Ho Chi Minh City, 17 March 2026
Decree No. 323/2025/ND-CP (“Decree 323”) sets out the strategic direction for the development of the Vietnam International Financial Center in Ho Chi Minh City (“VIFC – HCMC”) as a comprehensive and diversified financial ecosystem providing both traditional and specialized financial services. The framework seeks to leverage the synergies among key financial activities, including capital mobilization, investment, payment services, issuance and trading of financial products, asset management, fintech-based services, green finance, and other financial services.
Cross-Border IPOs and Cross-Listings as a Strategic Focus
VIFC – HCMC is currently formulating its strategic development plan, which is expected to identify four core pillars in line with the policy direction under Decree 323, including: (i) capital markets, (ii) commercial financial services, (iii) digital banking, and (iv) sustainable finance.
Among these pillars, the capital markets segment is expected to play a central role. The development strategy aims to expand both traditional and specialized financial services with large scale and high liquidity, supported by a diversified range of financial instruments, including stocks, corporate bonds, municipal bonds, and other related capital market products.
Within this framework, the policy orientation for the stock market within VIFC – HCMC is to establish a platform for cross-border initial public offerings (IPOs) and cross-listings. This would enable Vietnamese companies to access deeper regional and global capital pools, while also allowing foreign issuers to utilize Ho Chi Minh City as a regional venue for fundraising and trading.
Implementation Developments
A notable development supporting this policy direction is the Memorandum of Understanding (MoU) signed in October 2025 between the Department of Finance of Ho Chi Minh City and the Nasdaq Stock Market in New York. The cooperation covers five strategic areas including, inter alia, support for cross-listing initiatives, and Nasdaq has also joined the VIFC – HCMC ecosystem as one of its seven founding members.
Such cooperation could contribute to the modernization of Vietnam’s capital market infrastructure, including electronic trading systems, clearing and settlement mechanisms, and market supervision. These elements are key prerequisites for a competitive financial center, particularly in attracting institutional investors, high-frequency trading, and cross-border capital flows.
If cross-listing mechanisms are effectively implemented, VIFC – HCMC could evolve into an intermediary capital market connecting Southeast Asia with global investors. Vietnamese companies may gain access to both domestic and international capital pools, while foreign issuers operating in the region could utilize Ho Chi Minh City as a regional listing venue. Over time, this development could position VIFC – HCMC closer to established regional financial hubs such as Singapore or Hong Kong, where capital markets play a central role in channeling global capital into regional economic growth.
Supporting Legal Reforms
Several regulatory adjustments to the Vietnamese capital market legal framework also support this orientation, particularly under Decree No. 245/2025/ND-CP.
Simultaneous listing registration and IPO filing
Companies are now permitted to submit listing applications concurrently with IPO filings. This significantly shortens the timeline between capital raising and secondary market trading. A faster listing processes reduces uncertainty for issuers and enhance the competitiveness of the Vietnamese market compared with other regional listing venues. For a financial center seeking to attract international issuers, streamlined regulatory procedures represent an important competitive advantage.
Removal of approval requirement for overseas listing
The removal of the requirement to obtain prior approval from the SSC for overseas listings reflects a more open regulatory stance toward international capital markets. In particular, companies may adopt dual-listing structures, where shares are traded both domestically and internationally without additional approval requirements. This flexibility may encourage Vietnamese companies to access global capital markets while maintaining a presence in the domestic market, thereby reinforcing VIFC – HCMC’s role within a broader global capital network.
