Expanding urgently on a $6.88 billion financial center in Ho Chi Minh City

Ho Chi Minh City to Establish International Financial Centre

The city of Ho Chi Minh is set to establish an International Financial Centre (IFC), with preparations already underway for the implementation of the National Assembly's resolution, approved on June 27.

The Ho Chi Minh City Department of Finance is leading the effort, coordinating with the Institute for Development Studies, to prepare communication materials for the city's IFC. The resolution provides a unified regulatory framework for centres in both Ho Chi Minh City and Danang, allowing each locality to shape products suited to its own strengths within the framework.

The Ho Chi Minh City IFC will span 783 hectares across Saigon and Ben Thanh wards in former District 1, as well as the Thu Thiem New Urban Area. The preliminary investment estimate for the Ho Chi Minh City IFC is VND172 trillion ($6.88 billion). Around VND16 trillion ($640 million) will be allocated to the core zone in the first 2-3 years, including VND2 trillion ($80 million) from the state budget to build government offices. The balance of the investment for the Ho Chi Minh City IFC will be mobilised from domestic and international strategic investors.

The Saigon Marina IFC Tower, which recently opened, marks the first step to establish Ho Chi Minh City's IFC. Nguyen Van Dung, the city's leader, emphasized the importance of the Saigon Marina IFC Tower as the first facility in the IFC zone serving as a hub for multinationals, financial institutions, consulates, and local enterprises, symbolizing the city's ambition as a global financial hub. However, he has not publicly announced a specific company or individual selected to support the development and operation of the international financial center in Ho Chi Minh City.

The Ho Chi Minh City IFC will house regulatory, supervisory, and financial adjudication agencies in the 9.2-hectare core zone in Thu Thiem. The IFC report is set to be finalised in Ho Chi Minh City by September. Upon its completion, the Ho Chi Minh City IFC will offer a range of financial products and services, including banking, capital markets, asset and fund management, and experimental mechanisms for fintech, innovation, specialised exchanges, and derivative commodities.

Meanwhile, Danang Finance and Tech Week 2025 has opened, featuring a wide range of activities, with the highlight being the Vietnam Annual Finance Forum. More than 93.5% of delegates voted in favour of the resolution, indicating strong support for the development of international financial centres in Vietnam. Many major domestic and international financial institutions have repositioned their strategies, adjusted development plans, and relocated investments to align with plans for international financial centres in Vietnam.

The Department of Construction will review existing plans in the Thu Thiem area and propose necessary adjustments for the IFC project. The Ho Chi Minh City International Financial Centre (IFC) is set to commence operations by late 2025 and reach full completion within five years. The IFC's establishment is expected to boost the city's economy and position it as a global financial hub in the region.