending the Conference provided Siglaw Law Firm with an opportunity to further strengthen its ability to stay updated on policies, expand professional connections, and gain practical perspectives to support its legal consulting activities, particularly in the fields of finance, investment, and legal matters related to the International Financial Center.
Public and Private Investment Funds in International Finance
The first session of the day was the presentation titled “Public and Private Investment Funds in International Finance,” delivered by Professor Nguyen Xuan Thao, Pendleton Miller Professor of Law and Director of the Asian Law Center at the University of Washington, Seattle.
The session provided an overview of the position and role of public and private investment funds within the international financial system. It focused on clarifying the characteristics, structures, and objectives of different fund models, while also examining how these models are established and operated in developed financial markets.
The discussion of international experience is particularly meaningful in the context of Vietnam’s development of an International Financial Center. It provides a basis for studying appropriate legal models and operational mechanisms, thereby gradually diversifying investment instruments and facilitating the connection between domestic capital and international sources of capital.
Investment Funds in Vietnam and the International Financial Center
Following the opening session, Mr. Ngo The Trieu, CEO of Optima Wealth Partners Vietnam, presented the topic “Investment Funds in Vietnam & the International Financial Center.”
The presentation focused on the current legal framework governing investment fund activities in Vietnam, while placing the existing regulations in comparative perspective with several developed financial markets around the world.
By identifying similarities, differences, and areas requiring further improvement in Vietnam’s legal environment, the presentation put forward policy recommendations aimed at enhancing the attractiveness of the market. One of the key priorities discussed was the development of a sufficiently favorable legal and policy environment to attract foreign investors, asset management organizations, and international capital flows to the International Financial Center in Vietnam.
The issues shared at the session were of practical significance to the development of VIFC-DN, as one of the key requirements is to establish a financial ecosystem capable of connecting with international financial centers and meeting the needs of global investors.
Public Investment Funds and OEF | CEF | UIT
The session titled “Public Investment Funds & OEF | CEF | UIT” was presented by Mr. Zhang Sheng, Investment Banking Director at Guotai Haitong Securities (Vietnam).
The presentation focused on common public investment fund models in international markets, including Open-End Funds (OEF), Closed-End Funds (CEF), and Unit Investment Trusts (UIT).
The analysis of these models helped clarify the differences in structure, capital mobilization methods, trading mechanisms, and investor rights among the different types of funds. This provides an important basis for assessing the potential development and diversification of public investment fund products in Vietnam as the capital market expands.
Practical Operations of Open-End Funds in Vietnam
Another notable topic on the first day was the session titled “Practical Operations of Open-End Funds in Vietnam – From Savings to Investment, Building Vietnam’s Open-End Fund Ecosystem for the Next Decade,” presented by Ms. Pham Thanh Huyen, Member of the Members’ Council and Deputy General Director of Vietcombank Fund Management.
The presentation focused on the practical operation of open-end funds in Vietnam, from product development and attracting investors to the role of open-end funds in connecting idle capital with investment activities.
In her presentation, Ms. Pham Thanh Huyen raised the question of how to promote the transition from savings to investment, thereby making more effective use of financial resources within society. At the same time, the session emphasized the importance of developing a large-scale and professional open-end fund ecosystem capable of better meeting the investment needs of individuals and institutional investors over the next decade.
Public Investment Funds: Establishment Registration, Compliance, Marketing and Related Tax Policies
The morning presentation and discussion session concluded with the topic “Public Investment Funds: Establishment Registration, Compliance, Marketing and Related Tax Policies,” presented by Mr. Phung Anh Tuan, Managing Lawyer at VCI Legal Law Firm.
From a legal and compliance perspective, the session focused on key issues that public investment funds need to consider during their establishment and operation, including establishment registration, compliance requirements, marketing activities, and relevant tax policies. Considering legal, operational, and tax aspects simultaneously provided a more comprehensive perspective on the operating mechanisms and requirements applicable to public investment fund models.
The presentation also highlighted issues requiring further research in the process of developing and improving the legal framework for investment fund models in Vietnam, particularly in the context of the International Financial Center being developed in Da Nang. This was also one of the notable topics concluding the morning session of the Conference, before delegates attended the luncheon and continued with the subsequent sessions.
Private Investment Funds: Structure, Purpose, Legal Framework and International Practices
The afternoon session opened with a presentation by Professor Nguyen Xuan Thao, Pendleton Miller Professor of Law and Director of the Asian Law Center at the University of Washington, Seattle, on “Private Investment Funds: Structure, Purpose, Legal Framework and International Practices.”
The presentation focused on clarifying the structure and purposes of private investment funds and related legal factors, while analyzing international practices in organizing and operating this type of fund.
In the context of Vietnam’s efforts to attract long-term international capital flows, private investment funds are considered one of the models that can play an important role in providing capital to businesses, projects, and sectors with growth potential. Therefore, studying international experience and developing an appropriate legal framework is significant to the development of Vietnam’s capital market.
Legal Environment and Regulatory Framework for Private Investment Funds
The next session was presented by Mr. Tran Anh Duc, Managing Lawyer at A&O Shearman, focusing on “Private Investment Funds: Legal Environment and Regulatory Framework.” The topic was approached from a legal perspective, focusing on groups of regulations relevant to the operation of private investment funds, including the Law on Enterprises, the Law on Securities, the role of state regulatory authorities, and mechanisms for law enforcement.
In addition to analyzing the relevant regulations, the presentation provided case studies to illustrate practical situations, thereby giving delegates a further basis for assessing the degree of alignment between legal regulations and the actual operations of private investment funds.
This topic was closely connected with the preceding discussion sessions, addressing the development of private investment funds in relation to fund structure, investment activities, compliance requirements, and state regulatory mechanisms.
Case Studies on the Operation of Private Equity Funds and Venture Capital Funds
Continuing the program, Professor Nguyen Xuan Thao presented the topic “Case Studies on the Operation of Private Equity Funds and Venture Capital Funds.” Through case studies, the session focused on clarifying the operating mechanisms of two important fund models: Private Equity Funds and Venture Capital Funds.
While private equity funds are generally associated with investments in businesses with growth potential or those requiring capital for expansion or restructuring, venture capital funds play an important role in providing capital to businesses, projects, and business models with innovation potential. Studying the practical operations of these two models can provide Vietnam with additional experience in designing policies to attract capital and develop the investment market.
Overview of Fund of Funds and Specialized Fund Models
The first day concluded with the session titled “Overview of the Fund of Funds Model: Real Estate Funds versus Real Estate Investment Trusts; Hedge Funds; Private Credit Funds,” presented by Mr. Zhang Sheng, Head of Investment Banking at Guotai Junan Securities Vietnam.
The session expanded the discussion to the Fund of Funds model, in which investors can gain exposure to an investment portfolio by investing in multiple funds. In addition, the presentation addressed several specialized fund models, including real estate funds, Real Estate Investment Trusts (REITs), hedge funds, and private credit funds.
Introducing a diverse range of fund models broadened the perspective on the ecosystem of investment instruments in international markets, while also raising issues for further study regarding the potential development and adaptation of these models to Vietnam’s legal, economic, and market conditions.
Summary of the First Working Day
The first working day of the Conference on Policy Discussions and Development of Financial Instruments focused on topics surrounding public and private investment funds, ranging from their structure, purposes, and legal frameworks to practical operations and international practices. In addition, experts discussed open-end funds, public investment funds, venture capital funds, and the Fund of Funds model, while analyzing the legal environment and policy orientations for developing the fund market in Vietnam and attracting international capital flows to the International Financial Center.
Through the presentations and discussions, the first working day provided diverse perspectives from domestic and international experts, helping clarify the opportunities, challenges, and requirements involved in further developing Vietnam’s financial ecosystem toward a modern, diversified model aligned with international practices.
As a member of the International Financial Center in Da Nang (VIFC-DN), Siglaw Firm was honored to attend and accompany the discussions and networking activities held as part of the Conference. Participating in the Conference provided Siglaw with an opportunity to stay updated on new policy orientations, contribute legal perspectives, and strengthen connections with experts, financial institutions, and the business community, thereby accompanying the development and growth of the financial ecosystem at VIFC-DN.
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