According to the 38th Global Financial Centers Index (GFCI 38), Ho Chi Minh City (HCMC) has climbed three positions, ranking 95th out of 120 cities. This marks a significant advancement from its previous ranking in March, notably surpassing Bangkok, Thailand, for the first time—a development widely regarded as positive by experts in Vietnam’s journey to establish an international financial hub.
A Robust Rise
HCMC scored 664 points, a 10-point increase from GFCI 37, while Bangkok dropped to 102nd place with 657 points. New York and London retained their top positions, followed by Hong Kong and Singapore, which gained 13 points but remained fourth. GFCI rankings are based on over 140 criteria from organizations like the UN, World Bank, and World Economic Forum, ensuring a comprehensive evaluation.
Over the past year, HCMC has surged 10 places, reflecting a shift in global perceptions of its potential. GFCI 38 also listed HCMC among “financial centers to watch,” signaling heightened global financial interest.
The report categorizes criteria into five groups: business environment, human capital, infrastructure, financial development, and reputation. HCMC’s strengths include its role as Southeast Asia’s economic gateway, high growth rates, and rising international capital demand. Tax reforms and fintech sandbox initiatives further bolster its foundation for growth.
 Thu Thiem New Urban Area, designated as the site for HCMC’s International Financial Center. |
Assoc. Prof. Dr. Nguyen Huu Huan, a member of the advisory group for HCMC’s International Financial Center, noted the city’s growing prominence, mentioned alongside hubs like Dubai, Singapore, Riyadh, and Abu Dhabi. “HCMC is rapidly ascending the global financial map, aiming to become an international financial center by 2030. From a two-decade-old vision, Vietnam’s largest city has taken bold steps to attract global capital and drive fintech innovation,” Huan stated.
International observers, such as Nguyen Thuy Hanh, CEO of Standard Chartered Vietnam, highlighted the potential of financial centers in HCMC and Da Nang to create new opportunities for domestic and foreign institutions. “These centers will introduce globally aligned products, fostering collaboration and growth for both local markets and international investors,” Hanh emphasized.
Challenges Remain
To achieve its goal of ranking among the top 50 financial centers by 2035, HCMC must address bottlenecks identified in GFCI 38, including legal transparency, digital infrastructure, fintech talent, and international branding. These are critical for attracting global capital, especially in the fast-growing fintech sector.
Huan proposed policies such as tax exemptions for financial firms and experts, streamlined visas for international professionals, and a “one-stop” mechanism to expedite approvals. Fortune 500 companies could receive automatic recognition, bypassing lengthy evaluations.
The Ministry of Finance set a minimum capital requirement of VND 5 trillion (USD 190 million) for securities firms in the financial center, while the State Bank mandated VND 100 trillion (USD 10 billion) for domestic banks and USD 20 billion for foreign bank branches, ensuring stability and transparency.
Deputy Minister of Finance Nguyen Thi Bich Ngoc announced eight upcoming decrees to establish a legal framework for the financial center, balancing international standards with regional competitiveness. “Without superior mechanisms, Vietnam will struggle to attract global financial institutions,” Ngoc remarked.
Infrastructure development in HCMC and Da Nang, spanning transportation, logistics, and digital systems, is creating a supportive ecosystem for the financial hub.
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New Initiatives Underway HCMC plans to launch sandboxes for digital assets, P2P lending, carbon credits, and fintech by 2026, alongside a 24/7 T+0 payment system and ASEAN-connected financial infrastructure. The center will also introduce fintech training programs, special visas for experts, and partnerships with Nasdaq, Deutsche Bank, and Ant Group. By 2026-2027, it aims to operate international stock, commodity, and carbon exchanges to attract global investment. |
By: THAI PHUONG
– 07:34 01/10/2025
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