GUIDE TO REGISTERING AS A MEMBER OF THE VIETNAM INTERNATIONAL FINANCIAL CENTER (IFC)

The Vietnam International Financial Center is being developed at two locations, Ho Chi Minh City and Da Nang, aiming to establish a financial environment with specific operational mechanisms, management, and policies to attract domestic and international financial institutions, investment funds, investors, and service providers.

To operate and benefit from the mechanisms available to International Financial Center Members, organizations and businesses need to correctly identify the form of membership before preparing their application.

1. Legal Basis

The registration and recognition of IFC Members are currently primarily carried out based on:

• Resolution No. 222/2025/QH15 dated June 27, 2025, of the National Assembly on the Vietnam International Financial Center;

• Decree No. 324/2025/ND-CP dated December 18, 2025, of the Government on financial policies within the Vietnam International Financial Center;

• Regulations, rules, standards, and forms issued by the International Financial Center's Executive Authority from time to time.

Decree 324/2025/ND-CP provides more specific regulations on the registration and recognition of Members, as well as a separate licensing mechanism for certain organizations operating in the financial sector.

2. Do all businesses follow the same procedure?

No.

According to Article 10 of Resolution 222/2025/QH15 and Decree 324/2025/ND-CP, there are basically 03 mechanisms:

Case 1 – Standard Member Registration

Organizations and businesses can register to become Members if they meet the criteria for:

• financial capacity;

• reputation; and

• operating sector consistent with the development orientation of the International Financial Center.

Specific criteria are regulated by the Executive Authority.

This is the "Member registration" procedure.

Case 2 – Request for Member Recognition

Some organizations meeting special conditions under Clause 2, Article 10 of Resolution 222/2025/QH15 have the right to request recognition as a Member without having to go through the standard registration procedure.

These cases include, within the scope of the law, financial institutions, investment funds, or businesses listed in the Fortune Global 500 or their direct parent companies; and certain leading domestic financial institutions.

However, this recognition mechanism has exceptions for organizations operating in the banking, securities, and insurance sectors.

Therefore, it is necessary to accurately determine the organization's legal status and operating sector before choosing between the "registration" or "recognition" procedure.

Case 3 – Members operating in separately licensed sectors

For certain specific financial sectors such as banking, securities, and insurance, becoming a Member is linked to a separate licensing procedure for establishment and operation.

For example, an investor operating in the securities sector wishing to operate at the IFC must establish a securities business organization as a Member in the form of a single-member limited liability company. The license for establishment and operation of this organization simultaneously serves as the Member Registration Certificate.

Therefore, for securities companies or fund management companies, one should not automatically apply the standard Member registration procedure but should first check the specialized regulations in Chapter IV of Decree 324/2025/ND-CP.

3. Standard Member Registration Dossier

According to Article 4 of Decree 324/2025/ND-CP, the Member registration dossier comprises two main groups of documents:

3.1. Application for Member Registration

The application form is to be prepared according to the template issued by the IFC Executive Authority.

Common information will include:

• organization/business information;

• legal representative;

• operating sector;

• proposed activities at the IFC;

• request for Member registration; and

• commitments of the registering organization.

3.2. Explanation of Meeting Membership Criteria

The business must explain how it meets the criteria for:

Financial Capacity

Supporting documents may include:

• financial statements;

• audited reports;

• charter capital/owner's equity;

• business performance; and

• relevant financial indicators.

Reputation

Depending on the type of organization, the following may be used:

• operating license;

• duration of operation;

• information on shareholders/owners;

• organization's experience;

• history of legal compliance;

• credit ratings or awards, if any; and

• information on partners, clients, and operating markets.

Operating sector consistent with IFC's orientation

The business should clearly explain:

• current business lines;

• services or products planned for deployment at the IFC;

• target customer groups;

• target markets for service provision; and

• value the business can contribute to the IFC ecosystem.

The specific list of supporting documents may depend on the standards and forms issued by the Executive Authority at the time of application submission. Decree 324 stipulates the principles for the dossier but delegates the Executive Authority to issue specific forms and standards.

4. Dossier for Member Recognition Request

For organizations eligible for Member recognition under Clause 2, Article 10 of Resolution 222/2025/QH15, the dossier includes:

1. Application for Member Recognition;

2. Explanation of meeting the conditions; and

3. Accompanying supporting documents.

Depending on the case, supporting documents may include documents confirming a position in the Fortune Global 500, parent-subsidiary relationship, or other documents proving compliance with relevant criteria as stipulated.

The Executive Authority will verify compliance with the conditions specified in Clause 2, Article 10 before deciding on Member recognition.

5. Application Submission Methods

Businesses can choose one of three methods:

Online Submission

Through the VIFC Member Registration and Recognition System:

VIFC Member Registration Portal

The system is designed to support online registration, track application status, and perform Member-related procedures.

Direct Submission

At the Executive Authority of the Vietnam International Financial Center in Ho Chi Minh City.

VIFC currently announces the following locations:

• 8 Nguyen Hue, Saigon Ward, Ho Chi Minh City;

• 123 Truong Dinh, Xuan Hoa Ward, Ho Chi Minh City.

Submission via Postal Service

Applications can be sent to the Executive Authority at the announced address.

6. Processing Time

It is necessary to distinguish between two procedures:

Member Registration

Within 07 working days from receiving the registration dossier, the Executive Authority reviews and issues the Member Registration Certificate.

If rejected, the Executive Authority must provide written notification stating the reasons.

Member Recognition

For applications requesting Member recognition under Clause 2, Article 10 of Resolution 222/2025/QH15, the processing time is 05 working days.

In case of rejection, the Executive Authority must also provide written notification stating the reasons.

Thus:

Member Registration → 07 working days

Member Recognition → 05 working days

7. What to note after becoming a Member?

Possession of a Membership Certificate does not automatically mean the business can undertake all business activities.

If the planned activities fall under conditional business lines or sectors, the Member must still complete licensing procedures or meet operating conditions as per relevant regulations before commencing operations at the IFC.

Furthermore, according to Decree 324/2025/ND-CP, Members must have their head office within the International Financial Center and maintain this head office throughout their operational period.

8. Special Notes for Securities Companies and Fund Management Companies

This is a particularly important issue to consider when preparing the dossier.

Decree 324/2025/ND-CP identifies securities companies and securities investment fund management companies as "securities business organizations".

Investors operating in the securities sector wishing to participate in the IFC must establish a securities business organization as a Member in the form of a single-member limited liability company and must meet specific conditions regarding:

• capital and owner's equity;

• financial safety ratios;

• operational history;

• business results;

• charter capital of the organization at the IFC;

• personnel; and

• governance, internal control, and risk management systems.

Notably, for domestic securities business organizations, the Decree currently stipulates a minimum paid-up charter capital and owner's equity of VND 5,000 billion according to the latest audited annual financial statements, along with other conditions.

Therefore, before preparing a dossier for a fund management company or a securities company, it is crucial to clarify whether the business is:

(i) registering a standard organization as a Member; or

(ii) intending to conduct securities business/fund management activities at the IFC.

These two cases have entirely different legal bases, conditions, and sets of documents.

Summary of the Implementation Process

Step 1: Identify the organization's type and operating sector.

Step 2: Determine the applicable mechanism: Member registration, Member recognition, or specialized licensing.

Step 3: Create an account on the Member Registration and Recognition System.

Step 4: Prepare the Application and the explanation/supporting documents for the conditions.

Step 5: Submit the dossier online, in person, or via postal service.

Step 6: Monitor and supplement the dossier as requested by the Executive Authority, if any.

Step 7: Receive the Member Registration/Recognition Certificate or the corresponding specialized license.

Step 8: Complete operational conditions, specialized licenses, and head office requirements before officially commencing operations at the IFC.

Note: Standards, forms, and supporting documents may be updated by the IFC Executive Authority. Businesses should check the requirements on the Member Registration and Recognition System at the time of dossier submission.

Frequently Asked Questions

What should readers know about GUIDE TO REGISTERING AS A MEMBER OF THE VIETNAM INTERNATIONAL FINANCIAL CENTER (IFC)?

This article provides detailed guidance on the process, required documents, and important considerations when registering as a member of the Vietnam International Financial Center (IFC), including cases for standard registration, member recognition, and specific regulations for the banking, securities, and insurance se

What should readers know about GUIDE TO REGISTERING AS A MEMBER OF THE VIETNAM INTERNATIONAL FINANCIAL CENTER (IFC)?

This article provides detailed guidance on the process, required documents, and important considerations when registering as a member of the Vietnam International Financial Center (IFC), including cases for standard registration, member recognition, and specific regulations for the banking, securities, and insurance se

What should readers know about GUIDE TO REGISTERING AS A MEMBER OF THE VIETNAM INTERNATIONAL FINANCIAL CENTER (IFC)?

This article provides detailed guidance on the process, required documents, and important considerations when registering as a member of the Vietnam International Financial Center (IFC), including cases for standard registration, member recognition, and specific regulations for the banking, securities, and insurance se

What should readers know about GUIDE TO REGISTERING AS A MEMBER OF THE VIETNAM INTERNATIONAL FINANCIAL CENTER (IFC)?

This article provides detailed guidance on the process, required documents, and important considerations when registering as a member of the Vietnam International Financial Center (IFC), including cases for standard registration, member recognition, and specific regulations for the banking, securities, and insurance se

What should readers know about GUIDE TO REGISTERING AS A MEMBER OF THE VIETNAM INTERNATIONAL FINANCIAL CENTER (IFC)?

This article provides detailed guidance on the process, required documents, and important considerations when registering as a member of the Vietnam International Financial Center (IFC), including cases for standard registration, member recognition, and specific regulations for the banking, securities, and insurance se