Resolution No. 222/2025/QH15 on the International Financial Center in Vietnam

RESOLUTION

On the International Financial Center in Vietnam

OF THE NATIONAL ASSEMBLY

On the basis of The Constitution of the Socialist Republic of Vietnam has been amended and supplemented by Resolution No. 203/2025/QH15;

On the basis of The Law on the Organization of the National Assembly No. 57/2014/QH13 has been amended and supplemented with some articles according to Law No. 65/2020/QH14 and Law No. 62/2025/QH15;

Pursuant to the Law on Legislative Regulatory Documents No. 64/2025/QH15;

RESOLUTION:

PART I
GENERAL PROVISIONS

Article 1. Scope of Regulation

This Resolution stipulates the establishment, operation, management, supervision, and special mechanisms and policies applicable to the International Financial Center in Vietnam (hereinafter referred to as the International Financial Center).

Article 2. Applicability

This Resolution applies to members of the International Financial Center, investors, agencies, organizations, and individuals related to the activities of the International Financial Center established pursuant to this Resolution.

Article 3. Explanation of Terms

In this Resolution, the following terms shall be understood as follows:

1. International Financial Center is a geographic area with defined boundaries established by the Government located in Ho Chi Minh City and Da Nang City, concentrating a diverse ecosystem of financial services and supporting services, subject to the mechanisms and policies prescribed in this Resolution.

2. Members of the International Financial Center (hereinafter referred to as Members) are subjects recognized as Members of the International Financial Center through registration or recognition as Members or granted a license for establishment and operation according to this Resolution and detailed regulations and guiding documents, including:

a) Commercial banks, foreign bank branches, securities companies, insurance enterprises, and reinsurance enterprises;

b) Investment funds and asset management companies;

c) Market infrastructure organizations;

d) Financial technology and digital asset organizations;

đ) Service advisory and support organizations;

e) Non-financial organizations;

g) Other subjects as prescribed by the Government.

3. A- Insurance services and related insurance services are activities and services directly or indirectly related to the mobilization, allocation, and management of financial resources provided by financial organizations or other subjects according to this Resolution and detailed regulations and guiding documents.

4. Supporting Services are activities and non-financial services directly or indirectly serving, complementing, facilitating, or enhancing the effectiveness of financial activities and related activities at the International Financial Center according to this Resolution and detailed regulations and guiding documents..

5. Management Authority of the International Financial Center (hereinafter referred to as the Management Authority) is the authority responsible for managing and operating the International Financial Center, issuing guiding documents within its jurisdiction; organizing the implementation of tasks as prescribed in this Resolution and detailed regulations and guiding documents issued by the Government.

6. Supervisory Authority of the International Financial Center (hereinafter referred to as the Supervisory Authority) is the specialized authority implementing supervisory functions at the International Financial Center, tasked with inspection, examination, supervision, prevention, and handling of violations in the International Financial Center, ensuring compliance with this Resolution, detailed regulations and guiding documents, and international practices.

7. The International Arbitration Center under the International Financial Center (hereinafter referred to as the International Arbitration Center) is an independent arbitration organization under the International Financial Center providing dispute resolution services through arbitration and mediation for parties involved in investment and business activities at the International Financial Center according to rules and regulations issued by the International Arbitration Center.

8. Strategic Investor is a Member meeting criteria on business sectors, financial capacity, reputation, and having a long-term investment commitment at the International Financial Center.

9. Controlled Financial Experiment Policy is a mechanism allowing the testing of new business models and technologies in the financial sector at the International Financial Center within defined scope and time frame, with special supervision by the Management Authority.

10. Products and Services Provided at the International Financial Center include: stocks, bonds, fund certificates; financial derivatives; fund management; insurance, reinsurance; banking and foreign exchange; green finance; carbon credits; financial technology, digital assets, and other products and services prescribed by the Government.

1. The International Financial Center located in Ho Chi Minh City and Da Nang City shall be established based on unified operations, management, and supervision; with a focus on developing distinct products that leverage the strengths of each city; ensuring fairness and mutual support among them, aiming to become a leading international financial center, enhancing Vietnam's position in the global financial network linked to economic growth drivers.

2. Promote sustainable finance, encourage the development of green financial products and mobilize resources for energy transition and green transformation projects, contributing to sustainable socio-economic development.

3. The International Financial Center shall operate according to advanced international standards, connecting with major global financial markets and centers, facilitating domestic exchange linkages with international ones, promoting investment capital flows and the development of financial services applying technology.

4. Attract and develop high-quality human resources, both domestic and foreign financial experts; create favorable working and living environments for international experts and entrepreneurs at the International Financial Center.

5. The development of the International Financial Center must ensure harmonious interests between the State, investors, and citizens in socio-economic development, maintaining financial safety, economic security, political stability, social order, and public safety.

Article 5. Principles for Establishing and Operating the International Financial Center

1. Subjects meeting the conditions stipulated in this Resolution and detailed implementing regulations shall apply special mechanisms and policies as prescribed in this Resolution.

2. The special mechanisms and policies stipulated in this Resolution shall apply within the scope of the International Financial Center as defined in the Government Decree on establishing the International Financial Center pursuant to Article 8 of this Resolution.

3. Principles of operation for Members:

a) Efficient, transparent, and honest operations;

b) Professional service provision in financial and supporting services;

c) Application of international standards in Member operations.

4. State management activities within the International Financial Center must ensure the independence of the International Financial Center and its Members.

5. The State recognizes and protects property rights, investment capital, income, and other legitimate rights and interests of Members.

6. The State shall have special and superior mechanisms and policies to encourage and facilitate the attraction of capital, technology, modern management methods, high-quality human resources, and infrastructure development into the International Financial Center for the purpose of:

a) Creating an attractive environment for investment in financial services to promote capital attraction and free movement of international capital between the International Financial Center and the world;

b) Developing the securities market, insurance, banking activities, financial technology, digital assets, goods, and e-commerce in Vietnam and integrating with the international market;

c) Attracting and developing innovation and green, sustainable financial services for projects in Vietnam; developing financial services and supporting services according to international practices;

d) Attracting and developing high-quality human resources in Vietnam capable of providing financial services and related professional services according to international standards.

7. Management bodies and supervisory bodies shall be organized efficiently, with appropriate authority, effectiveness, and efficiency; special administrative procedures shall be applied, meeting the requirements of investors, organizations, and individuals as prescribed in this Resolution and detailed implementing regulations, consistent with international practices and Vietnamese conditions.

Article 6. Application of Law at the International Financial Center

1. Investment and business activities at the International Financial Center shall be regulated by:

a) This Resolution and detailed regulations and guidance documents thereunder;

b) The current laws of the Socialist Republic of Vietnam in cases where the documents specified in point a of this clause do not provide for such matters.

2. Selection of foreign law application in investment and business transactions at the International Financial Center:

a) For transactions involving at least one party being a foreign individual or organization, the parties to the transaction may agree to apply foreign law to that transaction. Foreign law shall not be applied if its application would contravene fundamental principles of Vietnamese law. In the absence of an agreement on the applicable law, the law of the country with the closest connection to the transaction shall be applied;

b) For transactions related to ownership rights, other rights over immovable property, leasing of immovable property, or using immovable property as collateral, the law of the country where the immovable property is located shall be applied.

3. Principles of law application:

a) Where there are different provisions between this Resolution and other laws, resolutions of the National Assembly on the same issue, the provisions of this Resolution shall prevail.

Detailed regulatory documents guiding the implementation of the contents of this Resolution shall be applied in cases where multiple regulatory documents have different provisions on the same issue;

b) Where other laws, resolutions of the National Assembly promulgated after the effective date of this Resolution provide more favorable mechanisms or policies than those stipulated in this Resolution, Members shall be entitled to apply the more favorable mechanisms or policies provided in those subsequent laws or resolutions;

c) Where an international treaty to which the Socialist Republic of Vietnam is a party provides differently from the provisions of this Resolution, the provisions of the international treaty shall be applied.

4. Operational rules issued by the Management Authority pursuant to Clause 3, Article 9 of this Resolution shall take precedence in resolving issues within the scope of regulation and the objects of application of those operational rules.

5. To ensure national interests and prevent factors that could threaten national security, regulatory documents concerning the International Financial Center may impose restrictions on Members.

6. During the implementation of this Resolution, the Government may issue Decrees to address issues arising that differ from laws, resolutions of the National Assembly, ordinances, resolutions of the Standing Committee of the National Assembly, and report to the National Assembly, the Standing Committee of the National Assembly at the nearest session or meeting. The Government's issuance of Decrees must comply with Party regulations on power control, ensuring national interests, people's and businesses' interests, ensuring implementation conditions, and bearing responsibility for the provisions issued.

Article 7. Languages Applied at the International Financial Center

1. The official language during transactions and operations at the International Financial Center is English or English accompanied by a Vietnamese translation.

2. Regulations and rules within the International Financial Center shall be issued in both English and Vietnamese.

3. Statistical, financial, technical, and other documents stored at the International Financial Center shall be in English or English accompanied by a Vietnamese translation.

4. Administrative procedures, transactions among Members, transactions between Members and foreign organizations or individuals, and dispute resolution shall be conducted in English or English accompanied by a Vietnamese translation.

Chapter II
ESTABLISHMENT, ORGANIZATIONAL STRUCTURE AND OPERATION OF THE INTERNATIONAL FINANCIAL CENTER

1. The Government shall issue a Decree on the establishment of the International Financial Center.

2. The establishment of the International Financial Center includes the following contents:

a) Name, objectives, and development orientation of the International Financial Center; roadmap and development plan for each city.

b) Location, administrative boundaries, and area of the International Financial Center;

c) Organizational structure of the International Financial Center;

d) Functions, tasks, powers, and responsibilities of agencies and organizations specified in Clause 1, Article 9 of this Resolution;

e) List of industries, professions, products, and services prioritized for development at the International Financial Center;

f) Special mechanisms and policies for the International Financial Center within the authority prescribed by the Government;

g) Other contents (if any).

1. Agencies and organizations under the International Financial Center include:

a) An executive agency with the function of directly managing and operating all activities at the International Financial Center;

b) A supervisory agency with the function of monitoring, inspecting, auditing, preventing, and handling violations in financial activities at the International Financial Center;

c) A dispute resolution agency at the International Financial Center:

c1) A specialized court established according to the Law on the Organization of People's Courts;

c2) An international arbitration center under the International Financial Center, established according to the Law on Commercial Arbitration, having jurisdiction to resolve disputes based on the agreement of the disputing parties, except for disputes related to the exercise of state power.

2. Agencies and organizations specified in Clause 1 of this Article operate independently in performing their assigned powers as stipulated in this Resolution and detailed implementing regulations.

3. The executive agency may issue operational regulations or equivalent documents to specifically define the organization and operation of the International Financial Center. These provisions must be consistent with the Constitution, international treaties to which the Socialist Republic of Vietnam is a party, comply with international practices and standards, ensure consistency with the basic principles and policies prescribed in this Resolution and detailed implementing regulations, and have binding force as provided for in Clause 4, Article 6 of this Resolution.

4. The executive agency and supervisory agency are responsible for coordinating with the Ministry of Finance, the State Bank of Vietnam, and other ministries and ministerial-level agencies in carrying out management and supervision tasks for the International Financial Center.

Chapter III
MEMBERS OF THE INTERNATIONAL FINANCIAL CENTER

Article 10. Registration, Recognition, and Termination of Membership

1. Organizations and enterprises may register as Members of the International Financial Center when they meet the financial capability, reputation standards, and have business fields consistent with the development orientation of the International Financial Center as prescribed in this Resolution and detailed implementing regulations, except for cases stipulated in Clauses 4, 5, and 6 of this Article.

2. The following entities present in the International Financial Center have the right to request recognition as Members without having to go through the registration process:

a) Financial organizations, investment funds, or enterprises listed in the Fortune Global 500 by Fortune Magazine at the time of registration, or their direct parent companies, except for organizations operating in the banking, securities, and insurance sectors;

b) Financial organizations belonging to the top ten domestic enterprises in terms of registered capital in each corresponding sector, except for the banking, securities, and insurance sectors.

3. Investors must establish a legal entity as a Member at the International Financial Center according to this Resolution and detailed implementing regulations, except for cases stipulated in Clause 4 of this Article.

4. Foreign banks and domestic commercial banks must establish a presence at the International Financial Center in the form prescribed in Clause 1, Article 17 of this Resolution.

5. Investors operating in the securities sector must establish a presence in the form of a limited liability company according to the license for establishment and operation issued by the Securities Commission. These organizations can only provide services at the International Financial Center and abroad. Licensing procedures, scope of operations, content of operations, and related issues are carried out according to the Government's regulations.

6. Investors operating in the insurance sector must establish a presence in the form of a limited liability company according to the license for establishment and operation issued by the Ministry of Finance. Licensing procedures, scope of operations, content of operations, and related issues are carried out according to the Government's regulations.

7. Members are assigned a unique identification code and recorded in the Register of Members of the International Financial Center. The identification code has the same value as the enterprise code under the Enterprise Registration Information System.

Article 11. Rights of Members and Foreign Investors

1. Rights of Members:

a) The right to establish a capital management company (holding company) to raise funds from abroad and manage investments, except when the Member is a commercial bank;

b) The right to raise funds from organizations and individuals outside the territory of Vietnam, non-residents without having to go through the licensing procedures with state management agencies but must comply with reporting and information declaration regulations as prescribed by the Government;

c) Debts of Members to organizations and individuals outside the territory of Vietnam shall not be counted towards the national foreign debt in the operation and supervision of foreign debt safety indicators;

d) The right to freely conduct investment and business activities with organizations and individuals outside the territory of Vietnam, non-residents, or with other Members according to the license or registration issued to that Member in accordance with this Resolution and detailed implementing regulations;

đ) For enterprises operating in the financial and banking sectors, when granted permission to establish anew at the International Financial Center, the License for Establishment and Operation shall simultaneously serve as the Certificate of Registration for Membership;

e) Members have the option to apply International Accounting Standards (IAS/IFRS) issued by the International Accounting Standards Board or accounting principles accepted generally (Accounting Standards or Financial Reporting Standards) of the following countries: Australia, Brazil, Canada, European Union member states, Hong Kong (China), Japan, Mexico, New Zealand, China, India, South Korea, Russia, Singapore, Switzerland, United Kingdom, United States, and Vietnam. In cases where entities have chosen to apply different accounting standards from Vietnamese accounting standards, they are not required to prepare financial statements according to Vietnamese accounting standards;

g) Other rights as prescribed in this Resolution and detailed implementing regulations;

2. Foreign Investors:

a) The right to wholly or partially own shares or contribution capital of Members;

b) Permission to establish economic organizations within the International Financial Center without needing an investment project and without having to go through the procedures for obtaining Investment Registration Certificates or approval of investment projects within the International Financial Center as stipulated by investment laws. After establishment, economic organizations conducting investment projects must follow investment procedures as prescribed by investment laws;

c) Not required to go through the procedures for registering capital contributions, purchasing shares, or purchasing contribution capital as prescribed by investment laws when engaging in capital contributions, share purchases, or contribution capital purchases of Members; only need to notify changes in business registration content as prescribed by enterprise laws, except for the banking sector;

Article 12. Obligations of Members

1. Compliance with Vietnamese laws and international treaties to which the Socialist Republic of Vietnam is a party. Members and organizations and individuals operating at the International Financial Center have the obligation to fully comply with Vietnamese laws on anti-money laundering, counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction;

2. Fulfill all tax obligations; prepare, submit, and publicly disclose financial reports; audit financial reports and disclose information in accordance with international practices to which Vietnam is a member and international financial management standards;

3. Investment activities from the International Financial Center into the rest of Vietnam; from the rest of Vietnam into the International Financial Center must comply with investment laws and related laws;

The Government shall prescribe special mechanisms for investment procedures and conditions from the International Financial Center into the rest of Vietnam and from the rest of Vietnam into the International Financial Center; special mechanisms for market access conditions, land and production and business premises access conditions;

4. Compliance with the rules of the Commodity Exchange established at the International Financial Center regarding the issuance, listing, trading, repurchasing, and transfer of other listed financial instruments. The Charter and operational rules of the Commodity Exchange must comply with international standards;

5. Ensuring membership standards throughout the course of operations. In case of failure to meet membership standards, procedures for terminating membership status must be carried out;

6. Compliance with internationally published and recognized data security standards applied in Vietnam. Members must build information security systems, encrypt financial data; bear responsibility for reporting information breaches to the Management Authority within 48 hours from the time of occurrence;

7. Other obligations as prescribed in this Resolution and detailed implementing regulations;

Chapter IV
COMMODITY EXCHANGES AND TRADING PLATFORMS AT THE INTERNATIONAL FINANCIAL CENTER

Trading floors and trading platforms shall be established and operate within the International Financial Center in the following fields:

1. Commodity trading and commodity derivatives trading;

2. Carbon credit trading;

3. Cultural and artistic product trading;

4. Precious metal trading;

5. Green financial product trading;

6. Other new types of trading and trading platform models according to development needs.

Article 14. Principles for organization and operation of trading floors and trading platforms

1. Trading floors and trading platforms at the International Financial Center shall be organized and operated based on market principles, ensuring fair competition and transparency; encouraging participation from domestic and foreign investors.

2. The organization and operation of trading floors and trading platforms must comply with international standards for transactions, settlement, information disclosure, and risk management.

3. Organizations establishing trading floors and trading platforms have the responsibility to develop and promulgate internal regulations regarding listing, trading, settlement, asset management, and member management suitable for each type of transaction after being approved by competent authorities.

4. Members meeting the conditions to participate in trading floors and trading platforms shall be provided with products, services, and trading activities in accordance with the regulations of the trading floors and trading platforms.

Article 15. Management, supervision mechanisms, and preferential policies for trading floors and trading platforms

Trading floors and trading platforms established in accordance with this Resolution and organizations and individuals participating in activities on these trading floors and trading platforms shall enjoy preferential treatments and support as stipulated in this Resolution and relevant laws.

Chapter V
SPECIAL POLICIES APPLICABLE IN THE INTERNATIONAL FINANCIAL CENTER

Article 16. Foreign Exchange Policy

1. The use of foreign currency by Members shall be carried out in accordance with the following provisions:

a) Payment, transfer, listing, advertising, quotation, valuation, and pricing of activities and services between Members shall be conducted using foreign currency as prescribed in this Resolution and detailed implementing regulations;

b) Payment, transfer, listing, advertising, quotation, valuation, and pricing of activities and services between Members and organizations and individuals outside Vietnam shall be conducted using foreign currency;

c) The use of foreign currency in activities and services between Members and organizations and individuals within Vietnam that are not Members shall be carried out in accordance with current laws governing the use of foreign exchange within Vietnam.

2. Members may borrow foreign currency from organizations and individuals abroad and must report and declare information in accordance with the law.

3. Members may only borrow foreign currency from Members who are credit institutions and branches of foreign banks, except as provided in point b, Clause 1, Article 11 of this Resolution.

4. Members may lend foreign currency to organizations within Vietnam that are not Members. The borrowing organization at this clause shall be responsible for complying with the regulations on conditions, objects, purposes, and procedures for registering loans.

5. The transfer of foreign direct investment into the International Financial Center, the transfer of capital, profits, and lawful income from the International Financial Center to abroad by foreign investors shall be conducted in foreign currency through foreign currency accounts opened in credit institutions and branches of foreign banks operating within the International Financial Center.

6. Money transfers between Members related to investment activities within the International Financial Center shall be conducted through foreign currency accounts of Members.

7. When transferring money to implement investment and lending activities from the International Financial Center to abroad:

a) Members wholly owned by foreign investors do not need to comply with administrative procedures related to foreign exchange management but must fully comply with regulations on account opening and reporting systems;

b) Members not falling under the provision of point a of this clause must comply with foreign exchange management regulations applicable to Vietnam's investments and loans abroad.

8. The transfer of funds by organizations within Vietnam that are not Members to implement investment activities in the International Financial Center and the transfer of funds to implement investment activities from the International Financial Center to the rest of Vietnam shall be carried out in accordance with the Government's regulations.

Article 17. Policy on Banking Activities

1. Members granted a License to establish and operate at the International Financial Center shall implement one or more banking activities in the following forms:

a) A single-member limited liability commercial bank;

b) A foreign bank branch.

2. A single-member limited liability commercial bank with 100% foreign capital, and a foreign bank branch shall apply the policies of the owner and parent bank regarding accounting standards; classification of debts, provision for and use of reserves to address risks; certain limits and safety ratios.

In cases where the owner or parent bank does not apply the International Financial Reporting Standards (IAS/IFRS) issued by the International Accounting Standards Board or the generally accepted accounting principles as stipulated in Point e Clause 1 Article 11, a single-member limited liability commercial bank with 100% foreign capital and a foreign bank branch shall apply the provisions of Vietnamese law on accounting standards; classification of debts, provision for and use of reserves to address risks; limits and safety ratios.

3. A single-member limited liability commercial bank with 100% domestic capital shall comply with the provisions of Vietnamese law on accounting standards; classification of debts, provision for and use of reserves to address risks; limits and safety ratios.

4. A single-member limited liability commercial bank with 100% domestic capital, a single-member limited liability commercial bank with 100% foreign capital, and a foreign bank branch shall be established and operate according to the license issued by the competent authority.

5. The issuance of licenses for establishment, organization, scope, content of operations, and related issues of commercial banks and foreign bank branches as members shall be carried out in accordance with the regulations of the Government.

Article 18. Financial Policies, Development of Capital Markets

1. Regulations for Innovative Start-up Enterprises:

a) They shall be granted a Certificate of Innovative Start-up Enterprise when meeting the criteria set forth by the Regulatory Authority;

b) They may raise capital through community funding mechanisms or private placement mechanisms via a fundraising platform of an organization licensed by the Regulatory Authority in accordance with the guidelines of the Government. Domestic and foreign organizations may participate in the fundraising activities of innovative start-up enterprises;

c) They may apply preferential mechanisms and support, including tax incentives. Organizations and individuals participating in transactions and investments in innovative start-up enterprises may apply tax incentive provisions;

d) They shall comply with reporting and information disclosure requirements as prescribed.

2. Development of Green Financial Market:

a) Financial products shall be granted green certification when meeting the criteria set forth by the Regulatory Authority and shall be issued and traded at the International Financial Center;

b) Issuers of green financial products and investors in green financial products may apply preferential mechanisms and support, including tax incentives;

c) Issuers of green financial products must comply with reporting and information disclosure requirements as prescribed.

3. Members may apply procedures and processes and implement solutions to develop insurance and reinsurance markets according to simplified procedures and processes.

4. The Government shall build a transparent and specialized market information system; improve the structure and risk management regulations to enhance competitiveness, including operational risk management (ORM), market risk management (MRM), particularly credit risk management (CRM) in accordance with international practices and standards of global financial centers.

Article 19. Tax Policy Applied to the International Financial Center

1. Corporate Income Tax

a) Income of enterprises from implementing new investment projects arising within the territory of the International Financial Center in priority industries and trades developing into the International Financial Center shall be subject to a corporate income tax rate of 10% for 30 years, exempted from corporate income tax for a maximum of 04 years, and reduced by 50% of the tax payable for a maximum of 09 subsequent years;

b) Income of enterprises from implementing new investment projects arising within the territory of the International Financial Center in non-priority industries and trades developing into the International Financial Center shall be subject to a corporate income tax rate of 15% for 15 years, exempted from tax for a maximum of 02 years, and reduced by 50% of the tax payable for a maximum of 04 subsequent years;

c) In cases where enterprises have investment projects that meet conditions to enjoy multiple different corporate income tax incentives simultaneously for the same investment project, the enterprise may choose to apply the most favorable corporate income tax incentive. For enterprises implementing expanded investment projects, tax incentives shall be applied according to current tax laws.

The determination of the period for applying preferential tax rates and periods for exemption and reduction of corporate income tax as stipulated herein shall be carried out in accordance with the provisions of the Corporate Income Tax Law.

2. Personal Income Tax

a) Managers, experts, scientists, and highly skilled professionals working at the International Financial Center, including both Vietnamese and foreign nationals, shall be exempted from personal income tax on salaries and wages earned from work performed at the International Financial Center until the end of 2030;

b) Individuals receiving income from the transfer of shares, capital contributions, or rights to contribute capital to members shall be exempted from personal income tax until the end of 2030;

c) The Government shall specify criteria and conditions for determining managers, experts, scientists, and highly skilled professionals eligible to enjoy personal income tax incentives as stipulated herein.

3. Goods and Services Exported from the International Financial Center to Overseas or Imported from Overseas into the International Financial Center shall be subject to preferential export and import tax rates and procedures in accordance with international treaties to which the Socialist Republic of Vietnam is a member and the laws on export and import taxes.

4. Enterprises and individuals at the International Financial Center shall register, declare, and settle various types of taxes in accordance with the laws on tax administration. The determination of the time to start enjoying incentives, periods of exemption and reduction of taxes shall be carried out in accordance with the Corporate Income Tax Law and the Personal Income Tax Law.

Article 20. Policies on Entry and Exit, Residency, and Labor for Experts, Managers, and Investors

1. Visas and Residency for Experts, Managers, and Investors

a) Issuance of visas and temporary residence cards valid up to 10 years for foreigners who are important investors, experts, managers, and highly skilled workers working for agencies and organizations headquartered in the International Financial Center (visa and temporary residence card code is UĐ1) and accompanying family members (visa and temporary residence card code is UĐ2);

b) Foreigners who are important investors, experts, scientists, individuals with special talents, and senior managers working long-term at agencies and organizations headquartered in the International Financial Center shall be considered for issuance of permanent residence cards upon request of the Management Authority to reside long-term in Vietnam; they shall enjoy favorable policies regarding the procedures for issuing permanent residence cards compared to general regulations;

c) The Government shall specify criteria for identifying foreigners eligible for the benefits mentioned in points a and b of this clause and the competent authority for review.

2. Departure and Arrival

a) The Management Authority shall coordinate with the Ministry of Public Security and the Ministry of Foreign Affairs to establish a "one-stop" mechanism to quickly process departure and arrival procedures for investors, experts, and international customers coming to work and conduct transactions at the International Financial Center;

b) Establish priority areas for departure and arrival procedures at international airports in Ho Chi Minh City and Da Nang for individuals associated with the International Financial Center, issue International Financial Center Expert identification cards to use dedicated lanes, reducing processing time.

3. Work Permits

Foreigners working at the International Financial Center shall be exempted from work permits if they meet the professional standards specified by the Government or the Management Authority.

Article 21. Labor, Employment, and Social Security Policy

1. Recruitment of workers

a) Members may proactively recruit labor, including foreign workers, based on job requirements without being limited to the ratio of foreign workers, without having to go through procedures to determine the need for foreign workers, and without having to announce the recruitment of Vietnamese workers for positions intended for foreign workers as prescribed by labor laws;

b) The application process, procedures, and simplified procedures for issuing work permits for foreigners shall be carried out according to the streamlined procedure.

2. Wages and Benefits

a) Members have the authority to decide wage systems, bonuses, and other benefits for employees based on agreements stipulated in employment contracts;

b) Management bodies and supervisory bodies implement staffing quotas and administrative management budgets; they are permitted to enter into contracts with domestic and foreign experts based on agreed salary levels and assigned tasks;

d) Managers, scientists, and experts, both domestic and foreign, working in management bodies and supervisory bodies shall be provided with conditions to arrange official housing or support rental costs during their tenure;

đ) The People's Committee of Ho Chi Minh City and the People's Committee of Da Nang shall submit to the People's Councils at the same level for allocation of revenue within their management authority to implement the provisions of points c and d of this clause;

3. Skill Development and Human Resources

a) The State, the People's Committee of Ho Chi Minh City, and the People's Committee of Da Nang shall implement training programs and capacity building for human resources serving the International Financial Center;

b) Enterprises within the International Financial Center shall be supported with vocational training costs for Vietnamese workers employed in new investment projects and expansion within the International Financial Center;

c) Local budgets shall support costs for training human resources with bachelor's degree qualifications and above to meet the needs of the International Financial Center over a period of four years starting from 2026;

d) Management bodies and supervisory bodies shall determine the demand and target groups of workers to attract; policies to support human resource development; decide criteria for managers, scientists, and experts with high professional qualifications to receive human resource development support; decide the level of support for training costs for human resources as stipulated in points b and c of this clause for each stage;

đ) The budgetary support stipulated in this clause shall be allocated by the People's Council of Ho Chi Minh City and the People's Council of Da Nang within the local budget;

4. Social Security for Workers

a) Foreign workers employed at the International Financial Center may choose to participate in social insurance and unemployment insurance;

b) Vietnamese workers and foreign workers employed at the International Financial Center shall participate in social insurance, health insurance, and unemployment insurance programs as prescribed by law. Foreign workers who have participated in similar social security programs in other countries or territories abroad shall be exempted from part of their mandatory social insurance contributions in Vietnam;

c) The People's Council of Ho Chi Minh City and the People's Council of Da Nang shall stipulate the allocation of land funds and budgets for developing residential areas near the International Financial Center to ensure convenient living conditions for workers to focus on their work.

Article 22. Land Policy at the International Financial Center

1. Investment projects within the scope of the International Financial Center that fall under the Priority Industry and Business List for Development or have large scale shall be granted land use rights or lease land with a maximum term of 70 years. For projects in other fields, the maximum land use period is 50 years. Upon expiration of the term, if the land user wishes to continue using the land and complies with the provisions of the Law on Land, the State will consider extending the land use period according to the provisions of Vietnamese law.

The implementation of land recovery, compensation, support, and resettlement shall be carried out in accordance with the provisions of the Law on Land.

2. The State prioritizes allocating clean land within the boundaries of the International Financial Center to grant or lease to investors to implement projects falling under the Priority Industry and Business List for Development. In cases where important infrastructure investment projects in the International Financial Center are implemented through Public-Private Partnership (PPP) methods, the State will allocate clean land for project implementation and invest in connecting infrastructure works to the project.

3. Land use rights and attached assets for projects within the boundaries of the International Financial Center

a) Economic organizations, foreign-invested enterprises are allowed to mortgage land use rights for land granted or leased with one-time payment of land rent and attached assets at foreign credit institutions to borrow funds for investment. Disputes over real estate and mortgages shall be resolved in accordance with Vietnamese law;

b) When disposing of mortgaged assets, the mortgagee may only transfer land use rights and attached assets to permitted transferees in accordance with Vietnamese law.

4. Ownership of housing of foreigners linked to land use rights of housing projects is determined correspondingly with the form of land grant or lease for real estate development projects in accordance with the Law on Housing and the Law on Land.

Article 23. Policies on Construction and Environment

1. Investment projects at the International Financial Center only need to register applied technology and environmental registration; there is no need to prepare detailed planning, obtain construction permits, and other procedures for approval, consent, or permission in the construction field.

2. Before commencing construction, the investor must submit to the Management Authority a notice of commencement accompanied by the following documents:

a) An economic-technical report on construction investment including contents as prescribed by the Law on Construction, organized, reviewed, and approved by the investor;

b) A report on the results of the review of the economic-technical report on construction investment conducted by organizations or individuals meeting the conditions stipulated by law regarding safety of construction works, environmental protection; compliance with technical standards and regulations.

3. The Certificate of Investment Registration serves as the basis for leasing land, changing land use purposes; implementing administrative procedures; inspecting, supervising, evaluating, handling administrative violations, and state management of the project.

4. The Management Authority is responsible for inspecting, supervising, and evaluating the implementation of the project in accordance with the law; resolving issues arising from the project within its authority or notifying the competent authority to resolve them.

Article 24. Controlled Financial Experimentation Policy for Financial Services Applying Technology (FinTech) and Innovation

1. Regulatory authorities shall establish regulations on controlled financial experimentation policies and implement them through time-limited permits for technologies, products, services, and business models not yet regulated by law.

2. Organizations and enterprises conducting controlled experiments may be exempted from certain provisions of laws regarding technical standards and specifications for technologies, products, and services; business conditions, licensing procedures, business assurance conditions, and other provisions that are not suitable with the characteristics and new features of proposed technologies, products, services, or business models.

3. Organizations and individuals participating in controlled experiments, regulatory bodies, and controlled experiment supervisors shall be exempted from administrative, disciplinary, and civil liability towards the State if damage to the State occurs during the experiment due to objective reasons provided they comply with the experimental procedures. In cases causing damage to other organizations or individuals, the experimenting party must compensate according to the law; partial compensation costs may be considered for support from the budget of Ho Chi Minh City and Da Nang depending on the extent of damage and budget capacity.

4. Innovative startups operating in the FinTech sector at the International Financial Center shall enjoy preferential mechanisms like those at the National Innovation Center or higher preferences as prescribed by the Government.

Article 25. Preferential Policies by Sector

Regulatory authorities may issue programs of incentives and support to promote the following key sectors:

1. Green finance;

2. Digital assets and FinTech;

3. Commodity markets and derivative goods;

4. Other sectors as prescribed by the Government.

Article 26. Policies for Strategic Investors

2. Strategic investors shall have the following rights:

a) Priority in being selected as investors to implement important investment projects for developing infrastructure and supporting services for the International Financial Center. In cases where two or more investors show interest in the same project, the strategic investor will be given priority;

b) The right to lease land without going through public auctions or bidding for investors when implementing investment projects in priority industries and professions of the International Financial Center as stipulated in Point d Clause 2 Article 8 of this Resolution;

c) Participation in investment, development, management, leasing, or transfer of investment projects within the International Financial Center;

d) Provision of investment support services and land clearance services for other investors within the International Financial Center and charging service fees as prescribed;

đ) Investment in large-scale infrastructure projects to support the development of the International Financial Center, including the development of complex areas and ecosystems to attract financial institutions, multinational corporations, international experts, and entrepreneurs to live and work at the International Financial Center;

e) Participation with regulatory bodies in planning and adjusting the development master plan of the International Financial Center;

g) Enjoyment of investment incentives as prescribed in this Resolution.

3. Strategic investors shall have the following obligations:

a) Ensuring financial capability and experience to effectively implement assigned investment projects; committing to long-term investment and supporting the development of the International Financial Center;

b) If selected as investors for infrastructure projects, they must complete the investment within five years and may not transfer these projects within ten years from the date of approval for investment, except in special cases permitted by the Government;

c) Supporting the promotion of the International Financial Center at international forums; coordinating with regulatory bodies to attract investors and multinational financial institutions to the International Financial Center;

d) Providing necessary services to secondary investors as committed.

4. Regulatory authorities shall sign agreements with each strategic investor to record commitments and corresponding incentives and responsibilities.

5. During the implementation of investment projects, if a strategic investor fails to meet capital, investment progress, and other conditions for strategic investors, they shall not enjoy incentives as prescribed in this Resolution and shall be handled according to the law on investment, the law on land, and other relevant laws. Investors shall bear responsibility for consequences arising from failing to fulfill their commitments as prescribed by law.

Article 27. Policy for Developing Technical Infrastructure and Social Infrastructure

1. Diversification of Investment Resources

a) The International Financial Center shall be prioritized for investment capital to develop modern and integrated technical infrastructure and social infrastructure;

b) Mobilize resources from the state budget and other lawful sources to invest in the system of infrastructure of the International Financial Center and the technical infrastructure connecting with the International Financial Center.

2. Within a period not exceeding ten years from the establishment of the International Financial Center, the central government budget shall annually supplement targeted funds to the Ho Chi Minh City and Da Nang city budgets corresponding to the domestic revenue portion of the central government budget according to the classification arising on the territory of the International Financial Center to invest in the system of infrastructure of the International Financial Center and the technical infrastructure connecting with the International Financial Center.

3. Investors may advance investment capital to construct the technical infrastructure system, resettlement area infrastructure, and other related works within the geographical boundaries of the International Financial Center.

4. The amount of advanced investment capital of investors stipulated in Clause 3 of this Article shall be repaid through the following methods:

a) Deducted from land use fees and land lease payments;

b) Paid by the state budget according to regulations.

5. Exemption from import tax for technical equipment, technology, software solutions that have not yet been produced domestically imported to serve projects constructing information technology infrastructure, management control centers, and large data centers of the International Financial Center, based on the list issued by the Management Authority based on the list of goods already produced domestically issued by competent state agencies; exemption from import tax for goods, raw materials, components, spare parts that have not yet been produced domestically imported to create fixed assets of investment projects within the International Financial Center.

6. The Management Authority may promote, negotiate, and sign contracts with capable investors regarding the implementation method of projects developing technical infrastructure and social infrastructure of the International Financial Center in accordance with international practices and submit to the People's Committee of Ho Chi Minh City and the People's Committee of Da Nang City for consideration and decision to allow implementation or approval of the investment policy. In certain cases, the designation of investors and selection of investors in special circumstances may be applied.

7. Public Investment Procedures for Infrastructure Projects at the International Financial Center

a) Infrastructure projects of the International Financial Center as prescribed in this Resolution do not require a decision on investment orientation or allocation of medium-term public investment plans as stipulated in the Law on Public Investment;

b) Allow infrastructure projects of the International Financial Center and infrastructure projects serving the International Financial Center as prescribed in this Resolution to apply a one-step design and construction process according to the Construction Law;

c) Allow the application of direct award and selective tendering in special circumstances for infrastructure projects of the International Financial Center;

d) The project investor may independently decide all activities in the investment operation to ensure project progress and quality and bear responsibility for their decisions.

8. Public-Private Partnership (PPP) Investment Procedures for Infrastructure Projects at the International Financial Center

a) Infrastructure projects invested under the PPP model at the International Financial Center as prescribed in this Resolution do not require a decision on investment orientation. In cases where PPP projects use state capital, there is no need to implement procedures for allocating medium-term public investment plans as stipulated in the Law on Public Investment;

b) Allow the application of various types of contracts, including BOT, BOO, BTL, O&M, and other types of contracts as stipulated in the Law on Public-Private Partnerships to promote public investment-private management, private investment-public use;

c) Allow the application of direct award and selective tendering in special circumstances for infrastructure projects invested under the PPP model of the International Financial Center;

d) Allow the maximum participation of state capital in PPP projects up to 70% of the total investment cost of the project; allow the application of a mechanism to share reduced revenue without having to adjust product/service prices, fee adjustments, or contract duration; exempt sharing increased revenue for three years from the date of revenue generation;

đ) PPP investors shall enjoy incentives as prescribed in this Resolution and current laws.

9. Allow the application of selective tendering in special circumstances for infrastructure projects of the International Financial Center using non-budgetary funds.

Article 28. Policy on Export, Import, and Distribution of Goods and Services

1. Goods exported from and imported into the International Financial Center shall be subject to administrative procedures as those for priority enterprises under the Customs Law.

2. Members are permitted to declare customs declarations, handle customs procedures, and specialized inspection procedures for all types of goods exported and imported for production and consumption within the International Financial Center, except for prohibited export and import goods, temporarily suspended export and import goods, and goods not yet permitted to circulate and be used in Vietnam.

3. The Government shall stipulate preferential policies for goods exported and imported, distribution of goods and services within the International Financial Center, and transactions arising from commodity derivative trading activities at the International Financial Center.

Article 29. Policy on Fees and Charges

1. The People's Council of Ho Chi Minh City and the People's Council of Da Nang City shall decide on the levels of collection, exemption, reduction, payment, management, and utilization of fees and charges within the International Financial Center, including: fees and charges not specified in the List of Fees and Charges issued together with the Law on Fees and Charges; adjustment of the level or rate of fees and charges already decided by competent authorities for those specified in the List of Fees and Charges issued together with the Law on Fees and Charges, excluding court fees and charges and fees belonging to the central budget revenue at 100%.

Article 30. Dispute Resolution in Investment and Business Activities

1. Investors, Members, and related parties may use dispute resolution methods according to Vietnamese law.

2. In addition to the dispute resolution methods prescribed in Clause 1 of this Article, disputes between Members or disputes between Members and investors outside the International Financial Center regarding investment and business activities within the International Financial Center shall be resolved by one of the following agencies or organizations:

a) Foreign Arbitration;

b) International Arbitration;

c) International Arbitration Center within the International Financial Center;

d) Vietnamese Arbitration;

đ) Foreign Court;

e) Vietnamese Court.

3. Where there is a written agreement among the related parties, disputes between Members or disputes between Members and other parties resolved at the International Arbitration Center within the International Financial Center shall be final and binding upon the recognition decision of successful mediation, decisions, or arbitral awards of the Arbitration Tribunal within the International Arbitration Center within the International Financial Center concerning dispute resolution.

The disputing parties have the right to agree to waive their right to request the Court to annul the recognition decision of successful mediation or the enforceable arbitral award of the Arbitration Tribunal within the International Arbitration Center within the International Financial Center. The Court will not resolve requests to annul arbitral awards or decisions when the parties have agreed in writing to waive this right.

Chapter VI
IMPLEMENTATION

Article 31. Management and Supervision of the International Financial Center

The management and supervision at the International Financial Center shall be carried out according to international practices based on risk assessment.

Article 32. Responsibilities of the Government and Ministries/Agencies

1. Within its assigned tasks and powers, the Government shall organize the implementation of this Resolution; issue, direct relevant ministries/agencies to issue or submit for issuance normative legal documents guiding the implementation of mechanisms and policies stipulated in this Resolution.

2. The Government shall provide detailed regulations and guidance on the implementation of Articles 6, 9, 10, 11, 12, 13, 15, 16, 18, 19, 20, 21, 22, 23, 24, 26, 27, 30, and 31 of this Resolution.

Article 33. Responsibilities of Local Authorities

The People's Council and People's Committee of Ho Chi Minh City, the People's Council and People's Committee of Da Nang City, within their assigned authorities, shall be responsible for performing state management tasks related to the International Financial Center on their respective territories as prescribed in this Resolution and relevant laws.

Article 34. Oversight of Implementation of the Resolution

The Standing Committee of the National Assembly, the Ethnic Councils, and Committees of the National Assembly, the Delegation of the National Assembly of Ho Chi Minh City, the Delegation of the National Assembly of Da Nang City, within their assigned tasks and powers, shall oversee the implementation of this Resolution. At all levels, the Vietnam Fatherland Front and its member organizations, business communities, and citizens shall participate in social oversight and criticism regarding the implementation process of the Resolution, contributing to improving mechanisms and policies for the International Financial Center.

Article 35. Implementation Provisions

1. This Resolution shall take effect from September 1, 2025.

2. The Government shall review and report to the National Assembly on the implementation of this Resolution after five years of implementation. By March 30, 2034 at the latest, the Government shall report to the National Assembly on the results of the implementation of this Resolution and propose the promulgation of a Law on the International Financial Center.

3. Policies, projects, and other subjects that have been decided by competent authorities to implement according to this Resolution and have not concluded by the time this Resolution ceases to be effective shall continue to be implemented according to the decisions already issued.

Projects and activities that have been approved and enjoyed incentives under this Resolution during its effective period, if they have not concluded by the time this Resolution ceases to be effective, shall continue to enjoy such incentives under this Resolution until the completion of the projects and activities.

4. Heads of agencies/units, civil servants, and public officials involved in formulating and issuing mechanisms and policies stipulated in this Resolution and detailed regulations and guidance on implementation shall be considered for exemption, immunity, or reduction of responsibility according to Clause 11, Article 68 of the Law on Issuing Normative Legal Documents.

This Resolution was adopted by the National Assembly of the Socialist Republic of Vietnam, the 15th term, the 9th session, on June 27, 2025.