On 18 December 2025, the Vietnamese Government issued Decree No. 323\/2025\/ND-CP, on the establishment of Vietnam International Financial Center (IFC) (\u201cDecree 323\u201d). Decree 323, along with National Assembly Resolution No. 222\/2025\/QH15, marks a once-in-a-lifetime institutional breakthrough aimed at elevating Vietnam on the global financial map. Notable points:<\/p>\n
1. The “One Center, Two Locations” Model
\nDecree 323 establishes the Vietnam IFC as a unified legal entity operating across two strategic locations. While it is a single center with unified standards, each location has a distinct developmental focus:
\n1.\tHo Chi Minh City (HCMC): Developed as a large-scale, comprehensive financial hub with a focus on capital markets and traditional financial ecosystems.
\n2.\tDa Nang City: Developed as a modern hub integrated with innovation, digital technology, and logistics-linked finance.<\/p>\n
2. Strategic Footprint in Ho Chi Minh City
\nThe HCMC IFC is designed to be the “Wall Street of Southeast Asia,” spanning approximately 898 hectares in Saigon Ward, Ben Thanh Ward, and the Thu Thiem New Urban Area.<\/p>\n
3. Prioritized Business Activities
\nDecree 323 explicitly lists the sectors and services that will receive priority for development and licensing within the IFC.
\n1.\tIFC Infrastructure Development
\n1.\tConstruction and operation of IFC physical infrastructure;
\n2.\tDevelopment of digital infrastructure, digital assets, financial logistics infrastructure, payment connectivity, and cross-border transactions;
\n3.\tDevelopment of fintech ecosystems;
\n4.\tConstruction and operation of multi-asset depository, clearing, and settlement centers.
\n2.\tGreen Finance and Environmental, Social, and Governance (ESG)
\n1.\tMarket organization, market support services, and trading of green and ESG debt and equity instruments, as well as green\/ESG financial products;
\n2.\tMarket organization, market support services, and trading of green assessment products, ESG ratings, and sustainability indices;
\n3.\tProvision of infrastructure, registration, depository, clearing, and settlement services; organization of domestic and international carbon credit trading markets;
\n4.\tInsurance and reinsurance for natural disasters and climate change risks;
\n5.\tProvision of financial services supporting sustainable tourism and green tourism infrastructure funds;
\n6.\tProvision of green credit rating services, ESG ratings, and sustainability indices.
\n3.\tCommodity Markets, Derivatives, and International Trade Finance
\n1.\tMarket organization, market support services, and provision of supply chain finance solutions, trade finance, and ESG-related services;
\n2.\tCorporate financial products, including trade finance, structured commodities, and commodity derivatives;
\n3.\tInternational trade insurance, reinsurance, brokerage, maritime transport insurance, and maritime finance;
\n4.\tRegulatory sandbox pilots for blockchain-based trade finance products;
\n5.\tCredit extension, including import-export loans, bank guarantees, letters of credit (L\/C), factoring, discounting, and ancillary services;
\n6.\tTrading of international financial derivatives, including equity and index derivatives;
\n7.\tBanking services as prescribed for the International Financial Center.
\n4.\tFintech and Innovation
\n1.\tProvision of infrastructure and trading of digital asset products, services, and decentralized finance (DeFi);
\n2.\tProvision of securities trading infrastructure for SMEs and innovative startups;
\n3.\tRegulatory Technology (RegTech) solutions, including: Anti-Money Laundering and Countering the Financing of Terrorism (AML\/CFT); Know Your Customer (KYC) and Know Your Business (KYB); data management; personal data protection; cybersecurity; and fraud management;
\n4.\tInfrastructure, platforms, and services related to capital markets and fund management, including crowdfunding, personal finance, wealth management technology (WealthTech), robo-advisory, and alternative trading systems (ATS);
\n5.\tResearch into emerging financial products: asset tokenization and stablecoins;
\n6.\tDevelopment and provision of financing platforms, including supply chain finance, accounts receivable financing, and inventory-based financing;
\n7.\tDevelopment of corporate financing by non-depository lending institutions, including factoring, finance, and financial leasing companies;
\n8.\tProvision of digital banking infrastructure, platforms, and services, including: remittances, payments, integrated payments, digital lending, and Buy Now Pay Later (BNPL);
\n9.\tProvision of InsurTech infrastructure, platforms, and services, including open insurance, embedded insurance, insurance lifecycle innovation, and cyber insurance;
\n10.\tDevelopment of incubators, innovation hubs, and R&D centers focusing on ClimateTech, GreenTech, Web 3.0, quantum technology, and other disruptive technologies;
\n11.\tInvestment in and construction of digital technology industrial infrastructure.
\n5.\tInvestment Funds and Asset Management Services
\n12.\tFund management, fund administration, fund certificates, and collective investment schemes;
\n13.\tFamily office services, brokerage, and private\/institutional wealth management;
\n14.\tDigital technology funds, green funds, ESG funds, and green tourism infrastructure investment funds;
\n15.\tVenture capital (VC), private equity (PE), and hedge funds;
\n16.\tCross-border fund depository and administration services.
\n6.\tProfessional Support Services and Other Sectors
\n17.\tCorporate compliance support services, including: AML\/CFT, KYC\/KYB, data analytics and management, personal data protection, cybersecurity, and fraud management;
\n18.\tCredit rating services, asset valuation, corporate disclosure services, accounting and auditing, and due diligence and certification services;
\n19.\tRisk advisory, market research, and international portfolio management; cross-border Mergers and Acquisitions (M&A) advisory;
\n20.\tLegal services, international arbitration, and financial\/commercial dispute resolution; tax services and financial consultancy based on international standards; operational support for financial institutions;
\n21.\tInvestment in infrastructure for financial and fintech training, examination centers, and international certification bodies;
\n22.\tServices related to financial crime compliance, such as: AML\/CFT measures; FATF (Financial Action Task Force) recommendations; and other related compliance activities.<\/p>\n
4. Governance & “One-Stop” Administration
\n1.\tUnified Regulation: All standards, licensing criteria, and operational rules are applied simultaneously at both HCMC and Da Nang sites to ensure consistency.
\n2.\tThe Executive Agency: HCMC has established a dedicated Executive Agency to act as the single point of contact for investors, streamlining the “one-stop-shop” mechanism for administrative procedures.
\n3.\tInvestors looking to participate must apply for IFC Membership, which grants access to the specialized legal regime.<\/p>\n
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\nPlease do not hesitate to contact Dr. Oliver Massmann at omassmann@duanemorris.com if you have any questions. Dr. Oliver Massmann is the General Director of Duane Morris Vietnam LLC.<\/p>\n","protected":false},"excerpt":{"rendered":"
On 18 December 2025, the Vietnamese Government issued Decree No. 323\/2025\/ND-CP, on the establishment of Vietnam International Financial Center (IFC) (\u201cDecree 323\u201d). Decree 323, along with National Assembly Resolution No. 222\/2025\/QH15, marks a once-in-a-lifetime institutional breakthrough aimed at elevating Vietnam on the global financial map. Notable points: 1. The “One Center, Two Locations” Model Decree … <\/p>\n