Ho Chi Minh City Leadership Accelerates the Development of the International Financial Center
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According to the announcement made by Mr. Nguyen Van Dung, Vice Chairman of the Ho Chi Minh City People’s Committee, regarding the preparations for the establishment of the Ho Chi Minh City Financial Center, the Vice Chairman directed the urgent implementation of tasks related to the operational readiness of the Financial Center in early September.
Relevant agencies and units are requested to collaborate, finalize reports, presentations, and proposals for submission to the City’s People’s Committee in accordance with the given directives.
The Department of Finance, in coordination with the City’s Institute for Development Research, is assigned to study and hire consulting units with sufficient capacity and practical experience… to develop and manage the Financial Center.
Additionally, the Department of Culture and Sports is instructed to collaborate with the members of the Working Group to advise on communication strategies regarding the implementation of the National Assembly’s Resolution.
Meanwhile, the Department of Construction will review the planning/project for the Thu Thiem area and, if necessary, report and propose to the competent authorities to adjust the planning to meet practical requirements. This will serve as a basis for providing information when the city attracts strategic investors for the Financial Center.
The Resolution on the Development of International Financial Centers in Vietnam, passed by the National Assembly on June 27 and effective from September 1, aims to establish international financial centers in Ho Chi Minh City and Danang. These centers will have a unified management mechanism while developing specific products based on the strengths of each locality.
The Ho Chi Minh City International Financial Center will focus on developing capital markets, banking, monetary markets, fintech sandboxes, and innovations in the financial sector, as well as establishing specialized exchanges and new trading platforms…
On the other hand, the international financial center in Danang will focus on green finance, financial technology applications, controlled experiments with digital assets and currencies, payments, and attracting investment funds, remittance funds, and small and medium-sized fund management companies…
According to the plan, the Ho Chi Minh City International Financial Center will cover a total area of 793 hectares, including 20 hectares in Ben Thanh Ward, 146 hectares in Saigon Ward, 563 hectares in Thu Thiem, and 64 hectares of the Saigon River. The 9.2-hectare core area, located in Thu Thiem, is expected to house the headquarters of management, supervision, and judicial agencies. The government aims to have the center operational by 2025 and complete it within five years.
Speaking at the conference on the announcement of the National Assembly’s Resolution on International Financial Centers in Vietnam in early August, Mr. Nguyen Van Duoc, Chairman of the Ho Chi Minh City People’s Committee, stated that the city has prepared approximately 10 hectares of land in the modern Thu Thiem urban area, befitting the stature of an international financial center.
However, in the immediate future, Ho Chi Minh City will temporarily use the building at 8 Nguyen Hue Street as its headquarters for about two years before relocating to Thu Thiem. Concurrently, the city will develop financial services, capital markets, commodity exchanges, and prioritize green and digital financial products.
– 14:20 09/04/2025
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