The answer to Vietnam's 1,500 billion USD infrastructure challenge

The International Financial Center (IFC) is being expected to become the bridge that helps Vietnam turn its 1,500 billion USD infrastructure capital need into an opportunity to develop a more modern financial system.

Over the past decades, Vietnam has step by step built a foundation for growth with an ever-expanding system of expressways, seaports and industrial parks, thereby attracting large FDI flows and driving industrialization.

However, as the economy enters a new stage of development, the demand for a modern, connected and sustainable infrastructure system has become more urgent than ever.

According to Grant Thornton, Vietnam needs about 1,500 billion USD by 2030 for key sectors such as transport, energy, urban development and green transition.

This is a very large capital need in a context where the state budget can hardly meet all of it, the domestic capital market still lacks depth, and many international capital flows are still structured through financial centers outside the region.

Therefore, building an International Financial Center (IFC) is seen as a strategic step to attract, connect and retain capital right here in Vietnam, creating an additional channel to mobilize resources for large-scale development projects in the future.

The IFC, a special mechanism to mobilize capital effectively

Facing the enormous capital challenge for infrastructure, Vietnam has chosen to build the IFC as a complete financial ecosystem rather than merely an area concentrating financial institutions. The goal is to create an environment capable of attracting, allocating and retaining financial resources to serve infrastructure, energy and digital transformation.

A standout feature of this model is the two-center approach. In Ho Chi Minh City, the IFC serves as the hub for coordinating capital flows, leveraging advantages in the banking system, capital market and the presence of large financial institutions.

This will be the place concentrating large-scale capital mobilization activities, cross-border transactions and the provision of liquidity for key projects such as expressways, seaports or smart power grids.

The International Financial Center (IFC) is seen as a strategic step for Vietnam. Photo: GT

Meanwhile, Da Nang is oriented to become a center for innovation, focusing on fintech, digital finance, green finance and new business models.

This city plays the role of a testing space through a regulatory sandbox (a controlled testing mechanism for new products and services), while also helping to develop high-quality human resources for the whole system.

The combination of one center strong in implementation and another that leads innovation helps the IFC create mutual complementarity, meeting both large-scale capital needs and promoting new financial initiatives.

The legal foundation for the IFC has also been built at a rapid pace. Following Notice 47-TB/TW of the Politburo in late 2024, Resolution 222/2025/QH15 created an overall legal framework, allowing the application of special mechanisms.

Subsequently, the two decrees 323 and 324/2025/ND-CP concretized the governance model, scope of operations and incentive policies. In early 2026, the two centers were officially inaugurated, marking the shift from orientation to actual implementation.

One of the IFC's attractions lies in its incentive system. Enterprises in priority sectors enjoy a corporate income tax rate of 10% for 30 years, along with a four-year tax exemption at the start and a 50% reduction for the following nine years. Some other sectors apply a 15% tax rate for 15 years.

For high-quality personnel, experts who meet the conditions on qualifications and international experience are exempt from personal income tax through the end of 2030. Income from capital transfers between IFC members is also subject to a tax exemption policy.

These incentives aim to reduce operating costs and attract a team of personnel capable of executing complex financial transactions to international standards.

In addition to tax policies, the IFC also creates greater flexibility in capital and foreign exchange management. Members can transact in foreign currencies, raise capital from foreign investors with more favorable procedures, and build holding structures right in Vietnam.

This helps reduce dependence on offshore entities in centers such as Singapore or Hong Kong, where many Vietnam-related financial transactions have long been carried out.

Allowing the application of IFRS accounting standards or the parent company's standards also makes it easier for enterprises to connect with the global financial system.

The IFC's ecosystem is further completed with a specialized court, an international arbitration center under Common Law (a legal system based on case law), streamlined administrative procedures and a sandbox mechanism for new financial products.

Thanks to this, transactions such as raising green capital for renewable energy or financing infrastructure supply chains can be carried out right in Vietnam to international standards.

In essence, the IFC does not create an entirely new financial system, but focuses on improving the legal and operating environment so that the market becomes more transparent, efficient and competitive. Through this, Vietnam gains additional tools to diversify capital sources, increase market liquidity and promote new forms of infrastructure financing.

Practical impact on enterprises and the economy

When the IFC comes into operation, the impact of this model will spread from the macro level to the operations of each enterprise.

Vietnam needs about 1,500 billion USD by 2030 for key sectors such as transport, energy, urban development and green transition. Photo: HA

For foreign investors and international financial institutions, the IFC creates a clearer destination for accessing the Vietnamese market. Incentives on tax, foreign exchange, testing mechanisms and the ability to resolve disputes to international standards help reduce operating costs, increase reliability and limit dependence on external financial structures.

For Vietnamese enterprises, the biggest benefit lies in the ability to access global banks, investment funds and providers of structured financial solutions more directly. Carrying out cross-border transactions domestically helps save costs, shorten timelines and retain more added value for the economy.

In particular, the policy to attract international talent through personal income tax incentives creates an advantage in attracting managers and experienced experts, who play an important role in implementing large-scale infrastructure projects.

However, participating in the IFC also poses higher requirements for enterprises. Units wishing to participate must upgrade their governance capacity, internal controls, financial reporting and risk management to meet international standards. This is a necessary transition for Vietnamese enterprises to integrate more deeply into the global financial system.

At the level of the economy, the IFC helps change the capital structure by expanding the ability to issue infrastructure bonds, attracting private capital through the PPP model and promoting green financial instruments. FDI flows also gain more opportunities to be allocated more deeply into sectors serving long-term growth, rather than mainly concentrating on manufacturing.

The combination of Ho Chi Minh City, with its capital market advantages, and Da Nang, with its innovation role, creates a dual driver, helping Vietnam gradually reduce its dependence on traditional bank credit and become more proactive in coordinating international capital flows.

Overall, the IFC is being expected to become the bridge that helps Vietnam turn its 1,500 billion USD infrastructure capital need into an opportunity to develop a more modern financial system. The success of this model will help create a foundation for capital to be mobilized, allocated and retained more effectively, supporting the economy in entering a new growth phase.

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Nguồn: TheLeader — theleader.vn. Bài viết được đăng lại phục vụ mục đích chia sẻ kiến thức cho cộng đồng founder và nhà đầu tư trong hệ sinh thái HCM VIF.