HM&P lawyer joins roundtable discussion on International Financial Center hosted by the HCMC People's Committee

On the afternoon of July 15, 2025, Managing Partner Nguyen Van Phuc, on behalf of HM&P Law Firm (“HM&P”), attended the Ho Chi Minh City (HCMC) – Astana (Kazakhstan) business roundtable themed “Cooperation in developing Vietnam’s international financial center in HCMC” at the Rex Hotel Saigon. The event was co-organized by the HCMC Investment and Trade Promotion Centre (ITPC) and the Astana International Financial Centre (AIFC – Kazakhstan), under the direction of the HCMC People’s Committee. It aimed to promote knowledge exchange and strengthen cooperation in the development of an International Financial Center in Vietnam. Attendees included Mr. Nguyen Loc Ha – Vice Chairman of the HCMC People’s Committee, H.E. Kanat Tumysh – Ambassador Extraordinary and Plenipotentiary of Kazakhstan to Vietnam, along with business leaders and legal, financial, and economic experts from both Vietnam and Kazakhstan.

Speaking at the roundtable, AIFC Governor Renat Bekturov shared Kazakhstan’s experience in establishing and operating the Astana International Financial Centre - a strategic initiative designed to attract investment and promote the globalization of the domestic financial market. The AIFC model places particular emphasis on building a legal framework based on common law principles, establishing an independent court and international arbitration center, and implementing a “one-stop” administrative mechanism for investors. To date, the AIFC has attracted over USD 16.9 billion in investment, supported nearly 10,000 jobs, and welcomed more than 4,000 enterprises from 80 countries. These achievements were presented as a key reference model for HCMC to study and selectively apply, particularly in terms of legal architecture, governance, and international investment attraction.

AIFC Governor Renat Bekturov shared Kazakhstan’s experience in establishing and operating the Astana International Financial Centre. Source: Vietnam News Agency

At the discussion, Lawyer Phuc remarked that the roundtable marked a milestone in deepening the friendship and cooperation between Ho Chi Minh City and Kazakhstan. Building on the foundation of the Vietnam - Kazakhstan Strategic Partnership established following General Secretary To Lam’s state visit in May 2025, Ho Chi Minh City has been entrusted with the task of advancing cooperation with the AIFC in the field of international finance. He stated:

“With its strategic geographical location, substantial economic scale, vibrant financial–fintech ecosystem, and high-quality human resources, the city is considered a promising destination for developing a competitive international financial center in the region.”

Managing Partner Nguyen Van Phuc, on behalf of HM&P

In addition, Mr. Dinh Khac Huy, representative of the HCMC Department of Finance, emphasized that the AIFC model offers valuable lessons for the city in developing a financial center with a flexible financial–legal framework, transparent governance, modern digital infrastructure, and strong cross-border connectivity. He also proposed enhancing cooperation between Vietnamese and Kazakhstani enterprises in the fields of fintech, asset management, and artificial intelligence (AI); and invited Kazakhstani investors to participate in developing the Financial Center in Thu Thiem, particularly in areas related to financial services and startup infrastructure.

Kazakhstani delegates attending the conference. Source: Vietnam News Agency

At the conclusion of the event, HM&P highly appreciated the strategic vision and legal policy initiatives advanced by HCMC in its effort to establish an International Financial Center. From a professional legal perspective, HM&P’s lawyers emphasized that, in addition to infrastructure and investment incentives, the success of this model will significantly depend on the development of a stable, transparent, and internationally aligned legal framework. While referencing the AIFC model is a positive step, it must be carefully adapted to fit Vietnam’s legal system to ensure practical feasibility and build long-term investor confidence.

With extensive experience in legal advisory across investment, finance, and policy development, HM&P is committed to continuing its support for regulatory authorities and the business community in realizing HCMC’s vision and contributing to the development of a truly world-class international financial center.