Vietnam’s Ministry of Planning and Investment has proposed policies to establish international financial centres in Ho Chi Minh City and Da Nang to attract shifting global capital. The draft, released for public review on 3 January, highlights Vietnam’s strategic location in Southeast Asia and differing time zone as advantages for competing with traditional hubs like London, Hong Kong and Singapore. The proposal outlines simplified administrative procedures, tax incentives, and regulatory sandboxes for fintech, including cryptocurrency exchanges. Transactions will be allowed in Vietnamese dong or convertible currencies. The ministry says the centres aim to capitalise on Vietnam’s economic strengths and geographic position at the crossroads of global maritime routes. Local governments will define the centres’ exact boundaries, with a focus on attracting international and regional financial institutions.