Hanoi (VNA) – Ho Chi Minh City is stepping up efforts to fulfill key conditions for the establishment of an international financial centre (IFC), seen as a strategic move to deepen Vietnam’s integration with global financial markets and provide new impetus for socio-economic breakthroughs.
Capitalising on existing strengths
An IFC serves as an ecosystem of interconnected financial and non-financial services linked to global markets. With its existing infrastructure and a well-developed financial sector, HCM City is prioritising investment in information technology, physical infrastructure, and human capital to lay the foundation for the centre’s operations.
Realising an IFC has long been a core ambition for the southern economic hub. The city already benefits from a strong banking network, active securities and financial firms, robust infrastructure, a skilled workforce, and an attractive investment climate, all positioning it to advance this strategic goal.
The HCM City Institute for Development Studies (HIDS) is leading efforts to implement a human resources development project tailored for the IFC, with completion targeted for June 2025.
According to HIDS Director Dr. Truong Minh Huy Vu, the centre will require professionals with expertise in finance, banking, blockchain, AI, and risk management. The institute is also advising on recruitment policies to attract global financial talent, aiming to build an internationally competitive and sustainable workforce.
Dr. Nguyen Ngoc Hoa, Chairman of the HCM City State Financial Investment Company and President of the city Business Association, noted that the IFC is expected to catalyse growth across three key markets: banking, interbank, and commodities. He said both central and local authorities are actively reviewing legal frameworks to accelerate the centre’s launch in line with national legislative and governmental directives.
Building a comprehensive financial hub
The IFC will prioritise cutting-edge sectors such as fintech, blockchain, and green finance. However, experts say success will depend on decisive state management, breakthrough regulatory reforms, multi-stakeholder collaboration, and strong international linkages.
HCM City already maintains close investment and trade ties with major regional financial centres such as Singapore, Shanghai, and Tokyo, an advantage as it seeks broader global connectivity. In addition, Vietnam’s participation in multiple free trade agreements presents opportunities to expand niche financial services, including trade finance.
Nguyen Hoai Thu, Chairwoman of VinaCapital Fund Management JSC, pointed out that while Vietnam’s financial market remains modest in scale, this leaves room for significant growth. The country continues to attract interest from international investors, with the IFC poised to become a credible gateway for foreign capital.
During his recent visit to the Vietnamese southern metropolis, Sohail S. Quraeshi, a senior representative of private conglomerate Milcon Gulf, expressed interest in partnering on the IFC project. With expertise in investment and development of infrastructure, finance, smart cities, and green energy, the group aims to contribute its global experience to the initiative.
To lay the groundwork for the IFC’s formation, HIDS has organised consultations and expert workshops on investment incentives, regulatory sandboxes for fintech innovation, and other enabling mechanisms.
At a recent conference on developing a financial hub in Vietnam, Nguyen Van Duoc, Chairman of the municipal People’s Committee, underscored the IFC’s role in advancing urban governance, fostering innovation, enhancing competitiveness, and expanding international cooperation.
He affirmed the city’s commitment to working closely with central agencies, investors, international organisations, and experts at home and abroad to establish a comprehensive international financial hub, one that attracts high-quality capital, spurs innovation, and meets global standards./.
