The State has issued regulations on working principles and regimes to run a steering committee on developing the project to build regional and international financial centres.

Decision 41/QĐ-BCĐXDTTTC on the operation regulations of this steering committee, signed on March 16, 2024 by Deputy Prime Minister Lê Minh Khái, head of the steering committee, also stipulates responsibilities of members and standing bodies of the steering committee; and its information and reporting regime.

Việt Nam founded this steering committee following Prime Minister Phạm Minh Chính’s Decision No 1160/QĐ-TTg dated October 6, 2023 to promote formation of an international and regional financial centre project.

Đà Nẵng and HCM City are earmarked as potential locations for the centres.

Under the draft HCM City introduced in early 2022, the international financial centre included three components: monetary market and banking system, capital market, and commodity derivatives market.

The southern city aimed to become a global financial centre with a high ranking from 2031.

Đà Nẵng was also taking steps to become a regional financial centre.

Đà Nẵng is planning an international finance hub on a 6.17ha coastal area in Sơn Trà peninsula, and reserves 62ha of land area for future expansion. — VNS