Getting Started: How to Register and Enter Vietnam's VIFC

The VIFC's legal framework is now substantially in place. Resolution 222 provides the constitutional foundation. Eight implementing decrees — 323 through 330 — translate it into operational rules. Circular 72 establishes the foreign exchange regime. The specialised court law was passed in December 2025. And on 11 February 2026, the VIFC-HCMC formally launched, with VIFC-DN operating in parallel.

The question is no longer whether the VIFC will happen. It's how to get in.

This guide is designed for international firms — financial institutions, fintech companies, asset managers, professional-services firms, and corporates — that are evaluating participation. It covers each step from initial assessment through to operational launch, with specific references to the applicable decrees and regulations.

Step 1: Determine Your Eligibility and Pathway#

The first decision is which membership pathway applies to you. Under Decree 324, there are two routes into the VIFC, each with distinct criteria and timelines.

Recognition (fast-track)#

The recognition pathway is designed for large, established institutions. You are eligible if you are:

• A financial institution, investment fund, or enterprise listed on the Fortune Global 500 at the time of application (or a direct parent company of one), excluding organisations operating in banking, securities, or insurance
• A domestic financial institution ranked among the top 10 by charter capital in its respective sector, excluding banking, securities, and insurance

Recognition is the fastest route. The IFC Executive Authority issues a Certificate of Member Recognition within 5 working days of receiving a complete dossier.

Registration (standard)#

All other organisations and enterprises that meet the VIFC's standards of financial capacity, credibility, and operate in sectors aligned with the IFC's development orientation use the registration pathway.

This covers the majority of prospective participants: mid-sized financial institutions, fintech firms, digital asset companies, fund managers, professional-services firms, and non-financial organisations seeking to operate within the VIFC.

The IFC Executive Authority issues a Certificate of Member Registration within 7 working days of receiving a complete dossier.

Separate procedures#

Three categories of participant follow distinct licensing procedures that sit outside the standard registration/recognition process:

• Foreign banks seeking to establish IFC member bank branches (licensed under Decree 329)
• Domestic commercial banks seeking to operate within the IFC (licensed under Decree 329)
• Investors operating in securities or insurance (subject to sector-specific licensing)

If you fall into one of these categories, the membership certificate is not your primary gateway — the sector-specific licence is. See the For Financial Institutions guide for details on banking and securities licensing.

Step 2: Choose Your Location#

The VIFC operates as one centre across two locations, each with a distinct development orientation. Your choice of location should reflect your business model.

VIFC-HCMC (Ho Chi Minh City)#

• Area: 898 hectares across Saigon Ward, Ben Thanh Ward, and the Thu Thiem New Urban Area
• Core zone: 9.2 hectares in Thu Thiem, housing the regulatory, supervisory, and judicial headquarters
• Headquarters: 55-storey Saigon Marina Tower (IFC Marina Tower); administrative offices at 8 Nguyen Hue Street and 123 Truong Dinh Street
• Orientation: Comprehensive financial hub — traditional banking, capital markets, asset management, insurance, aviation finance, maritime finance, and green finance
• Best for: Banks, securities firms, asset managers, insurers, large corporates, trade finance operations, aviation and maritime finance

VIFC-DN (Da Nang)#

• Area: 300 hectares
• Initial hub: 20-storey building at Software Park No. 2 (operational from Q2 2026)
• Orientation: Innovation-driven finance — fintech, digital assets, regulatory sandboxes, DeFi, green finance, SME finance, and cross-border trade linked to free trade zones
• Best for: Fintech firms, digital asset companies, sandbox participants, innovation labs, green finance startups, trade-finance specialists linked to manufacturing and logistics

Both locations issue membership certificates through their respective IFC Executive Authorities. You apply to the Executive Authority in the city where you intend to establish your head office.

A critical rule: IFC members must establish and maintain their head office within the IFC throughout the entire period of their operations. This is not a virtual-presence arrangement. You need physical premises within the designated VIFC area.

Step 3: Prepare Your Membership Application#

Applications are submitted through the Membership Registration and Recognition System — an online portal operated by the IFC Executive Authority in your chosen location.

What you'll need#

While the precise dossier requirements are being refined as the Executive Authorities publish their operating rulebooks, the framework established by Decree 324 requires applicants to demonstrate:

• Financial capacity — evidence of adequate capitalisation for your intended activities
• Credibility — corporate track record, regulatory standing, and compliance history
• Sector alignment — your activities must fall within the VIFC's priority sectors or be consistent with the IFC's development orientation

For recognition applicants, the primary requirement is proof of Fortune Global 500 listing or top-10 domestic ranking at the time of application.

What you receive#

Upon approval, the IFC Executive Authority issues a Member Certificate (either recognition or registration) and assigns you a unique identification number. You are recorded in the Register of Members of the VIFC.

This membership is the legal gateway to the VIFC's special regulatory regime. Without it, you cannot access the IFC-specific tax incentives, FX liberalisation, licensing pathways, or dispute-resolution mechanisms.

Step 4: Form Your Entity#

Once you hold membership, you need to establish a legal entity within the VIFC — unless you are a domestic institution extending existing operations into the IFC under a separate licensing arrangement.

Entity types#

The VIFC framework does not prescribe a single entity form. Vietnamese law provides for several structures:

• Limited liability company (single-member or multi-member) — the most common structure for foreign-invested enterprises in Vietnam
• Joint-stock company — required if you intend to issue shares
• Branch of a foreign enterprise — available for certain activities, particularly banking (foreign bank branches under Decree 329)
• Representative office — limited to liaison and market-research activities; does not confer full IFC member status

For most international participants, a single-member LLC (wholly owned by the foreign parent) or a foreign bank branch will be the appropriate structure.

Key entity-formation advantages within the VIFC#

The VIFC framework streamlines several aspects of entity formation:

• No Investment Registration Certificate required — investment projects implemented by IFC members within the IFC are exempt from the standard IRC issuance procedures under Vietnam's investment laws. This eliminates one of the more time-consuming steps in conventional foreign investment.
• 100% foreign ownership permitted — IFC members can establish wholly foreign-owned entities within the VIFC, without the ownership caps that apply to certain sectors under Vietnam's general investment regime.
• International accounting standards — IFC members may apply IAS/IFRS or other Generally Accepted Accounting Principles and are not required to prepare financial statements under Vietnamese Accounting Standards. Financial statements prepared under the elected international standards serve as the official legal reports for all relevant procedures.

Important caveat: investment policy approval#

While the IRC requirement is waived, IFC members must still obtain investment policy approval where required under Vietnam's investment laws — for example, for projects exceeding certain capital thresholds or involving conditional business lines. And if you operate in a sector classified as a conditional business line, you must hold the relevant operating licence or certificate of eligibility before conducting business.

Step 5: Understand Your Tax Position#

The VIFC's tax incentives are among the most competitive in the region. They are structured across three tiers: corporate income tax, personal income tax, and customs duties.

Corporate income tax (CIT)#

Decree 324 establishes two CIT incentive packages:

Priority sectors (the six categories listed in Decree 323's annex — IFC infrastructure, green finance/ESG, commodity markets and trade finance, fintech and innovation, investment funds and asset management, professional support services):

• 10% CIT rate for 30 years (standard Vietnamese CIT is 20%)
• Tax exemption for up to 4 years from the first year of taxable income
• 50% reduction for up to 9 subsequent years

Non-priority sectors (other activities permitted within the IFC):

• 15% CIT rate for 15 years
• Tax exemption for up to 2 years
• 50% reduction for up to 4 subsequent years

Personal income tax (PIT)#

Until the end of 2030:

• PIT exemption on employment income (salary and wages) for managers, experts, scientists, and highly qualified personnel working at the IFC — applicable to both Vietnamese and foreign nationals
• PIT exemption on capital gains from the transfer of shares, capital contributions, or capital-contribution rights of IFC members (excluding transfers of listed public company shares)

The PIT exemption is a powerful recruitment tool. It means that a senior financial professional relocating to Vietnam to work within the VIFC pays zero personal income tax on their salary through 2030, compared to Vietnam's standard top marginal rate of 35%.

Import and export duties#

• Goods exported from the IFC to foreign countries, or imported from overseas into the IFC, benefit from preferential duty rates under Vietnam's international trade agreements
• Import duty exemption for technical equipment, technology, and software not produced domestically, used for IFC information infrastructure, management systems, and data-centre projects
• Import duty exemption for goods used to form fixed assets of IFC investment projects

Step 6: Open Your Bank Accounts#

Banking infrastructure is the operational backbone of VIFC participation. Under Decree 329 and Circular 72, IFC members operate within a dual-track account system at IFC member banks.

The two account types#

Foreign currency capital account — mandatory for four specified activities:

1. Borrowing from offshore individuals and organisations
2. Lending to offshore entities and domestic borrowers
3. Outbound investing from the IFC
4. Investing elsewhere in Vietnam from the IFC

Foreign currency payment account — used for all other foreign exchange transactions, including operational receipts, vendor payments, currency conversion, and receiving investment from local and foreign investors.

Both accounts are held at IFC member banks — banks that have obtained a licence to operate within the VIFC under Decree 329.

What this means in practice#

The liberalised FX regime allows IFC members to transact, list prices, and settle obligations in foreign currency when dealing with other IFC members or offshore counterparties. This eliminates the currency-conversion friction that typically affects foreign businesses operating in Vietnam.

However, when dealing with Vietnamese individuals and organisations outside the IFC, standard foreign currency restrictions continue to apply. This bifurcation is deliberate — the VIFC operates as a liberalised zone within Vietnam's broader FX framework.

For wholly foreign-owned IFC members, the regime is especially permissive: offshore borrowing and lending require only declaration and reporting — no prior SBV registration. For IFC members with domestic ownership, additional conditions apply (borrower eligibility, lending limits relative to equity, safety ratios).

Practical note#

As of February 2026, Da Nang has requested the State Bank of Vietnam to finalise the banking licensing process for VIFC operations, to facilitate the transfer of operating capital. The pace at which IFC member banks become fully operational will determine how quickly other members can open accounts and begin transacting.

Step 7: Obtain Sector-Specific Licences#

Membership alone does not authorise regulated activities. Depending on your business, you may need additional licences from the IFC Executive Authority or from national regulators.

Activities licensed by the IFC Executive Authority#

The Executive Authority in each city issues licences for:

• Member registration certificates (as described above)
• Establishment and operation licences in authorised sectors within the IFC
• Sandbox licences for unregulated technologies, products, services, and business models — granted for a maximum of 5 years

Activities requiring national-level licensing#

Certain regulated activities remain under the jurisdiction of national regulators, even when conducted within the IFC:

• Banking operations — licensed by the SBV under Decree 329 (60-day processing time for Da Nang banking licences)
• Securities activities — licensed under Vietnam's securities laws, with coordination between the IFC Executive Authority and the State Securities Commission
• Insurance and reinsurance — subject to insurance regulatory requirements
• Crypto asset trading platforms — licensed by the Ministry of Finance under the pilot programme (Resolution 05/2025/NQ-CP), with the State Securities Commission as the procedural focal point

The sandbox pathway#

For firms with products, services, or business models not yet covered by existing law, the regulatory sandbox is the designated entry point. The sandbox mechanism, initially established by Article 24 of Resolution 222 and further developed through Decree 324, allows participants to:

• Operate under relaxed or tailor-made regulatory requirements
• Benefit from exemption from compliance with certain standards and technical regulations
• Receive exemption from liability for damage to the state during the experimentation period

Sandbox criteria, conditions, and application procedures are being specified by the IFC Executive Council. Da Nang has already approved its first sandbox trial — Basal Pay, a digital asset conversion project — and plans to establish 2–3 specialised exchanges within the sandbox framework.

Step 8: Set Up Operations#

With membership, entity, accounts, and licences in place, you can establish your operational presence.

Office space#

IFC members must maintain a physical head office within the VIFC. Current options:

In HCMC:

• IFC Marina Tower (Saigon Ward) — the 55-storey Saigon Marina skyscraper in Thu Thiem, also housing the Fintech Hub
• 8 Nguyen Hue Street (Saigon Ward) — central VIFC administrative offices
• Commercial office space within the 898-hectare VIFC zone (Saigon Ward, Ben Thanh Ward, Thu Thiem)

In Da Nang:

• Software Park No. 2 — the 20-storey ICT Building (27,000+ sqm), scheduled for VIFC functions from Q2 2026
• 6.2 hectares of planned coastal land for IFC development (2025–2027 priority)

Staffing and immigration#

The VIFC offers significant advantages for hiring foreign talent:

• Work permit exemption for foreign workers who meet specific expertise criteria
• No cap on the number of foreign employees and no need to seek approval for labour demand
• Visas and temporary resident cards valid for up to 10 years for investors, experts, managers, and key talent
• Permanent resident cards available for strategic investors and senior specialists
• Foreign workers may opt into or out of Vietnam's social insurance and unemployment programmes, with partial exemption available if covered by equivalent foreign schemes

For more detail on visas, work permits, and relocation logistics, see our Practical Essentials guide.

Dispute resolution#

IFC members can resolve disputes through multiple mechanisms:

• The IFC International Arbitration Centre (Decree 328) — permits foreign governing law and limits judicial intervention
• Foreign arbitration or international arbitration outside Vietnam
• Vietnamese arbitration institutions
• The IFC Specialised Court — established by law in December 2025, using English as the working language
• Vietnamese courts

The flexibility to choose dispute-resolution venue and governing law is a critical attraction for cross-border transactions. It aligns the VIFC with the approach taken by DIFC, AIFC, and other international financial centres.

Step 9: Understand the Rules for Investing Outside the IFC#

IFC membership does not confine you to the VIFC's geographic boundaries. Members can invest in the rest of Vietnam and abroad — but with conditions.

Investing in the rest of Vietnam#

When an IFC member invests outside the IFC but within Vietnam (establishing an entity, acquiring shares, or entering a business cooperation contract), it follows the rules for economic organisations with foreign investment capital:

• If the member has a foreign investor holding more than 50% of charter capital, it follows the procedures applicable to foreign investors
• If the member does not meet that threshold, it follows domestic investor procedures

Funds must be transferred through the foreign currency capital account at an IFC member bank, consistent with Vietnam's broader foreign exchange framework.

Outbound investment#

IFC members may invest abroad, subject to written approval from the IFC Executive Authority prior to transferring capital — except for specialised sectors with separate rules.

For wholly foreign-owned IFC members, certain outbound transactions (lending, investment) benefit from simplified declaration-and-reporting requirements rather than full registration.

Decision Framework: Is the VIFC Right for You?#

Not every international financial firm needs to be inside the VIFC. The framework is most compelling if you meet several of the following criteria:

• Your business involves cross-border financial transactions that benefit from FX liberalisation and foreign-currency settlement
• You need to denominate, price, or clear products in currencies other than Vietnamese dong
• Your tax position benefits materially from the 10% CIT rate and PIT exemptions through 2030
• You want access to Vietnam's domestic market (capital markets, trade finance, consumer financial services) from a platform with international-standard accounting and dispute resolution
• You are developing products, services, or business models not yet covered by Vietnamese law and want access to the regulatory sandbox
• You need to hire foreign talent without the administrative burden of Vietnam's standard work-permit regime

If none of these apply — for example, if you are a purely domestic Vietnamese firm with no cross-border activity — the VIFC's advantages may be limited relative to operating under Vietnam's general investment regime.

What Comes Next#

The legal architecture is in place, but the operational layer is still being built. Several items to monitor in the near term:

• IFC Executive Council operating regulations — the governing rules for how the VIFC's institutional machinery works day to day. Both HCMC and Da Nang have urged the Executive Council to issue these promptly.
• Sector-specific licensing conditions — the detailed requirements for banking, securities, insurance, and sandbox activities within the IFC.
• Supervisory reporting templates — the format, frequency, and content of reports that IFC members must file with the Supervision Authority.
• Operating rulebooks for exchanges and trading platforms — the market rules, surveillance standards, and participant obligations for the planned commodity, carbon, and digital-asset exchanges.
• Banking licence issuance — the pace at which the SBV finalises banking licences for IFC member banks will determine how quickly the FX infrastructure becomes fully operational.

For a full picture of the regulatory stack — from Resolution 222 through to the circulars and rulebooks that remain to be issued — see our Regulation section.

"We implemented the task very quickly, decisively, and urgently. This surprised international experts with the speed, efficiency, and effectiveness in completing the legal framework for the establishment and operation of VIFC." — Deputy Prime Minister Nguyen Hoa Binh, February 2026

The speed has been impressive. The question for prospective participants is whether the execution can match the ambition. The firms that engage early — shaping the operating rules, building relationships with the Executive Authorities, and positioning themselves ahead of the broader market — will have the strongest platform when the VIFC's infrastructure reaches full operational capacity.

For overviews of specific opportunity areas, see our guides on Financial Institutions, Fintech & Digital Assets, and Sector Spotlights.