At the heart of this endeavor is a call from Vietnam's Prime Minister, Pham Minh Chinh, for the creation of bold, innovative, and competitive policies. The objective is clear: to lure resources for sustainable development and to support the nation's rapid growth by championing green, digital, and circular economic models.

The government's roadmap, which first gained momentum in 2014, designates HCMC as a comprehensive international financial hub and Da Nang as a regional financial center. The vision for these centers includes:

• Cutting-Edge Infrastructure: Building modern and seamless financial infrastructure, including advanced payment and securities trading systems.
• Talent Attraction: Drawing in top international talent by offering competitive incentives and creating an appealing environment for leading financial experts.
• A Transparent Legal Framework: Establishing an open and transparent legal environment that ensures property rights and freedom of business and movement.
• Financial Innovation: Promoting new financial instruments and services such as green finance and financial risk management.

To bring this vision to life, HCMC plans to develop infrastructure in District 1 and the Thu Thiem area, with a goal to establish its international financial center by 2030. Da Nang has proposed developing its financial center on over 70 hectares of land, a project estimated to take at least five years to complete.

Recognizing the complexity of this undertaking, the Vietnamese government has established a dedicated Steering Committee for Regional and International Financial Centers, headed by the Prime Minister himself. This committee is tasked with directing the overall strategy, guiding policy formulation, and overseeing the establishment and operation of the centers.

A key part of the strategy involves a phased approach to policy implementation. Over the next five years, the government will roll out eight types of policies tailored to Vietnam's conditions but aligned with international practices. Concurrently, six types of policies currently used by major global financial centers will be piloted in Vietnam, with the aim of official application from 2030.

The policy framework will focus on attracting both direct and indirect foreign capital from public and private sectors, identifying development zones, and anticipating staffing needs. Prime Minister Chinh has emphasized that the centers must be a "free and equal playing field" that respects market mechanisms and streamlines procedures by eliminating unnecessary sub-licenses.

Vietnam's financial hub ambitions are built upon an already dynamic and rapidly expanding fintech landscape. The country's fintech industry has seen remarkable growth, with the number of fintech solutions surging from approximately 115 in 2020 to 220 in 2024.

This growth is fueled by a significant shift in consumer behavior. Vietnam is rapidly moving towards a cashless economy, with digital payments gaining dominance. A 2024 consumer survey revealed that 37% of respondents used bank apps for recent purchases, and 31% used e-wallets, while only 15% relied on cash. The gross transaction value (GTV) for digital payments hit US$149 billion in 2024 and is projected to more than double to US$300 billion by 2030.

Beyond payments, other fintech sectors are also experiencing a boom:

• Buy Now, Pay Later (BNPL): Transactions surged by 113% in 2023, reaching US$2.34 billion.
• Digital Lending: The loan book balance reached US$6 billion in 2024, a 49% year-over-year increase, and is forecast to hit US$30 billion by 2030.
• Wealthtech: The number of wealthtech companies grew by 129% between 2021 and 2024.

This progress is underpinned by strong government support, including strategic initiatives like the National Financial Inclusion Strategy and the National Digital Transformation Program. Most recently, the government has developed a regulatory sandbox for select fintech solutions, focusing on credit scoring, open APIs, and peer-to-peer (P2P) lending, demonstrating a commitment to fostering innovation in a controlled environment.

Drawing inspiration from global examples like the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM), which have become magnets for fintech pioneers, Vietnam aims to create a similar catalyst for innovation. By combining robust policy, strategic infrastructure development, and a fervent focus on fintech, Vietnam is not just planning for a new financial center; it is engineering a new economic future.