Developing Specific Infrastructure for International Financial Centers: International Experience and Recommendations for Vietnamese Law (Tạp chí Khoa học pháp lý Việt Nam.)

Summary

• Vietnam's Law on Public-Private Partnerships 2020 defines 5 eligible sectors but omits specialized financial, digital data, and legal sandbox infrastructure.p.4
• In Singapore, public sector projects exceeding 50 million SGD are required to be evaluated for PPP execution under a value-for-money framework.p.7
• Dubai created the Dubai International Financial Centre (DIFC) in 2004 through Decree No. 35/2004 as an independent financial free zone operating under English common law.p.9
• The DIFC Innovation Hub in Dubai connects government infrastructure with over 700 Fintech, Regtech, and Insurtech companies alongside venture capital funds.p.10

Key insights

1. Vietnam's current public investment and PPP frameworks lack direct criteria and mechanisms tailored for digital, legal, and financial infrastructure.p.4
2. Exempting IFC infrastructure projects from investment policy approval creates potential legal conflicts with the 2024 Law on Public Investment.p.5
3. Direct appointment of investors and contractors for major IFC projects without competitive bidding raises transparency and governance risks.p.6
4. A 70% state capital ratio in private-partnered IFC projects risks blurring public-private boundaries and incurring long-term fiscal liabilities.p.6
5. Singapore relies on flexible policy frameworks and value-for-money principles rather than a rigid dedicated statutory PPP law.p.7
6. The Monetary Authority of Singapore co-invests in foundational financial data infrastructure while delegating operational leadership to private participants.p.8
7. Dubai established an autonomous financial jurisdiction featuring independent commercial courts and specialized financial regulators.p.9
8. Authors advise implementing mandatory fiscal risk audits and real-time digital monitoring for all high-state-share IFC projects in Vietnam.p.12