Academic-policy network planned to support VIFC development

The directive was delivered by Permanent Deputy Prime Minister Nguyen Hoa Binh, chairman of the Executive Council of Vietnam's International Financial Centre (VIFC), on February 27.

Speaking at the opening ceremony of the IFC Regulator Executive Training Course (IFCR03) at Vietnamese-German University (VGU) in Ho Chi Minh City, he explained the need to progressively build and connect a nationwide network linking universities, research institutes, and financial experts.

Under an initiative to develop high-quality workers for VIFC, two previous training courses (IFCR01-02) were organised by VGU, equipping participants with a comprehensive foundation on the role, functions, establishment models and governance of an IFC.

The courses also enhanced knowledge of financial markets, central banking, macroeconomic management and risk governance in the context of deep international integration.

Last June, IFCR01 introduced the foundational concepts underpinning international financial centres, including their establishment models, governance structures, and regulatory frameworks. IFCR02, held the following August, built on this base by examining financial markets, central banking, macroeconomic stability, and systemic risk supervision in the context of IFC operations.

The training series is designed to provide a structured grounding in institutional models, operational mechanisms, financial market architecture, and macroeconomic management for financial centres. Building on this platform, VGU plans to launch 12-week micro-credential programmes focused on advanced quantitative analytical skills in finance and economics, supporting the practical demands of developing Vietnam’s IFC.

Deputy Prime Minister Nguyen Hoa Binh (middle) attending the launch ceremony of the new training course. Photo: VGU

Several alumni from the two previous courses now hold key positions within the executive and supervisory bodies of the IFCs in Ho Chi Minh City and Danang, ensuring the direct translation of international knowledge and experience into the IFC’s operational practice.

Building on the success of two previous courses, IFCR03, attended by 35 participants, marked a meaningful step in implementing tasks directed by the prime minister as part of the broader strategy to transform Vietnam’s growth model.

Addressing the ceremony, DPM Nguyen Hoa Binh underscored that Vietnam is standing at a major development juncture.

"After nearly four decades of economic reform, Vietnam has achieved significant growth, macroeconomic stability, and expanding international integration," he stated. "The country's position has steadily risen, with strategic partnerships now including all major economies embedded in global value chains."

"However, the road ahead will become increasingly challenging. As Vietnam enters the upper-middle-income group, the growth model based on processing, assembly, low-cost labour, and resource extraction will reach its limits," he added. "To sustain high growth, Vietnam must shift towards a model driven by productivity, innovation, institutional quality, and efficient resource allocation."

In this context, the establishment and operation of VIFC represents a strategic element in Vietnam's broader efforts to transform its growth model.

Yet deeper financial integration also brings inherent risks. Global experience shows that countries have encountered serious difficulties – or paid a heavy price – when opening their financial sectors without sufficient preparation in regulatory frameworks, supervisory capacity, and macroprudential risk management.

DPM Binh noted that the development of VIFC must rest on five core pillars, including global connectivity capacity; a stable, transparent and advanced legal infrastructure; high-quality workers; international-standard governance and management capability; and a supportive ecosystem for development.

The training content is designed to deepen knowledge of financial markets, banking, macroeconomic management and risk governance, while also providing expertise in financial products, market structures, technological infrastructure and international regulatory frameworks.

These are practical, timely and critically important areas that contribute to ensuring the successful development of the IFC model in Vietnam.

DPM Binh expressed his hope that the VGU would become an important policy advisory channel for the government, gradually building and connecting a nationwide network linking higher education institutions, research institutes and financial experts, thereby forming a nationally reputable academic-policy forum in the financial and capital markets.

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