All Global Experiences Useful for Vietnam S International Financial Hub
•February 20, 2026
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Companies Mentioned
Why It Matters
A robust, well‑regulated hub would amplify Vietnam’s role in regional trade finance, attract foreign capital, and diversify its economy, positioning the nation as a leading fintech gateway in Southeast Asia.
Key Takeaways
- •DIFC success relies on independent, long‑term regulatory framework
- •Shenzhen and Hangzhou specialize in digital finance, not banking
- •AIFC shows adaptive, principle‑based regulation drives innovation
- •Vietnam must first build a robust domestic financial ecosystem
- •Concentrate liquidity in one national exchange, avoid fragmentation
Pulse Analysis
Vietnam’s drive to become an international financial hub is being shaped by lessons from established centres such as Dubai’s DIFC, China’s Shenzhen and Hangzhou, and Kazakhstan’s AIFC. These examples illustrate that political commitment, an independent regulatory architecture and the ability to weather crises are non‑negotiable foundations. For Vietnam, decoupling the hub’s lifespan from election cycles and embedding a resilient oversight body will signal seriousness to global investors. The emphasis on long‑term institutional stability differentiates a fleeting incentive park from a genuine financial centre.
Rather than mimicking legacy banking districts, Vietnam can leapfrog by focusing on digital finance, green capital and AI‑driven services where it already enjoys a comparative edge. Shenzhen and Hangzhou grew by tethering finance to nearby tech giants, creating a fintech ecosystem that feeds on data and innovation. Vietnam’s massive manufacturing base and its role in ASEAN supply chains provide a natural pipeline for trade‑finance and cross‑border payments, turning the country into a 21st‑century‑native hub. Targeted specialization will attract talent and capital faster than competing on traditional banking metrics.
The transition from policy to execution is where many IFC projects stumble. Vietnam must avoid over‑ambitious, fragmented roll‑outs, instead concentrating liquidity in a single, deep national exchange and crafting agile, principle‑based rules for digital assets. Urban planning should prioritize liveable financial districts that draw global professionals, not sterile office blocks. Success will be measured by domestic fintech adoption rates, the depth of liquidity, and the hub’s resilience during economic shocks. When these indicators align, international players will arrive organically, cementing Vietnam’s position as a sustainable financial centre.
All global experiences useful for Vietnam s international financial hub
From your international experience, which successful international financial centres (IFCs) offer the most relevant lessons for Vietnam?
Jochen Biedermann, managing director of the World Alliance of International Financial Centres
Based on the international experience presented, several successful financial centres offer particularly relevant lessons for Vietnam, for instance, the Dubai International Financial Centre (DIFC), the Chinese financial centres in Shenzhen and Hangzhou, and the Astana International Financial Centre (AIFC). The decisive factors behind their success that Vietnam should prioritise are as follows.
Firstly, the DIFC succeeded because it was treated as a multi-decade “marathon”, backed by the highest political will and operated under an independent regulatory framework. Crucially, its resilience was tested by multiple crises, from the 2008 financial crash to the pandemic. Its ability to adapt and consolidate, rather than collapse, underscores the need to build an institutional structure that can withstand shocks and evolve.
For Vietnam, this means establishing independent oversight with a stable, long-term vision that transcends political cycles, ensuring the project endures inevitable economic downturns.
Secondly, for hubs like Shenzhen or Hangzhou in China, the decisive factor is leapfrogging through specialisation in new frontiers. Neither replicated traditional banking centres; they leveraged their proximity to tech giants to become dominant nodes in digital finance. The lesson is that Vietnam does not need to compete head-on with New York or London in established fields.
Instead, it can build its 21st-century-native centre by specialising in areas where it holds an advantage: digital finance, green finance, and AI-driven financial services. Success comes from dominating a niche in the future of finance.
Thirdly, the lesson learned from the AIFC is to ensure adaptive regulation. The AIFC’s early struggles with ill-fitting regulations show that a legal framework must be tailored to foster local innovation. Vietnam must find the right balance with forward-looking, principle-based regulations for fintech and digital assets.
Underpinning these factors is the foundational principle that the strength of the domestic economy is the ultimate catalyst. Vietnam’s greatest advantage is its robust, real-world engine as a global manufacturing powerhouse. Therefore, the greatest attention must be paid to first building a deep, dynamic domestic financial ecosystem that excels in trade and supply-chain finance and serves local businesses.
If this domestic foundation is vibrant, international players will come organically in search of a genuine opportunity, creating a sustainable centre rather than one dependent on fleeting incentives.
We developed a paper exploring the future of financial centres, and our review indicated that successful IFCs are those that clearly define their role and deliberately build dense marketplaces where the ecosystem of these sectors cluster to transact across borders. Their credibility rests on strong government-enabled frameworks, private-sector leadership, and the network effects created by concentration of expertise, data and risk management capabilities.
What are the most common difficulties governments face when developing an IFC, and how can Vietnam avoid these risks as it moves from policy frameworks to execution?
The transition from designing an IFC to successfully implementing it is indeed the critical phase where many ambitious projects falter. The most common difficulties governments face are not conceptual, but practical, such as trying to implement everything at once, creating regulations that stifle innovation, building sterile ghost towns that repel talent, or fragmenting financial liquidity across multiple exchanges.
Vietnam can avoid these risks by leveraging its unique advantages while applying the hard-won lessons from global precedents. It should craft agile, forward-looking rules for digital finance, prioritise building vibrant, liveable urban spaces, and concentrate all market activity into a single, deep pool of liquidity.
What would you consider the most critical success indicators that would signal Vietnam’s IFC programme is on the right track?
The most critical indicators will be the depth and innovation of its domestic financial ecosystem. It will be seen in widespread adoption of digital finance, a thriving local fintech and AI startup scene, and deep liquidity concentrated in a unified national exchange, for instance.
Equally important will be its ability to attract and retain global talent, measured by the emergence of vibrant, liveable urban communities within the financial districts, and its demonstrated resilience during inevitable economic shocks, showing the institutional capacity to adapt and stabilise.
Secondly, Vietnam must explicitly choose to leapfrog by specialising as a 21st-century hub in digital and green finance, while leveraging its real-economy strength in ASEAN trade and supply-chain finance. Thirdly, the master plan must prioritise holistic urban development from day one, building a complete city for living, not just working. Finally, the foundational philosophy must first focus on cultivating a strong domestic financial market, ensuring the IFC’s appeal is rooted in genuine economic opportunity rather than short-term incentives.
The financial industry’s core function is to finance national development, businesses, and citizens. For success, we need to measure the improvements in meeting those financing needs resulting from the Vietnam IFC.
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