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Discussing the competitiveness of proposed International Financial Centers (IFCs) in Ho Chi Minh City (HCMC) and Da Nang compared to global hubs, Dr. Nguyen Tu Anh, Director of Policy Research at VinUni University, stressed that Vietnam must clearly define, “What benefit do investors gain here?” and “Why choose Vietnam over Singapore?” The expert asserted that to become an IFC, Vietnam must serve as a regional capital distribution center, which requires meeting one of two conditions.

First, Vietnam must become a capital-surplus country capable of exporting capital, similar to China, which accumulated massive reserves to establish financial centers like Shanghai and Hong Kong. However, Vietnam has not yet met that standard. Second, the country could leverage the shifting global economic order toward multi-polarity. “If a multi-polar order forms, Vietnam could become a connecting point between these poles. But if competing directly with Singapore, I currently see no clear capability,” Mr. Tu Anh stated frankly.

Mr. Quan Trong Thanh, Director of Analysis at Maybank Securities Vietnam, argued that Vietnam should not copy existing models. Instead, it must determine the most suitable direction. The key factor, he emphasized, is establishing a “rulebook” attractive enough to ensure a certain degree of freedom for financial entities. Mr. Thanh noted Vietnam’s advantages as a young, dynamic economy entering the era of digital assets. New legal regulations, such as the Law on Digital Technology Industry and Resolution No.05, are paving the way for experimenting with novel financial models.

However, Mr. Thanh expressed concern that while the Law on Digital Technology Industry permits the issuance of stablecoins—the intermediary currency for digital asset transactions—Resolution No.05 does not clearly regulate the issuance of digital assets based on fiat currency. “This is vital if Vietnam wants to keep pace with the trend of financial digitization,” he stressed.

The expert added that global thinking on digital assets has changed significantly. He cited the example of the JPMorgan CEO, who once opposed Bitcoin but now accepts using Bitcoin and Ethereum as collateral, alongside the recent multi-million dollar sales of digital artwork. Mr. Thanh affirmed that the core element of a financial center is not physical infrastructure, but legal infrastructure—an “institutional software” flexible, transparent, and aligned with the digital age.

Mr. Kevin Kwon, CEO of Prudential Vietnam, shared that the key to creating a world-class IFC for HCMC lies in the synchronous implementation of four strategic steps, focusing on building trust and adopting international standards. First, innovate financial products to better meet the needs of the Vietnamese people. Second, improve the investment environment, allowing insurance companies to invest in socio-economic sectors, thereby driving sustainable growth. Third, apply international best practices, develop suitable products for partners, and expand global cooperation to enhance the center’s competitive position.

Fourth, build trust and develop human resources. This involves completing the legal framework, applying tax incentives, investing in talent training, attracting international experts, and applying artificial intelligence in the finance-insurance sector, aiming for simple and accessible solutions. “Good governance and building trust form the solid foundation for HCMC to establish a globally competitive IFC,” Mr. Kevin Kwon said.

Meanwhile, Mr. Will Ross, Head of Marketing and Distribution at Dragon Capital Vietnam, argued that financial innovation is essential to attract foreign capital and boost economic growth. He believes Vietnam needs to build flexible mechanisms that facilitate the easy flow of global capital into the economy.

A potential solution is developing Exchange Traded Funds (ETFs), a globally popular fundraising tool with total assets exceeding US$18 trillion in the US. Vietnam has already made progress, attracting over US$300 million through ETFs traded in Thailand, opening up access to international retail capital.

Mr. Will Ross also proposed combining Traditional Finance (TradFi) and Decentralized Finance (DeFi) to maximize capital resources. Under this model, investors could use stablecoins to invest in ETF tokens, with the cash flow directly reaching Vietnamese businesses and “nurturing” economic growth. “Financial centers aim for capital circulation, but the HCMC International Financial Center will carry Vietnam’s unique mark—a unique growth model. The combination of TradFi and DeFi could become a new driving force, helping Vietnam build a robust digital asset ecosystem,” Mr. Will Ross concluded.