VIFC Sector Spotlights: Aviation Finance, Maritime Finance & Carbon Markets in Vietnam

Most international financial centres launch with a broad mandate and a long list of priority sectors. The VIFC is no different — Decree 323 catalogues dozens of eligible activities across banking, capital markets, fintech, insurance, and professional services.

But not all sectors are equal in practice. A handful of verticals have moved faster than the rest, attracting early investor commitments, dedicated policy language, and operational infrastructure. Three stand out: aviation finance, maritime finance, and carbon/green markets.

These aren't random selections. Each one maps to a structural advantage Vietnam already possesses — a rapidly growing airline fleet, a dominant position in global trade logistics, and acute exposure to climate risk — and each has a clear regulatory pathway through the VIFC framework.

Aviation Finance: The Headline Mover#

Why it matters#

Aviation finance was the first VIFC sector to produce a concrete number. At the February 2026 launch, officials disclosed that the aviation finance hub had already mobilised USD 6.1 billion in committed capital — a figure that caught the attention of leasing companies and structured finance desks across the region.

The logic is straightforward. Vietnam's aviation sector is one of the fastest-growing in Asia. VietJet Air and Bamboo Airways are scaling their fleets, Vietnam Airlines is pursuing a long-term fleet renewal programme, and low-cost carrier demand across Southeast Asia continues to climb. Yet virtually all aircraft financing for Vietnamese carriers is currently structured offshore — through Dublin, Singapore, Hong Kong, or the Cayman Islands.

The VIFC aims to repatriate a portion of that activity.

What the framework offers#

The legal architecture supports aviation finance through several interlocking provisions:

• Foreign currency transactions between IFC members (Circular 72) — aircraft leases and loan facilities are almost universally denominated in USD. The VIFC's liberalised FX regime allows members to transact, price, and settle in foreign currency without the usual dong-conversion friction.
• IFC member bank licensing (Decree 329) — permits the establishment of single-member limited liability banks and foreign bank branches within the VIFC, applying international accounting standards (IAS/IFRS) and the parent institution's prudential ratios. This is critical for aviation finance desks that need to book assets under familiar accounting treatment.
• International arbitration (Decree 328) — aircraft finance disputes typically require English-language, common-law-compatible arbitration. The VIFC's International Arbitration Centre is designed to accommodate this, with provisions for foreign governing law in defined circumstances.
• Tax incentives (Decree 324 / Resolution 222) — 10% corporate income tax for up to 30 years in prioritised sectors, with initial exemption and reduction periods. Personal income tax exemption until 2030 for qualified personnel.

Who is moving#

Sovico Group — the parent company of VietJet Air and one of the VIFC's seven founding members — is the anchor tenant for the aviation finance vertical. The group's involvement signals that the aviation hub is not merely aspirational; it has a committed domestic sponsor with direct fleet-financing needs.

Beyond Sovico, the VIFC-HCMC Executive Board has indicated plans to develop a broader aviation finance ecosystem encompassing operating lease vehicles, engine financing, maintenance reserve management, and aviation insurance.

What to watch#

The aviation finance opportunity is real, but several questions remain open:

• Cape Town Convention compliance. International lessors require certainty that Vietnam will honour the Cape Town Convention on International Interests in Mobile Equipment and its Aircraft Protocol. Vietnam has not yet ratified this treaty, and VIFC-specific provisions do not substitute for treaty-level protections.
• Insolvency and repossession frameworks. Lessors care deeply about their ability to repossess aircraft in a default scenario. The VIFC's specialised court and arbitration centre help, but the interaction between VIFC dispute resolution and Vietnam's broader insolvency regime needs further clarification.
• SPV structuring. Aviation finance relies heavily on special-purpose vehicles. The VIFC framework permits entity formation, but the specific rules for SPV governance, ring-fencing, and beneficial ownership disclosure within the IFC are still being finalised at the operational-rulebook level.

"Aviation finance is a relationship-driven business. The capital follows the jurisdiction that can offer legal certainty, not just tax incentives. Vietnam's fleet growth gives it a compelling demand story — the question is whether the VIFC can deliver the institutional infrastructure that lessors need." — Industry analyst, Singapore aviation finance conference, January 2026

Maritime Finance: Leveraging the Supply Chain#

Why it matters#

Vietnam is the world's 27th-largest exporter and the sixth-largest in Asia. Its ports handled over 800 million tonnes of cargo in 2024, and the country sits at the heart of the supply-chain diversification trend that has accelerated since 2020. Samsung, Apple's supply chain, Intel, and dozens of major manufacturers have deepened their Vietnamese production footprint.

Yet Vietnam's trade finance, shipping insurance, and maritime logistics financing are overwhelmingly intermediated through Singapore and Hong Kong. Every letter of credit, every cargo insurance policy, every vessel financing facility generates fee income — and nearly all of it leaks offshore.

The VIFC's maritime finance vertical is designed to capture a share of this activity by building an integrated offering that connects trade finance, ship financing, marine insurance, and supply chain finance within a single regulatory jurisdiction.

What the framework offers#

Decree 323's priority-sector list explicitly includes:

• International trade insurance, reinsurance, brokerage, maritime transport insurance, and maritime finance
• Corporate financial products, including trade finance, structured commodities, and commodity derivatives
• Credit extension, including import-export loans, bank guarantees, letters of credit, factoring, discounting, and ancillary services
• Supply chain finance solutions and ESG-related trade services

The combination is powerful. A VIFC member bank could, in principle, issue a letter of credit, arrange cargo insurance, provide factoring against receivables, and finance the underlying vessel — all within the IFC framework, denominated in foreign currency, and governed by international accounting standards.

The Da Nang location is particularly relevant here. VIFC-DN is explicitly oriented toward cross-border trade activities linked to free trade zones, high-tech zones, and industrial zones. Da Nang's geographic position — central coast, deep-water port, proximity to manufacturing clusters — gives it a natural role as a maritime finance node.

The free trade zone connection#

One of the more interesting structural features is the planned integration between the VIFC and Vietnam's emerging free trade zones. The VIFC-HCMC Executive Board has signalled that the centre will develop as an ecosystem closely linked to logistics, trade, and the real economy.

If implemented well, this integration could shorten the financing chain significantly. Instead of a Vietnamese exporter arranging trade finance through a Singapore bank, obtaining insurance through a London broker, and settling through a Hong Kong correspondent — all of which adds cost, latency, and counterparty complexity — the transaction could be structured end-to-end within the VIFC ecosystem.

What to watch#

• Correspondent banking relationships. Maritime finance requires deep correspondent banking networks. VIFC member banks will need to establish or extend these relationships, which takes time and depends on the credibility of Vietnam's AML/CFT framework (Decree 329).
• Insurance licensing. Marine insurance and reinsurance are specialist activities that require dedicated regulatory treatment. The VIFC framework permits insurance and reinsurance operations, but the specific licensing conditions and capital requirements for marine lines are still being developed.
• Da Nang infrastructure. The 20-storey Software Park No. 2 building will serve as VIFC-DN's initial operational hub from Q2 2026. Maritime finance operations will need physical proximity to port infrastructure, customs authorities, and logistics operators. Whether Da Nang can build this connectivity quickly enough is an open question.
• Competition from Singapore. Singapore's maritime finance ecosystem is deep, liquid, and well-established. The VIFC is not trying to displace it — but rather to capture the margin on transactions that originate in Vietnam and currently route through Singapore by default.

Carbon Credits & Green Finance: The Long Play#

Why it matters#

If aviation finance is the VIFC's headline and maritime finance is its workhorse, carbon and green finance may be its most consequential long-term bet.

Vietnam is acutely exposed to climate risk. The Mekong Delta — which produces roughly half the country's rice and a significant share of its seafood exports — faces severe flooding and saltwater intrusion. Ho Chi Minh City itself is one of the most climate-vulnerable major cities in Asia.

At the same time, Vietnam has committed to net-zero emissions by 2050 under its updated Nationally Determined Contribution, and the country's Just Energy Transition Partnership (JETP) with G7 nations has mobilised initial pledges of USD 15.5 billion in public and private financing to support the coal-to-renewables transition.

The VIFC's green finance vertical is positioned at the intersection of these two realities: enormous financing need and a growing pool of climate-linked capital looking for deployment opportunities in emerging markets.

What the framework offers#

Green finance receives dedicated treatment across multiple instruments:

From Decree 323's priority-sector list:

• Market organisation and trading of green and ESG debt and equity instruments
• Provision of green credit rating services, ESG ratings, and sustainability indices
• Infrastructure for domestic and international carbon credit trading markets
• Insurance and reinsurance for natural disasters and climate change risks
• Financial services supporting sustainable tourism and green tourism infrastructure funds
• Development of ClimateTech, GreenTech incubators and R&D centres

From Resolution 222:

• Creation of a green finance market with green certification
• Trading of carbon credits as one of the explicitly permitted product categories on new exchanges and trading platforms within the IFC

From Da Nang's development orientation:

• VIFC-DN is tasked with piloting a carbon credit exchange to direct investment toward sustainability-focused projects
• Da Nang plans to establish 2–3 specialised exchanges, with carbon credits as a priority asset class

Carbon credit exchange: the centrepiece#

The planned carbon credit exchange is the anchor product for this vertical. Both HCMC and Da Nang have signalled their intention to develop carbon trading infrastructure, though the approaches differ:

• VIFC-HCMC is oriented toward a large-scale, internationally connected carbon market — potentially linked to compliance markets in the EU, Japan, and South Korea, and serving as a regional hub for voluntary carbon credit trading.
• VIFC-DN is pursuing a pilot carbon credit exchange within the regulatory sandbox framework, starting with project-based credits from Vietnam's renewable energy and forestry sectors before scaling to broader coverage.

Vietnam has significant carbon credit supply potential. The country's forests cover approximately 42% of its land area, and its rapid build-out of solar and wind capacity creates a pipeline of renewable energy certificates and carbon offset credits. The World Bank's Forest Carbon Partnership Facility has already engaged Vietnam on REDD+ (Reducing Emissions from Deforestation and Forest Degradation) credit generation.

Green bonds and sustainable finance products#

Beyond carbon, the VIFC framework creates space for a broader suite of green financial products:

• Green bonds — Vietnam's domestic green bond market is nascent but growing. The VIFC could serve as a listing and trading venue for green bonds denominated in foreign currency, attracting international institutional investors who face mandates to increase sustainable-finance allocations.
• ESG funds — Decree 323 lists digital technology funds, green funds, ESG funds, and green tourism infrastructure investment funds among the priority activities. Fund managers registered within the VIFC could structure vehicles that invest in Vietnamese green infrastructure while benefiting from the IFC's tax and FX advantages.
• Climate insurance — Vietnam's exposure to typhoons, flooding, and agricultural losses creates demand for parametric insurance and catastrophe bonds. The VIFC's insurance and reinsurance licensing framework could support the development of these products.

What to watch#

• Carbon market regulation. Vietnam passed a decree in 2024 establishing the legal basis for a domestic carbon market, with a pilot emissions trading scheme expected by 2028. The interaction between the national carbon market framework and the VIFC's carbon credit exchange needs clarification — will the VIFC exchange operate as part of the national scheme, or as a parallel international market?
• Verification and certification standards. International carbon credit buyers require credits to meet recognised standards (Gold Standard, Verra VCS, or equivalent). The VIFC's green certification mechanism will need to interoperate with these global frameworks.
• Greenwashing risk. Green finance is under increasing scrutiny globally. The VIFC will need robust disclosure requirements and independent verification to maintain credibility with institutional investors who face their own regulatory obligations around sustainable-finance claims.
• Liquidity bootstrapping. Carbon credit exchanges need critical mass to function. Thin markets lead to wide spreads, low confidence, and participant attrition. The VIFC may need to attract anchor market-makers or negotiate reciprocal listing arrangements with established carbon exchanges (such as Singapore's Climate Impact X) to build initial liquidity.

"Vietnam has all the ingredients for a credible green finance hub — real climate exposure, genuine mitigation opportunities, and growing international capital flows. The VIFC could be the platform that connects supply and demand. But green finance is a trust business. The credibility of the exchange, the quality of the credits, and the robustness of the regulatory framework will determine whether international capital shows up." — Sustainable finance advisor, regional development bank

How the Three Verticals Interact#

These three sectors are not isolated. They share infrastructure, regulatory foundations, and — crucially — a common strategic logic.

Shared infrastructure:

• All three require VIFC member banks capable of handling foreign-currency transactions, trade finance instruments, and cross-border capital flows.
• All three benefit from the International Arbitration Centre and the specialised court for dispute resolution.
• All three depend on the AML/CFT and supervisory framework established by Decree 329 and Circular 72 to maintain international credibility.

Cross-sector synergies:

• Aviation finance and green finance intersect through sustainable aviation fuel (SAF) credits and green aviation bonds — a rapidly growing segment globally.
• Maritime finance and carbon markets connect through supply-chain decarbonisation — shipping accounts for roughly 3% of global CO₂ emissions, and demand for carbon-neutral logistics is rising among multinational shippers.
• Maritime finance and aviation finance share a common need for asset-backed structured finance — ships and aircraft are both high-value mobile assets with well-established securitisation models.

Common competitive challenge: Each vertical faces the same fundamental question: can the VIFC deliver sufficient institutional quality — legal certainty, regulatory predictability, enforcement capacity, and operational infrastructure — to attract participants who currently route their transactions through Singapore, Hong Kong, or London?

The answer will not come from the legal framework alone. It will come from execution: the speed of licensing, the competence of the supervisory authority, the quality of the talent pool, and the depth of the professional-services ecosystem that develops around the VIFC.

Practical Implications#

For financial institutions#

The three verticals each offer distinct entry points:

• Aviation finance favours banks and lessors with existing fleet-financing capabilities who want to book Vietnamese-origin transactions locally rather than offshore.
• Maritime finance appeals to trade finance banks, factoring companies, and marine insurers seeking proximity to Vietnam's export and logistics ecosystem.
• Carbon/green markets suits asset managers, development finance institutions, and ESG-focused funds looking to deploy capital into Vietnamese climate mitigation.

For intermediaries and service providers#

Each vertical requires a supporting ecosystem of legal advisors, auditors, valuation firms, credit rating agencies, and technical consultants. The VIFC's professional-services licensing framework creates opportunities for firms that establish an early presence.

For all prospective participants#

The immediate action item is the same regardless of sector: monitor the operating rulebooks and licensing conditions as they are issued by the VIFC Executive Authorities in HCMC and Da Nang. The eight implementing decrees establish the legal framework, but the operational details — membership criteria, reporting cadence, supervisory approach, and sector-specific licensing conditions — will be determined by the rules that come next.

For a broader overview of VIFC market structure and available products, see our Market Structure & Products guide. For step-by-step guidance on entity formation and VIFC membership, see Getting Started.