Vietnam’s International Financial Centre (IFC) marks a decisive shift from ambition to institution. Rather than a symbolic launch, the IFC reflects Vietnam’s characteristic approach to reform: patient, sequenced, and grounded in governance. A clear legal framework, dual-hub model spanning Ho Chi Minh City and Danang, and early operational discipline position the IFC as an institutional bridge between Vietnam’s productive economy and international capital. Its success will be measured not by scale alone, but by credibility, supervisory practice, and sustained behavioural change across firms and markets.