IFC banking is the layer everything else in Vietnam’s international financial centre depends on. A fund cannot subscribe capital, a digital asset venue cannot settle fiat legs and a family office cannot custody assets without banks willing to operate inside the perimeter. Decree 323/2025/ND-CP reserves a dedicated banking services zone in the functional layout for exactly that reason.
Why IFC banking is the binding constraint
Financial centres are often described in terms of tax and licensing, but institutions that have opened in new jurisdictions know the real bottleneck is account opening. A favourable regime that no bank will operationalise delivers nothing. The centre’s banking zone signals that a competitive banking layer is expected to form, and members should treat bank engagement as a licensing workstream rather than a post-licence errand.
Three questions determine whether a banking relationship will support the business. Which account types the bank will open for a centre member. Which transaction categories it will process without case-by-case escalation. And what its correspondent network looks like for the currencies the member actually uses – a point that interacts directly with our IFC foreign exchange guide.
IFC banking and capital raising through the centre
The Ho Chi Minh City mandate names capital raising first among its services, and the practical routes are familiar. Equity issuance and private placement, covered in our private placement guide. Bond programmes, addressed in our corporate bond issuance guide. Syndicated and bilateral lending. And fund raising by licensed managers, discussed in our asset management guide.
What the centre adds is not a new instrument but a cleaner perimeter: international investors subscribing into a supervised environment with a distinct currency regime and a dispute mechanism they can assess in advance.
IFC banking: practical sequencing for members
The order that works is unglamorous. Confirm the licensed activity, map the currency flows, approach at least two banks with a written description of expected transaction types and volumes, obtain indicative confirmation before the entity is incorporated, and only then finalise the group structure. Members who incorporate first and bank second routinely discover that the structure they built cannot be operated as designed.
Institutions should also plan for redundancy. Relying on a single banking relationship in any emerging financial centre concentrates operational risk in a way boards increasingly refuse to accept, and IFC banking arrangements should be built with an alternative from the outset.
IFC banking FAQs
Can members hold foreign currency accounts?
Enabling that is central to the purpose of a distinct regime, and implementing rules continue to be issued. Members should obtain written confirmation from their bank at application stage rather than relying on general expectations.
Will international banks participate?
The banking zone and the priority listing for professional services are designed to attract them. Early members will likely work with domestic banks first, with international participation deepening as volumes justify it – a pattern our regional comparison discusses.
How does this fit the licence application?
Banking feasibility should be evidenced before submission, because a licence for a business no bank will service is not worth holding. Our membership guide and international financial centre overview set out the route, and texts are published via the Ministry of Finance.
IFC banking questions to put in writing
Verbal comfort from a relationship manager is not a banking arrangement. Members should obtain written answers to a short list before incorporating: which account types will be opened for a licensed centre member; which currencies are supported and through which correspondents; whether client money or segregated accounts are available if the business requires them; what documentation the bank needs from the parent and beneficial owners; expected onboarding timelines; and which transaction types will trigger case-by-case review rather than straight-through processing.
That last question is the one most often skipped and most often regretted. A bank that will open the account but escalate every third payment creates an operational drag that undermines the entire business case.
Members should also ask what would cause the bank to exit the relationship. Emerging financial centres periodically experience de-risking waves driven by correspondent bank policy rather than local conduct, and IFC banking arrangements built with a second institution already onboarded absorb that shock. Building the redundancy costs a few weeks at setup; retrofitting it during a de-risking event is considerably harder.
This article is provided for general information only and does not constitute legal advice for any specific case. Regulations may change – please consult a qualified professional before acting. Should further analysis be required, please contact one of our lawyers below.
