Vietnam Outlines Strategy to Attract High-Quality FDI, Develop Capital Markets

Representatives from key Vietnamese localities and major foreign-invested firms on Tuesday proposed a series of measures aimed at attracting high-quality investment and advancing the nation's capital markets. The proposals were presented at a national conference in Hà Nội focused on the study, dissemination, and implementation of the Politburo’s Resolution No. 10-NQ/TW, which guides the development of the foreign-invested economic sector.

HCMC's Vision for a National Financial Hub

Nguyễn Văn Được, Chairman of the HCM City People’s Committee, outlined priorities centered on the proposed Vietnam International Financial Centre (VIFC) to attract new-generation, high-quality capital flows. He advocated for a strategic shift away from a simple project-attraction approach towards the cultivation of a comprehensive investment ecosystem. Được positioned the VIFC as a critical instrument for executing Việt Nam’s modern foreign direct investment (FDI) strategy.

HCM City is committed to leading IFC implementation in the spirit of serving national interests and supporting nationwide development, he said. Được stressed that the mandate to establish and operate the IFC represented both national trust and a significant responsibility. The initiative, he argued, should be viewed not as a project exclusive to HCM City but as a national financial institution designed to serve the broader economy. It is intended to act as a vital bridge connecting local authorities, Vietnamese enterprises, and strategic international partners with global capital flows.

Hà Nội Focuses on Human Capital and Innovation

Sharing a similar national perspective, Vũ Đại Thắng, Chairman of the Hà Nội People’s Committee, said the capital city views the development of high-quality human resources not only as a local priority but also as a contribution to strengthening the country’s foundation in talent, knowledge, and innovation.

According to Thắng, Hà Nội's advantages extend beyond its market size, geographic positioning, and increasingly modern infrastructure to include its capacity to unify all elements of an innovation ecosystem. This encompasses everything from education and scientific research to business development and the commercialization of research outcomes. He affirmed Hà Nội's commitment to leading the implementation of Resolution No. 10-NQ/TW, in conjunction with the Politburo’s Resolution No. 15-NQ/TW on the capital's development direction through to 2030 with a vision to 2045. The city aims to transform itself into Việt Nam’s premier center for talent, research and development, and innovation, thereby enhancing Việt Nam’s position as a destination for high-quality investment and strategic industries in the new era.

Đà Nẵng Proposes Free Trade Zone and Regional Links

Addressing the conference, Hồ Kỳ Minh, Permanent Vice Chairman of the Đà Nẵng People’s Committee, presented proposals to attract quality investment by developing a free trade zone, envisioned as a new growth engine for the North Central and Central Coastal region.

According to Minh, key priorities include developing a new-generation free trade zone to lure high-quality investment; transitioning from a quantity-based attraction strategy to one that selects strategic investors and high-value-added industries; building a complete investment ecosystem to lower costs and boost competitiveness; leveraging the IFC to attract foreign capital; and reinforcing the city’s role in promoting regional connectivity to create a shared development space.

He noted that a core feature of Resolution No. 10-NQ/TW is its move beyond traditional administrative boundaries to organize economic development through interconnected ecosystems. Investment attraction, he explained, will be linked to specialized growth centers and regional development zones that capitalize on geographic advantages, infrastructure, human capital, and value-chain connectivity. Under this framework, Đà Nẵng will intensify regional cooperation to build integrated value chains. The central coastal city plans to focus on international logistics, finance, innovation, research and development, and high-value services, while neighboring localities capitalize on strengths in manufacturing, supporting industries, energy, and the marine economy. Through its seaports, airports, expressways, and the East–West economic corridor, Đà Nẵng is positioned to serve as a gateway connecting the region to international markets and improving overall competitiveness.

“Development based on regional connectivity will create a larger market scale, improve infrastructure efficiency, reduce competition driven by investment incentives and enhance attractiveness for international investors,” Minh said.

Investor Perspectives on Policy and Market Reform

Takuya Sahashi, Vice President of Mitsubishi Corporation Vietnam, expressed strong support for Resolution No. 10-NQ/TW and Resolution No. 68-NQ/TW, dated May 4, 2025, on private economic sector development, describing them as “the two wheels of growth.” He proposed expanding business networking opportunities through a shared database and direct exhibitions organized via cooperation between the Vietnamese Government and FDI enterprises. The Japanese business representative also called for more robust support policies for small- and medium-sized enterprises, including start-ups in emerging industries and businesses participating in global value chains.

Welcoming government support for workforce development projects run by FDI firms, he expressed hope that Việt Nam would consider tax incentives for investments in education and training, as well as for providing equipment to vocational schools. Citing the latest research from the Japan External Trade Organisation (JETRO), Sahashi noted that 57% of Japanese companies plan to expand their operations in Việt Nam—the highest proportion in the Association of Southeast Asian Nations (ASEAN). The Japanese Business Association in Việt Nam pledged continued cooperation with local authorities and stakeholders to realize the objectives of Resolution No. 10-NQ/TW.

Dominic Scriven, Chairman of Dragon Capital Group Limited, described the resolution as particularly significant for foreign investors. He proposed measures to encourage FDI firms to retain profits within Việt Nam’s banking system instead of transferring them overseas, including consideration of interest mechanisms for US dollar deposits held by foreign-invested firms. He also urged continued efforts to upgrade Việt Nam’s stock market classification and achieve emerging market status before 2030. While recognizing progress by the State Securities Commission and the Ministry of Finance in introducing a central counterparty (CCP) clearing mechanism, he recommended further reforms to foreign ownership limits in sectors unrelated to national security and improvements to foreign exchange trading mechanisms for overseas investors.

Dragon Capital also proposed a review of stock exchange listing requirements. According to Scriven, current restrictions preventing companies with accumulated losses from listing create barriers for firms operating in the digital economy and artificial intelligence sectors, which often require extended periods before reaching profitability. The firm additionally called for accelerating the development of the IFCs in Đà Nẵng and HCM City, viewing them as opportunities for Việt Nam to establish private placement mechanisms for professional foreign institutional investors.

Michael Kokalari, Chief Economist at VinaCapital, said Resolution No. 10-NQ/TW reaffirmed that the foreign-invested economic sector forms an integral part of Việt Nam’s economy, ensuring equal treatment for foreign investors and promoting high-quality investment linked to technology transfer. Kokalari added that globally there are investment funds managing hundreds of billions of US dollars prepared to commit capital to Việt Nam once conditions are met and the country secures an upgrade in MSCI market classification.