How is Ho Chi Minh City Preparing Its Workforce for the International Financial Center?

According to the plan, the Vietnam International Financial Center (IFC) in Ho Chi Minh City (HCMC) is set to launch on December 19th. Mr. Nguyen Van Duoc, Chairman of the HCMC People’s Committee, confirmed that all conditions for the IFC’s operation are ready. Over the past period, the city has rigorously prepared the headquarters, personnel, and operational conditions.

“Our partners are ready, and we’re waiting for the government’s approval to proceed,” Mr. Duoc stated.

Dr. Truong Minh Huy Vu, Director of the HCMC Institute for Development Studies (HIDS), noted that the IFC’s operational offices, including administration and supervision, have been prepared in three phases.

Phase 1 will be at the 6th floor of 123 Truong Dinh; Phase 2 at 8 Nguyen Hue (under renovation, expected completion before Tet 2026); and Phase 3 in Thu Thiem.

Dr. Vu added that approximately 50 investors and organizations are interested in the IFC HCMC, spanning infrastructure, finance, technology, and digital services.

Building a Skilled International Financial Workforce

Beyond superior operational frameworks, investment, infrastructure, and technology, the IFC HCMC requires a highly skilled workforce in finance, technology, and data analysis.

Prof. Tran Hoang Ngan highlighted Vietnam’s advantage: a 25-year-old financial market with mature stock exchanges and financial institutions.

“We have many skilled financial professionals, including in digital finance. Additionally, our technology, innovation, and fintech sectors boast a capable workforce adept at international financial standards,” Prof. Ngan remarked.

To cultivate high-level talent, HCMC has long sent young officials abroad to train at major financial hubs, preparing them for key roles in the IFC HCMC.

However, Prof. Ngan noted a gap in global knowledge and practical application that needs bridging.

“Learning, exchanging, and integrating with international standards are essential. We must attract global financial talent with flexible, attractive policies, especially for experts to work at the IFC,” he emphasized.

Phil Wright, Senior Director of Banking at HSBC Vietnam, stressed that a skilled workforce is critical for the IFC’s success. He urged Vietnam to invest in training in data analysis, cybersecurity, risk management, fintech, and financial engineering.

Establishing International Standards to Attract Global Talent

Attracting international experts, especially in the early stages, is crucial for the IFC HCMC’s success.

Workforce development must extend globally, from curricula to competencies. HCMC has actively promoted international training, technology, and finance initiatives.

Sky Mavis CEO Nguyen Thanh Trung noted that while Vietnamese talent is highly capable, especially in technology and digital finance, they lack the experience of counterparts in the U.S., Europe, or Singapore. Collaboration with international experts is essential.

“To compete globally, we must understand international users. Our workforce needs exposure to global markets. Attracting foreign experts to work with Vietnamese teams will bridge this gap,” Mr. Trung explained.

Mr. Wright cited Dubai’s success in attracting high-skilled talent through new visa policies, making it a top global talent hub. Vietnam could adopt similar strategies to ensure the IFC HCMC attracts international experts.

To attract top talent, adhering to international standards is vital. This signals to global investors that Vietnam’s IFCs meet the highest benchmarks, making it easier to attract experts familiar with these standards.

Long-Term Workforce Development Strategy for IFC HCMC

Recognizing the importance of talent, HCMC is refining its workforce strategy to compete globally and become a leading financial-technology hub.

In October, a HCMC delegation led by Chairman Nguyen Van Duoc visited the U.S. to collaborate with institutions like Stanford University, NVIDIA, NASDAQ, and the New York Institute of Finance (NYIF).

A key outcome was the partnership between HCMC University of Economics (UEH) and NYIF to train financial professionals for the IFC HCMC, aligning with international standards.

This partnership aims to create a pipeline of high-quality financial experts, advisors, and managers, integrating academia, policy, and practice to meet international standards.

Chairman Duoc emphasized that education and training are strategic pillars for innovation. HCMC is fostering state-school-enterprise collaborations to train AI experts, data engineers, and high-tech professionals, essential for a modern digital financial ecosystem.