Ho Chi Minh City’s plans for developing telecommunications and digital infrastructure to support the establishment of an international financial center are well underway, with a designated area of 9.2 hectares in the Thu Thiem New Urban Area, Thu Duc City, being transformed into a hub for financial activities.
This specific site, encompassing 11 plots of land, boasts a robust technical infrastructure, including roads, electricity, water, telecommunications, and lighting. It is also equipped with 9 4G and 4 5G network stations, ensuring seamless connectivity. The area is clear of any residential or other structures, providing a blank canvas for development.
The Ho Chi Minh City Department of Science and Technology is committed to collaborating with telecommunications enterprises and relevant entities to further enhance the telecommunications and digital infrastructure in this zone. Their goals include achieving 100% coverage of 5G mobile information services and establishing broadband fiber optic cables along all routes to meet the demands of a thriving financial hub.
The international financial center of Ho Chi Minh City will be constructed in Function Area No. 1 of the Thu Thiem Urban Area. (Illustrative image: Luong Y)
On January 4th, Prime Minister Pham Minh Chinh chaired a conference to announce Resolution 259, which outlines the government’s action plan to implement the Conclusion of the Politburo on constructing a regional and international financial center in Ho Chi Minh City.
During the conference, the Prime Minister emphasized the city’s strategic location in Southeast Asia, facilitating trade and financial connections with major markets such as China, Japan, South Korea, and ASEAN. This advantageous position reduces transaction costs and time, making it an ideal hub for financial activities.
Ho Chi Minh City is the economic engine of Vietnam, contributing approximately 22-23% of the country’s GDP and around 30% of the total state budget revenue. It also boasts the largest logistics and import-export hub in Vietnam. The city’s economic scale provides a solid foundation for developing a vibrant capital market with advanced financial infrastructure and technology.
Additionally, the city possesses a dynamic and highly skilled young workforce, a crucial factor in fostering competitiveness in the realm of international finance. A Steering Committee for the Proposal of a Regional and International Financial Center in Vietnam has been established, with Prime Minister Pham Minh Chinh as its head and Deputy Prime Minister Nguyen Hoa Binh as its permanent deputy head.
The committee’s deputy heads include Nguyen Van Nen, Secretary of the Ho Chi Minh City Party Committee; leaders from the Ministry of Finance; the Governor of the State Bank; and the Secretary of the Da Nang Party Committee.
Prior to this, on January 2, a meeting was held to deploy Conclusion No. 47 of the Politburo on constructing a regional and international financial center in Vietnam. During this meeting, Nguyen Van Nen, Secretary of the Ho Chi Minh City Party Committee, affirmed that the city had thoroughly prepared through various proposals, research, and lessons learned from prominent international financial centers.
The Ho Chi Minh City Department of Science and Technology’s plans also revealed that 100% of the city’s wards and communes are now covered by 3G/4G/5G mobile information networks, with 12,923 base transceiver station (BTS) locations, including 1,388 5G-enabled BTS sites.
The city aims to deploy 5G mobile networks in 100% of key areas, including administrative, historical, cultural, and scenic sites; healthcare facilities; and higher education institutions. Transportation hubs such as airports, seaports, train stations, and roads will also be covered.
Additionally, 5G coverage is planned for commercial centers, high-tech parks, complex residential areas, populous areas, commercial buildings, hotels, towns, and key rural areas. Ho Chi Minh City aims to develop 2,851 5G BTS stations by 2025.
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