Mr. Bui Hoa An, Deputy Director of Ho Chi Minh City’s Department of Construction, shared this information at the seminar titled “Attracting Investment Capital for Ho Chi Minh City to Successfully Build an International Financial Center,” organized by Tien Phong Newspaper on December 20.
Accordingly, the Ho Chi Minh City Department of Construction has been tasked with developing the infrastructure for the international financial center in the city.
The international financial center is planned to cover an area of approximately 900 hectares, located in Saigon Ward, Ben Thanh Ward, and An Khanh Ward (across the Saigon River in the Thu Thiem New Urban Area). This geographical location and planning hold significant importance, as businesses, financial organizations, and institutions operating within this area will benefit from the government’s preferential policies.
Experts discuss attracting investment capital for Ho Chi Minh City to successfully build an international financial center at the seminar.
According to the plan, the coordinating unit for the International Financial Center will officially commence operations tomorrow, December 21.
Mr. Quach Ngoc Tuan, Deputy Director of Ho Chi Minh City’s Department of Finance, mentioned that both Ho Chi Minh City and the entire country are preparing for the announcement of the establishment of the Vietnam International Financial Center, the launch of the International Financial Center Steering Committee, and the operational bodies for the financial centers in Ho Chi Minh City and Da Nang on December 21.
The development roadmap for the international financial center in Ho Chi Minh City is divided into three phases. In phases 1 and 2, existing infrastructure in the current core area will be utilized, specifically the buildings at 123 Truong Dinh and 8 Nguyen Hue, to serve as the headquarters for the operational bodies. In phase 3, Ho Chi Minh City will focus resources on creating a large-scale, modern financial center in the Thu Thiem New Urban Area.
To prepare the workforce for the international financial center, the city has, from an early stage, sent officials and civil servants to study at major financial centers and domestic institutions to gain practical experience for key positions in Vietnam’s international financial center in Ho Chi Minh City.
In Ho Chi Minh City, the international financial center is planned to cover an area of approximately 900 hectares, located in Saigon Ward, Ben Thanh Ward, and An Khanh Ward (across the Saigon River in the Thu Thiem New Urban Area).
The government will implement exceptional preferential policies regarding taxes, fees, land, and infrastructure; deploy a one-stop administrative procedure mechanism to facilitate financial institutions, investors, and experts both domestically and internationally in operating within the international financial center…
From the banking sector’s perspective, Mr. Tran Xuan Huy, CEO of Vikki Digital Bank, stated that at the international financial center, many transactions that previously required customers to visit a branch can now be conducted entirely online, ensuring speed, transparency, and international standards. The establishment of the international financial center will create favorable conditions for banks to enhance their capital mobilization capabilities, expand funding channels, and strengthen their financial resilience.
“Once the financial center becomes operational, the banking system will play a pivotal role in several critical areas, including international payments through correspondent banking networks, and the development of investment banking for banks with affiliated securities companies. The financial center will serve as a bridge to attract foreign capital for both banks and corporate clients, from large corporations to small and medium-sized enterprises, through various investment funds” – Mr. Tran Xuan Huy noted.
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