Who's Who: The People and Institutions Behind the VIFC

How to read this guide#

The VIFC's institutional architecture is more complex than a single org chart can capture. It spans national government, two city administrations, dedicated IFC bodies, a specialised court, an arbitration centre, and a growing roster of private-sector members.

This guide is organised in layers, from the top of the governance stack to the operational ecosystem. Each section identifies the body, its legal basis, its function, and — where known — the individuals leading it.

Layer 1: National-Level Oversight#

The Steering Committee for the International Financial Center in Vietnam#

Legal basis: Decision No. 1646/QD-TTg, signed August 1, 2025

Function: The highest-level coordinating body for VIFC development. It provides strategic direction, guides institutional and policy frameworks, oversees the establishment and operation of IFC bodies, and directs resource allocation for infrastructure.

The Steering Committee operates on a concurrent-duty basis — its members hold their positions in addition to their primary government roles. It is not an executive body. It steers; it does not manage day-to-day operations.

Head:

• Pham Minh Chinh — Prime Minister

Deputy Heads:

• Nguyen Hoa Binh — Permanent Deputy Prime Minister (Standing Deputy Head)
• Nguyen Van Nen — Secretary of the Ho Chi Minh City Party Committee
• Nguyen Van Thang — Minister of Finance
• Nguyen Thi Hong — Governor of the State Bank of Vietnam
• Nguyen Van Quang — Secretary of the Da Nang City Party Committee

Selected members:

• Nguyen Thi Bich Ngoc — Deputy Minister of Finance (Standing Member)
• Nguyen Van Duoc — Chairman of the Ho Chi Minh City People's Committee
• Luong Nguyen Minh Triet — Chairman of the Da Nang City People's Committee
• Deputy ministers from National Defence, Public Security, Justice, Industry and Trade, Science and Technology, Agriculture, Home Affairs, Education and Training
• Deputy Chief Justice of the Supreme People's Court
• Pham Tien Dung — Deputy Governor of the State Bank of Vietnam

Standing Agency: The Ministry of Finance serves as the permanent secretariat — consolidating opinions from ministries and local authorities, preparing meeting materials, and drafting reports and proposals for the Steering Committee.

Why it matters: The composition tells you where power sits. The PM chairs it personally. Both city Party Secretaries are deputy heads. The SBV Governor and MOF Minister sit at the table. This is not a delegated working group — it is the senior national leadership signalling that the VIFC is a priority of the state.

Key National Regulators#

Several national-level bodies retain regulatory authority over activities within the VIFC, even as the IFC's own governance structure takes shape:

• Ministry of Finance (MOF) — Standing agency of the Steering Committee. Also the licensing authority for the national crypto asset pilot under Resolution 05/2025/NQ-CP, with the State Securities Commission (SSC) acting as the procedural focal point for crypto trading platform applications.

• State Bank of Vietnam (SBV) — Issued Circular 72/2025/TT-NHNN, implementing the VIFC's foreign exchange and banking framework. Retains supervisory authority over IFC member banks and monetary policy matters. The SBV's shift from ex ante licensing to ex post supervision for IFC members is one of the regime's most significant regulatory innovations.

• Ministry of Planning and Investment (MPI) — Drafted the original outline for the National Assembly resolution. Retains a role in investment policy and foreign direct investment procedures.

• Ministry of Justice (MOJ) — Relevant to the legal framework for the Specialised Court and the International Arbitration Centre. Deputy Minister Nguyen Thanh Tinh sits on the Steering Committee.

Layer 2: VIFC Governance Bodies#

These are the dedicated institutions created by Resolution 222 and Decree 323 to govern and operate the VIFC. They are distinct from national ministries and city governments, though they interact with both.

IFC Executive Council#

Legal basis: Resolution 222/2025/QH15; Decree 323/2025/ND-CP

Function: The central strategic and coordinating body for the entire VIFC system. Its powers include:

• Issuing development strategies, roadmaps, and plans for the VIFC
• Promulgating the IFC Operating Regulation — the master rulebook for the centre
• Resolving matters where the HCMC and Da Nang Executive Authorities cannot reach agreement
• Establishing the IFC Consulting Council and other supporting bodies

The Executive Council is the body that will issue the critical implementing rules for the sandbox mechanism, membership criteria, and cross-jurisdictional coordination between the two locations.

Key individual: Nguyen Hoa Binh, Permanent Deputy Prime Minister, serves as Chairman of the IFC Executive Council.

VIFC-HCMC Executive Authority#

Legal basis: Decree 323/2025/ND-CP

Function: An independent legal entity under the Ho Chi Minh City People's Committee, responsible for the direct management and operation of IFC activities in Ho Chi Minh City. Its powers include:

• Issuing member registration certificates
• Granting establishment and operation licences in authorised sectors
• Issuing sandbox licences for unregulated technologies, products, services, and business models (maximum five-year term)
• Managing the 898-hectare VIFC-HCMC zone across Saigon Ward, Ben Thanh Ward, and the Thu Thiem New Urban Area

Key individual: Truong Minh Huy Vu, former head of the Ho Chi Minh City Institute for Development Studies, leads the VIFC-HCMC Executive Authority.

Physical location: 8 Nguyen Hue, Saigon Ward, Ho Chi Minh City (with additional premises at 123 Truong Dinh, Xuan Hoa Ward). The VIFC-HCMC will be headquartered in the 55-storey Saigon Marina skyscraper in the Thu Thiem New Urban Area.

Website: vifc.hochiminhcity.gov.vn/en

VIFC-DN Executive Authority#

Legal basis: Decree 323/2025/ND-CP

Function: An independent legal entity under the Da Nang City People's Committee, responsible for the direct management and operation of IFC activities in Da Nang. Same licensing and sandbox powers as the HCMC authority, within its 300-hectare jurisdiction.

Da Nang's orientation is distinct from Ho Chi Minh City's. VIFC-DN is positioned as the centre for innovation-driven and emerging financial activities — digital asset pilots, fintech sandboxes, green finance, supply chain finance, and specialised trading platforms.

Key individual: Ho Ky Minh, Vice Chairman of the Da Nang People's Committee, leads the VIFC-DN Executive Authority.

Physical location: ICT1 Building, Software Park No. 2, Da Nang City

Website: vifcdanang.vn

Notable first: Da Nang approved Vietnam's first fintech sandbox trial — for Basal Pay, a digital asset conversion project — before the formal national sandbox framework was finalised. This signals that the Da Nang authority is willing to move ahead of the curve.

IFC Supervision Authority#

Legal basis: Resolution 222/2025/QH15; Decree 323/2025/ND-CP

Function: An independent legal entity based in Ho Chi Minh City (with the option to establish a branch in Da Nang), under the supervision of the HCMC People's Committee. Responsible for:

• Inspection and examination of IFC members
• Supervision of compliance with IFC regulations
• Prevention and handling of violations within the IFC

This is the enforcement arm. The Supervision Authority ensures that the VIFC's lighter-touch, ex post regulatory model is backed by credible oversight. It operates independently of the Executive Authorities — an important structural separation.

Specialised Court#

Legal basis: Law on the Specialised Court in the IFC, passed by the National Assembly on December 11, 2025

Function: A dedicated judicial institution within the VIFC for resolving investment, business, and financial disputes. The court comprises a Court of First Instance, a Court of Appeal, and supporting staff. It has jurisdiction over disputes between IFC members, and between members and domestic or foreign entities, as well as the recognition and enforcement of foreign judgments and arbitral awards within the IFC.

The Specialised Court applies international-standard procedures and can operate in English — a critical feature for cross-border participants.

International Arbitration Centre#

Legal basis: Decree 328/2025/ND-CP

Function: A dedicated arbitration institution within the VIFC. In defined circumstances, it permits the application of foreign governing law and limits judicial intervention where parties have validly agreed to arbitration.

For cross-border financial transactions, the availability of credible, internationally oriented arbitration within the IFC — rather than requiring recourse to Vietnam's general court system — is one of the VIFC's most important structural features.

Layer 3: City Governments#

The VIFC is physically located in two cities, and their People's Committees play significant implementation roles.

Ho Chi Minh City#

• Nguyen Van Nen — Secretary of the HCMC Party Committee and Deputy Head of the Steering Committee
• Nguyen Van Duoc — Chairman of the HCMC People's Committee. At the February 11, 2026 launch ceremony, he described the VIFC-HCMC as a long-term strategic task linked to elevating the city's position on the regional and global financial map

The HCMC People's Committee oversees the VIFC-HCMC Executive Authority, the IFC Supervision Authority, and land allocation within the 898-hectare VIFC-HCMC zone. Under Resolution 222, the HCMC People's Council also has the power to decide on certain fees, charges, and local mechanisms applicable within the IFC area.

Da Nang#

• Nguyen Van Quang — Secretary of the Da Nang Party Committee and Deputy Head of the Steering Committee
• Luong Nguyen Minh Triet — Chairman of the Da Nang People's Committee

Da Nang has moved aggressively to position itself. The city has designated strategic land reserves, allocated a 22-storey building at Software Park No. 2 as the initial VIFC-DN hub, and is working with central ministries on financial mechanisms to attract international experts. The VIFC-DN Executive Authority sits under the Da Nang People's Committee, with land allocation powers granted by Decree 326.

Layer 4: Founding and Strategic Members#

At the formal launch of VIFC-HCMC on February 11, 2026, the first cohort of members was officially announced. These are the institutions that committed early and will play a core role in shaping the centre's market structure, product ecosystem, and operational standards.

Founding Members (7)#

Founding members are the anchor institutions — they participated from the earliest stage and will be instrumental in defining the VIFC's initial market architecture.

(Two additional founding members were announced at the ceremony. Names will be updated as official documentation is published.)

Strategic Members (6)#

Strategic members are early-stage partners contributing to specific pillars of the VIFC ecosystem — finance, education, technology, logistics.

Key International Partnerships#

• Binance signed a memorandum of understanding with the HCMC Department of Finance in November 2025 to support the development of the city's IFC. This MOU predates the formal VIFC launch and signals early engagement from the world's largest crypto exchange.

• VIFC-HCMC and VietJet announced the AAFH (Aviation and Aerospace Financial Hub) initiative, with over USD 6.1 billion to be mobilised through the International Financial Centre in Ho Chi Minh City — an early indication of the scale of capital the VIFC aims to channel.

• The UK–Vietnam Financial Insights Summit has been cited as part of the international cooperation framework, reflecting engagement with the City of London and UK financial institutions.

Layer 5: Academic and Talent Pipeline#

The VIFC's long-term viability depends on access to skilled professionals in finance, technology, law, and compliance. Both cities are investing in the talent infrastructure.

Ho Chi Minh City#

• Ho Chi Minh City University of Economics — Already a strategic member of the VIFC, with staff seconded to the VIFC-HCMC Executive Authority. This is the most concrete university–IFC partnership to date.
• The broader HCMC university system — including HCMC University of Technology, Ton Duc Thang University, and RMIT Vietnam — provides a deep pool of finance, IT, and business graduates.

Da Nang#

• Da Nang has over 30 universities and colleges, more than 60 vocational training centres, and produces over 40,000 graduates annually — with approximately 50% in information technology, finance, data, and digital economics.
• An existing IT ecosystem of approximately 2,000 companies — including firms in fintech, blockchain, Web3, and AI — provides a base of technical talent.
• The VIFC-DN website describes efforts to attract global financial experts from Europe, Singapore, Dubai, and the United States through dedicated work permit, visa, and residence support.

Immigration and talent policies#

Decree 325 establishes a tailored labour regime for the IFC, including flexibility in recruiting foreign professionals. Decree 327 provides special entry, exit, and long-term residence arrangements, including:

• Visas and temporary resident cards valid for up to 10 years
• Permanent resident cards for important investors, experts, and managers
• Work permit exemptions for qualified personnel

Personal income tax exemptions on earned income for highly qualified personnel apply until 2030 — a time-limited but significant incentive for early movers.

Layer 6: What's Still Taking Shape#

The VIFC is in its earliest operational phase. Several elements of the institutional ecosystem are mandated by the legal framework but not yet fully operational:

• IFC Consulting Council — To be established by the IFC Executive Council. Its composition, mandate, and membership are not yet public. This body is likely to include international advisory figures and subject-matter experts.

• IFC member banks — Decree 329 creates the framework for a dedicated system of IFC member banks operating with greater flexibility than domestic banks, particularly in foreign exchange and cross-border activities. Which banks will seek IFC member bank status — and when — will be a key indicator of the centre's financial depth.

• Commodity exchanges — Decree 330 provides the legal basis for commodity exchanges within the IFC, including trading of futures, options, and other derivatives, as well as certain digital assets. No exchange has been formally established yet.

• Operating rulebooks — The decrees create legal authority, but the day-to-day market rules — trading rules, surveillance obligations, data reporting formats, participant requirements — are issued at the authority and venue level. These are the documents that will determine what it actually feels like to operate in the VIFC.

• Anchor tenants in financial services — The founding and strategic member lists are dominated by Vietnamese institutions. The VIFC's stated ambition is to attract major international financial institutions, exchanges, and asset managers. Those commitments have not yet been publicly announced.

Quick-Reference: Who Does What#

This guide will be updated#

The VIFC ecosystem is evolving rapidly. As new members are announced, governance appointments are made, international partnerships are formalised, and operating rulebooks are published, this guide will be updated to reflect the current state of play.

Last verified: February 15, 2026.

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