Deputy Prime Minister Nguyen Van Thang, Chairman of the Executive Council for the Vietnam International Financial Center (VIFC), has signed Decision No 05/QD-HDDHTTTC issuing the operating regulations for the center, according to a report by the online newspaper of Radio the Voice of Vietnam.
The document outlines the operations of the executive agencies for the VIFC in Ho Chi Minh City (VIFC-HCMC) and Da Nang (VIFC-DN). It also details financial mechanisms, the selection of investors and contractors, member registration, and coordination protocols between relevant authorities.
Under the regulations, the two executive agencies are designated as specific administrative bodies under the respective City People’s Committees. They are tasked with state management and the direct administration of IFC activities within their jurisdictions. Should unforeseen issues arise or disagreements occur between agencies, the executive agency is responsible for summarizing the matter and reporting to the Executive Council for the VIFC or higher competent authorities for a final decision.
The executive agencies are entrusted with several key responsibilities, including investment promotion, international cooperation, and the attraction of financial institutions and high-quality human resources. They are also tasked with developing growth strategies for the local IFC and providing periodic progress reports to the Executive Council and the respective City People’s Committees.
Notably, the executive agencies are authorized to hire domestic and foreign organizations and experts to provide consultancy on legal frameworks, development strategies, investment promotion, technology, member management, and digital infrastructure. Furthermore, they are empowered to establish advisory councils and expert groups to assist in the appraisal, licensing, and management of their respective IFC's operations.
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