This proposal is outlined in the draft decree on financial policies within international financial centers, currently under public consultation by the Ministry of Finance. 5 trillion VND is the minimum charter capital and equity for domestic securities companies. For foreign investors, the minimum is expected to be 190 million USD.
Besides capital requirements, domestic and foreign securities companies must have a continuous operating history, no accumulated losses, and two consecutive years of profitable business before applying for a license to establish a member unit in the financial center. They must also ensure the newly established organization has at least 800 billion VND in charter capital, a general director, and 10 personnel with securities practice certificates.
According to the draft, these organizations can engage in various activities such as brokerage, investment consulting, proprietary trading, underwriting, and investment fund management. However, they are not allowed to directly or indirectly provide financial services, support services, or financial products to customers outside the administrative boundaries of the financial center.
Earlier this year, several securities companies expressed their anticipation for specific regulations and guidance on securities trading within the financial centers. During their annual meeting in mid-April, SSI Securities Corporation's leadership announced the formation of a research team to closely monitor the guidance from ministries and sectors to assess investment and business opportunities. They view this as a significant opportunity due to the openness and flexibility of the financial centers for both traditional financial products, digital finance, and commodity trading.
"While the financial center is still taking shape, SSI is meeting with major financial institutions to understand their needs and desires. From there, we will equip ourselves to meet these needs as soon as the financial center officially launches," SSI Chairman Nguyen Duy Hung shared at the time.
On 27/6, the National Assembly passed a resolution on the development of international financial centers in Vietnam with over 93.5% of delegates in favor. The resolution, effective from 1/9, directs the establishment of financial centers in Ho Chi Minh City and Da Nang, with a unified management mechanism but developing specific products according to each locality's strengths.
Ho Chi Minh City will focus on capital markets, banking, currency, fintech sandboxes, and specialized exchanges. Da Nang will develop green finance, financial technology, digital services, and pilot new models such as digital assets and digital currencies under controlled conditions, while allowing the establishment of new trading platforms and exchanges. Mid-this month, Deputy Prime Minister Ho Duc Phoc signed a resolution piloting the digital asset market for 5 years, after which it will continue to operate until new regulations are in place.
Regarding licensing conditions for service providers, they must be Vietnamese enterprises, registered in related business lines, and have a minimum charter capital of 10 trillion VND. At least 65% of the charter capital must be contributed by organizations, of which over 35% must come from at least two entities: commercial banks, securities companies, fund management companies, insurance companies, or technology companies. Foreign investors are allowed to hold a maximum of 49% of the capital.
Phuong Dong
