Banking
UOB Breaks Ground in VIFC Zone as Rating Barrier Stalls Bigger Rivals
UOB raises charter capital to VND 10 trillion and breaks ground on a VIFC-zone HQ in July — while JPMorgan and MUFG are blocked by Decree 329's rating barrier.
Vietcombank Puts VIFC Subsidiary to Shareholder Vote
Vietcombank put a 100%-owned VIFC bank to a shareholder vote in April 2026 — the first state bank to commit structurally, not just nominally, to the centre.
HDBank Q1 2026: The CAR Improvement That Makes the Green Bond Real
HDBank's CAR rose 184 bps to 16.16% in Q1 2026 — the capital metric underpinning Moody's 'Positive' outlook and a $300M green bond pipeline.
LPBank Becomes the Eighth Bank to Approve a VIFC Subsidiary — and the First to Name Digital Assets
LPBank's 28 April AGM unanimously approved a VIFC subsidiary — the eighth in 2026 — and the first to explicitly cite digital asset management as a target service.
The Domestic Bank Subsidiary Wave: What Eight Banks — and Now Securities Firms — Committing Capital Tells International Firms About the VIFC
Eight banks and the first securities firms have now committed capital to VIFC subsidiaries. The financial infrastructure layer is wider than originally assessed.
Vietnam's Retail Banking Is 95% Digital. Its VIFC Institutional Stack Is Not.
The SBV's journal maps five gaps blocking international investor digital banking at the VIFC — eKYC, open API, multi-currency products, AML risk, and talent.
SBV Biometric Rule Extends to Card Issuance, Closing Gap Left by Circular 77
Circular 45/2025, in force since January 5, 2026, requires biometric verification against the CCCD chip before any new bank card can be issued or activated for electronic transactions.
Decree 103 Adds Three Barriers for Foreign-Controlled Entities at the VIFC
Decree 103/2026/ND-CP cuts red tape for small-scale outbound deals but adds three blocking conditions for foreign-controlled companies — the entity type that anchors VIFC membership.
SBV Restores 40% Short-Term Capital Ratio as Circular 25 Takes Effect
Circular 25/2026/TT-NHNN, signed June 22, restores the 40% short-term capital cap and amends State Treasury deposit rules — effective July 1.
Decree 198 Thins the SBV Unit That Clears Foreign Banks Into the VIFC
Decree 198/2026 cuts SBV's International Cooperation Department from 5 to 3 divisions and renames Credit and Forecasting units, effective 1 July 2026.
SBV's Draft AI Circular: Six Compliance Layers Banks Must Build by September 2027
The SBV's draft AI circular imposes six compliance layers on banks under Law 134/2025/QH15, with a September 2027 deadline for existing systems.
Decree 324 Lifts M&A Cap as 50% Control Trigger Looms
Decree 324 removes foreign ownership caps and M&A registration for most VIFC deals — but Article 6.2's 50% threshold redefines a buyer's mainland Vietnam investment rights permanently.
Circular 09 Updates Custody Rules for SBV Repos and OMOs
Circular 09/2026/TT-NHNN, effective July 4, takes effect just as VIFC subsidiary banks go live — here is what compliance and treasury teams must act on.
SBV's Draft Circular on FDI Forex: Pre-IRC Accounts and the First IFC-to-Mainland Capital Category
SBV's draft replacement for Circular 06/2019 lets foreign investors open capital accounts before IRC approval and creates the first explicit regulatory category for IFC-to-mainland capital flows.
No More Forced VND Conversion: What Circular 72 Actually Means for Inbound Capital
Circular 72 abolished Vietnam's mandatory VND conversion for VIFC-bound foreign capital — here is what that means in practice for foreign LPs and asset managers.
Decree 329 + Circular 72 Explained: Banking, Foreign Exchange, and AML Within the VIFC
A plain-English walkthrough of the VIFC's banking licensing, foreign exchange, and anti-money laundering framework — the 'money layer' of Vietnam's financial centre.
SBV Sets 15% Credit Ceiling for 2026 as Deposit Rates Hit Cycle Peak
Vietnam's SBV set a 15% credit growth ceiling for 2026 — down from 19% actual in 2025 — as deposit rates hit cycle peaks at 12 banks.
Indonesia Plans 0% IFC Zone as ASEAN Tax Race Intensifies
Indonesia's proposed IFC zone offers 0% income tax and non-resident status — a direct challenge to VIFC's Decree 324 package as ASEAN's IFC arms race accelerates.
MUFG Declares VIFC-Da Nang Role as Japan Corridor Finds Its Anchor
MUFG's Takao Nozaki declared Japan's largest bank a VIFC-Da Nang investor and ecosystem partner at the July 9–10 Japan-Vietnam forum.
Tran Dinh Thien: VIFC-Da Nang Should Pause Intake and Build First
Former Vietnam Institute of Economics director Tran Dinh Thien says VIFC-Da Nang needs 2–3 years of institution-building before chasing capital — and should pause membership now.
Decree 329's AA- Floor Is Keeping Foreign Banks Out of the VIFC
Six months in, the VIFC's banking tier is entirely domestic. Decree 329's AA- threshold bars MUFG, Bank of America, and Bank of China — and the VIFC's own Vice Chairman wants it scrapped.
Decree 323's Supremacy Clause Gives the VIFC Power to Override Vietnamese Law — if the Rules Get Written
Decree 323 lets the VIFC's Executive Council override conflicting Vietnamese law — but the Operational Regulations that activate the power remain unwritten.
Singapore Backs VIFC Commercial Court in May 29 MOU
Singapore and Vietnam signed an MOU on 29 May 2026 to jointly develop the VIFC Specialised Commercial Court — the first bilateral partnership to operationalise Law 150's judicial framework.
VIFC Posts 38 Members in First Institutional Scoreboard
Vietnam's MoF disclosed 38 formal VIFC registrations across both nodes on May 25 — the first official membership count, against 'hundreds' of expressions of interest.
VIFC's Eight Implementing Decrees: A Practitioner's Reference Map
All eight VIFC implementing decrees (323–330) were enacted on 18 December 2025. Here is the practitioner's reference map.
For Financial Institutions: Licensing, Membership, and Operating Within the VIFC
A practical guide for banks, insurers, asset managers, and financial services firms evaluating the VIFC — covering membership tiers, licensing pathways, capital requirements, tax incentives, and the operational realities of setting up.
Vietnam's VIFC: What Global Financial Institutions Must Evaluate Before 2027
Licensing pathways, tax incentives, and regulatory gaps — a practical breakdown of what banks, asset managers, and insurers need to assess before Vietnam's financial centre opens.
Knapper Maps VIFC Talent Gap: Tens of Thousands Needed Over a Decade
Former US Ambassador Marc Knapper puts a number on the VIFC talent gap: tens of thousands of senior professionals, three sourcing tracks, and a 10-year build window.
VIFC Personal Income Tax Exemption: What Finance Professionals Actually Keep Until 2030
Decree 324/2025/ND-CP, in force since 18 December 2025, exempts qualifying VIFC professionals from PIT on employment income until end of 2030.