The appointment was formalized by Decision 1186, issued by prime minister Le Minh Hung on 6/7, which officially approved the establishment of the international financial center steering council in Vietnam.
Deputy prime minister Nguyen Van Thang will serve as the chairman. Deputy minister of finance Nguyen Thi Bich Ngoc has been appointed as the council's permanent vice chairman.
The three vice chairmen are: governor of the State Bank Pham Duc An, chairman of the People's Committee of TP HCM Nguyen Van Duoc, and chairman of the People's Committee of Da Nang Nguyen Manh Hung.
The council also includes 10 members, comprising leaders from various ministries and agencies: Ministry of National Defense, Ministry of Public Security, Ministry of Justice, Ministry of Home Affairs, Ministry of Industry and Trade, Ministry of Agriculture and Rural Development, Ministry of Science and Technology, Ministry of Foreign Affairs, Ministry of Education and Training, and the Government Office.
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Deputy prime minister Nguyen Van Thang speaks at a government meeting on 4/7. Photo: VGP. |
Deputy prime minister Nguyen Van Thang speaks at a government meeting on 4/7. Photo: VGP.
The decision mandates that the council will oversee the construction, operation, and development of the international financial center. It will also guide the creation of consistent institutional frameworks and policies to ensure the center operates independently, professionally, transparently, safely, and in line with international practices.
This body is also responsible for issuing strategies, roadmaps, and development plans for the international financial center, tailored to the specific conditions and needs of TP HCM and Da Nang. Its duties include coordinating efforts among ministries and localities, mobilizing resources, fostering international cooperation, and advising on the appointment and dismissal of the executive agency chairmen in both cities.
The Ministry of Finance will serve as the council's standing body. Its responsibilities include providing advice, monitoring the international financial center's operations, proposing policy mechanisms for developing new financial products, and addressing any emerging challenges or issues.
The international financial center in Vietnam was established under a National Assembly resolution on 27/6/2025. It operates on a "one center, two destinations" model, with locations in TP HCM and Da Nang. Both centers commenced official operations earlier this year.
Vietnam aims to sustain double-digit economic growth for many years, with the goal of becoming a high-income developed nation by 2045. The international financial center is considered an institutional breakthrough, crucial for mobilizing financial resources and high-quality human capital to achieve these ambitious growth targets.
Phuong Dung
