Legal Framework and Human Capital Key to Building Vietnam’s International Financial Center, Experts Say

Legal Framework and Human Capital Key to Building Vietnam’s International Financial Center, Experts Say

Vietnam’s ambition to establish an international financial centre (IFC) depends heavily on strengthening legal frameworks, developing capital markets, and enhancing human resource quality, experts said at a financial planning forum on April 11, 2026, as the country targets over 10% economic growth between 2026 and 2030.

At the Forum on Personal Financial Planning 2026, policymakers and industry experts highlighted that institutional quality—rather than market size—will determine Vietnam’s competitiveness in attracting global financial flows and building a sustainable financial ecosystem.

Legal and Institutional Framework Central to Competitiveness

According to Nguyen Nhu Quynh, Director of the Institute of Economic and Financial Strategy and Policy under the Ministry of Finance, Vietnam’s high economic openness makes the development of a modern financial centre a strategic necessity. He emphasised that global competition among financial hubs increasingly depends on legal systems, tax policies, and infrastructure rather than scale alone.

The IFC initiative in Vietnam is being structured around a dual-location model, with Ho Chi Minh City positioned as a comprehensive financial hub and Da Nang as a specialised centre focused on emerging sectors such as digital assets, fintech, and green finance.

The proposed legal framework for the IFC is built on six pillars: organisational operations, financial systems, land and environmental regulations, financial markets, legal mechanisms, and human resources. These pillars are designed to ensure stability, consistency, and openness while covering the entire lifecycle of financial activity—from investment attraction to risk management.

Experts noted that aligning institutional standards with global benchmarks will be essential to ensure investor protection and maintain financial freedom, both of which are critical for international credibility.

Human Capital Identified as Core Growth Driver

Human resources emerged as a central theme in discussions, with experts underscoring the need for a highly skilled and adaptable workforce to support financial sector expansion. Pham Thi Hoang Anh, Deputy Director at the Banking Academy, stated that successful financial centres globally combine capital attraction with strong human capital and technological integration.

She highlighted that financial professionals must possess interdisciplinary expertise, combining finance, technology, data analytics, and management skills. Additionally, proficiency in foreign languages and the ability to operate in multicultural environments are increasingly important.

The Banking Academy is aligning its training programmes with these requirements by integrating fintech, digital banking, digital marketing, and e-commerce into its curriculum. The focus is on fostering continuous learning and adaptability to meet the evolving demands of global finance.

Experts stressed that without a robust talent pipeline, Vietnam may struggle to compete with established financial hubs that benefit from highly skilled workforces and advanced training ecosystems.

Capital Market Development and Technology Infrastructure

Alongside legal and human resource reforms, policymakers identified the development of deep and diversified capital markets as a key priority. Bui Van Huy, Vice Chairman of FIDT Investment Consulting and Asset Management JSC, noted that an effective IFC must be supported by a transparent legal environment, advanced technology infrastructure, strong capital markets, and standardised human resources.

Technology infrastructure, including digital data systems, electronic identification, open APIs, and cybersecurity frameworks, serves as a foundational element for modern financial operations. These systems enable efficient transactions, enhance transparency, and support innovation in financial services.

Experts also highlighted the importance of diversifying financial products, improving payment systems, and strengthening international connectivity to attract global investors. Risk management tools, particularly for exchange rate fluctuations, are considered essential to support international capital flows.

Efforts to build investor confidence will depend on the ability to combine these elements into a cohesive financial ecosystem that meets international standards.

Benchmarking Against Global Financial Centers

Comparisons with established financial hubs underscored the scale of the challenge facing Vietnam. Data presented at the forum showed that Shanghai employs approximately 500,000 financial professionals, Seoul nearly 293,500, Hong Kong around 269,100, Singapore about 200,000, and London roughly 179,000.

However, London leads in the number of Certified Financial Planner (CFP) professionals, with over 12,000 certifications, highlighting the importance of quality over quantity in workforce development. Vietnam currently lacks CFP-certified professionals, indicating a significant gap in financial expertise.

Experts noted that bridging this gap will require targeted policies to improve professional standards, certification programmes, and industry training. Financial advisors, in particular, play a critical role in resource allocation and market efficiency, acting as key intermediaries in the financial system.

Building trust through transparency and professional ethics was identified as a fundamental requirement for attracting both domestic and international investors.

Policy Direction and Long-Term Strategy

Vietnam’s IFC initiative is part of a broader strategy to transition into a high-middle-income country by 2030 and a high-income economy by 2045. Achieving these targets will require sustained efforts to attract global capital and integrate more deeply into international financial markets.

Experts emphasised that the success of the IFC will depend on coordinated policy implementation across legal reforms, market development, and education systems. The ability to create a stable, transparent, and innovation-driven financial environment will be critical in positioning Vietnam as a competitive financial hub in the region.

As the country advances its IFC plans, the focus remains on building a resilient financial ecosystem that can support long-term economic growth while meeting global standards for governance and performance.