Ho Chi Minh City’s International Financial Center Attracts Nearly 30 Major Corporations

The Ho Chi Minh City International Financial Center is garnering significant attention from major global financial corporations.

Breakthrough Mechanisms to Attract Strategic Investments in Ho Chi Minh City

On the afternoon of November 27th in Hanoi, the Central Policy and Strategy Board, along with the Ho Chi Minh City Party Committee, People’s Council, and People’s Committee, jointly organized a seminar on special mechanisms and policies to attract strategic investors to Ho Chi Minh City in the new phase. The seminar took place as the National Assembly is considering amendments to Resolution No. 98, which includes new policies for the city, particularly those aimed at attracting strategic investors.

In his opening remarks, Head of the Board Nguyen Thanh Nghi emphasized that Ho Chi Minh City plays a critical role as a growth engine, contributing over 23% of the country’s GDP, yet it still faces significant institutional and investment challenges. Chairman of the Ho Chi Minh City People’s Committee Nguyen Van Duoc noted that despite Resolution 98 providing a breakthrough framework, the city has not attracted any strategic investors in the past two years due to a narrow priority list, complex procedures, and uncompetitive incentives. The city has proposed five new policy groups, including expanding priority sectors, simplifying investor selection, increasing incentives, and streamlining planning processes.

Experts at the seminar suggested several breakthrough mechanisms, emphasizing the need to grant more autonomy to Ho Chi Minh City, establish innovation zones, and create free trade areas that meet international standards to compete in attracting global corporations. In concluding the seminar, the organizers stated that they would compile the recommendations to inform the revision of Resolution No. 98, aiming to create superior mechanisms for Ho Chi Minh City’s breakthrough development.

Ho Chi Minh City International Financial Center Attracts Nearly 30 Major Corporations

The Ho Chi Minh City People’s Committee is expediting preparations to ensure the International Financial Center is operational by December this year. To date, the center has attracted strong interest from major global financial corporations, with nearly 30 enterprises registering to participate from the initial phase.

City leaders have also pledged to continue enhancing administrative reforms, reducing unnecessary procedures, and improving the quality of government services for investors and businesses. They are committed to strengthening partnerships between the private sector, state-owned enterprises, and foreign-invested enterprises through investment promotion and attraction. Currently, the city is collaborating with Nasdaq Finance—a co-developer of the center—to build a modern, open, and integrated financial ecosystem. This partnership aims to enhance management capabilities, expand the connectivity of Vietnam’s capital market with international markets, and attract high-quality capital into finance, technology, and innovation sectors.