The establishment of the International Financial Centre (IFC) in Viet Nam was announced at a conference in Ha Noi on December 21, with Prime Minister Pham Minh Chinh described the move as a moment for the country to open its door wide to fintech integration and economy greening, helping it reach the developed and high-income status in the near future.

Contributing nearly 30% of GDP and creating jobs for more than 10 million workers, over 5 million household businesses are considered a vital pillar of the economy. However, their transition to enterprise models remains slow due to limited capital, technology, and an underdeveloped legal framework.

Government Decree No. 94/2025/ND-CP (Decree No.94), which provides for a controlled testing mechanism (sandbox) in the banking sector for the deployment of new products, services, and business models through the application of Fintech solutions, has officially come into effect starting from July 1.

The Australian Trade and Investment Commission (Austrade) signed a Memorandum of Understanding (MoU) with the Viet Nam Banks Association on June 2, marking a significant milestone in strengthening fintech cooperation between the two countries.