28/12/2025
Institutional Reform – A Decisive Factor for Vietnam’s International Financial Centre
Mr. Phung Anh Tuan, Secretary General of the Vietnam Association of Financial Investors, affirmed that institutional reform is a decisive factor in realizing Vietnam’s strategic goal of building an international financial centre. He noted that breakthrough policy directions from the Party, the State, and the Politburo provide a critical foundation for this process.
At present, the central approach lies in reforming mechanisms. Relevant authorities, including those in Ho Chi Minh City, are focusing on a fundamental question: how to operate a financial centre that meets international standards. The proposed framework includes the application of international practices, the use of advanced legal frameworks, and the establishment of specialized courts for financial disputes. In particular, the proposal also considers appointing foreign judges to adjudicate complex financial cases.
Nevertheless, Mr. Tuan pointed out a technical but potentially far-reaching legal issue: the provision allowing the application of foreign law provided that it does not contravene the fundamental principles of Vietnamese law. Without clear clarification, this rule may create legal uncertainty and make it difficult for investors to assess risks.
Mr. Tuan emphasized that introducing a new legal system for a financial centre requires a shift in legal reference standards. As a latecomer, Vietnam must align itself with established global financial hubs such as London, New York, Hong Kong, and Tokyo, rather than impose rigid or isolated legal rules, especially when international capital and recognition remain essential.
