As part of the official visit to the United Arab Emirates (UAE) from September 23–25, Standing Deputy Prime Minister Nguyen Hoa Binh, together with leaders from relevant ministries, sectors, and localities, held working sessions with leaders of two of the world’s leading financial centers: the Abu Dhabi Global Market (ADGM) and the Dubai International Financial Centre (DIFC). During the visit, Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Ngoc Canh participated in the sessions and shared the SBV’s orientation on establishing a legal framework for the development of an international financial center (IFC) in Vietnam.
At the meetings, the Vietnamese delegation exchanged views with leaders of ADGM and DIFC on issues related to building and developing an IFC in Vietnam. In recent years, the Party and State of Vietnam have made strong efforts to realize the goal of establishing an IFC, with the expectation that it will provide a new driving force to accelerate Vietnam’s integration into global value chains. On May 27, 2025, the National Assembly passed Resolution No. 222/2025/QH15 on the establishment of an IFC in Vietnam, following the “one center – two locations” model in Ho Chi Minh City and Da Nang. On August 1, 2025, the Government issued Decision No. 114/QĐ-BCĐTTTC approving the Action Plan for building the IFC through the end of 2025, setting out specific goals and directions regarding the legal framework, infrastructure development, and human resource attraction to ensure the IFC’s effective operation.
The Vietnamese delegation meets with Mr. Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Global Market (ADGM)
In this process, Vietnam seeks to learn from ADGM and DIFC’s experience in developing international financial systems, ranging from investment attraction policies and infrastructure building to the management and operation of financial centers under the English common law model. Government leader stressed Vietnam’s significant needs in areas such as infrastructure, energy, digital economy, and green transition, and expressed the wish that ADGM and DIFC would encourage and introduce international investors to Vietnam’s IFC.
Both sides agreed to continue cooperation in developing mechanisms and policies to strengthen the capital market, secondary financial services, FinTech, green finance, and digital assets, while also sharing experience in financial center management, anti-money laundering, and ensuring national financial security.
The Vietnamese delegation works at the Dubai International Financial Centre (DIFC)
At ADGM, Chairman Ahmed Jasim Al Zaabi introduced ADGM’s development model, emphasizing three key factors for the success of an IFC: legal independence, stable and reliable policies, and efficient procedures with strong investor support. The Vietnamese delegation expressed interest in this model and requested ADGM to share further information on its exceptional incentives to attract international funds, talent, and business support. Both sides agreed to jointly organize an investment promotion event in the UAE in early 2026.
On this occasion, Standing Deputy Prime Minister Nguyen Hoa Binh also witnessed the signing of a memorandum of understanding between ADGM and the People’s Committees of Ho Chi Minh City and Da Nang on cooperation in developing financial centers in Vietnam.
At DIFC, the Vietnamese delegation congratulated DIFC on its remarkable achievements over 20 years of establishment and growth, including its top ranking in the Middle East and 12th globally in the GFCI 2025 index. The Deputy Prime Minister requested DIFC to share its experience in developing financial infrastructure, anti-money laundering, and financial security, and encouraged Dubai investment funds to participate in Vietnam’s IFC.
ADGM and DIFC are both key financial centers of the UAE but follow different development orientations. Established in 2004, DIFC is one of the largest financial centers in the Middle East, with a focus on traditional finance sectors such as banking, insurance, and international financial services. It currently hosts more than 5,000 enterprises, including numerous financial institutions and multinational corporations. Founded in 2015, ADGM focuses on innovative financial services, particularly fintech, green finance, and digital assets, aiming to build a strong financial platform that attracts global investment funds and supports innovative businesses.
Standing Deputy Prime Minister Nguyen Hoa Binh meets with Mr. Essa Abdulfattah Kazim, Governor of the Dubai International Financial Centre (DIFC)
Following the Government’s instructions, Vietnamese ministries and relevant agencies have been swiftly drafting decrees guiding the implementation of Resolution No. 222/2025/QH15. In the banking sector, the Government has assigned the SBV to draft a decree on licensing the establishment and operation of banks, foreign exchange management, anti-money laundering, counter-terrorist financing, and preventing the proliferation of weapons of mass destruction within the IFC. The draft decree is being prepared based on international practices and existing provisions of the Law on Credit Institutions and related legal documents. The decree is expected to create a transparent, consistent, and competitive legal environment, thereby attracting international financial institutions, mobilizing global capital, and reinforcing Vietnam’s position on the regional and global financial map.
The Vietnamese delegation’s visit to ADGM and DIFC was conducted within the framework of activities aimed at promoting international financial cooperation and learning from global best practices in IFC development. The useful exchanges and active cooperation from international partners such as ADGM and DIFC will help Vietnam’s ministries, sectors, and localities implement sustainable development strategies and lay a solid foundation for the country’s future IFC.
HM