Ho Chi Minh City Financial Center to be operational soon

Ho Chi Minh City has planned priority land for the International Financial Center - Photo: VAN TRUNG

IFC is expected to become a "launching pad" to help Ho Chi Minh City attract global capital flows, while affirming its leading role, standing shoulder to shoulder with financial centers in the region.

Countdown to IFC Operation Day

At the regular October online Government meeting with localities last weekend, Chairman of the Ho Chi Minh City People's Committee Nguyen Van Duoc said that the city has basically prepared the personnel conditions to be ready to put IFC into operation, expected to be announced and put into operation this December.

Along with streamlining the apparatus, Ho Chi Minh City has also cut 435 administrative procedures related to production and business activities, simplifying 441 administrative procedures. This is also an issue that many foreign investors, organizations, and international experts have reflected to Ho Chi Minh City leaders in recent meetings.

According to the set target, the Ho Chi Minh City Financial Center will be put into operation from 2025 and completed in 5 years. The Center is planned in Saigon Ward, Ben Thanh (old District 1) and Thu Thiem urban area. In the first phase, the 9.2ha core area in Thu Thiem will be prioritized for implementation, which will be the headquarters of specialized financial management, supervision and jurisdiction agencies. The total preliminary investment capital of the entire project is expected to be about 172,000 billion VND (equivalent to 7 billion USD).

British Consul General in Ho Chi Minh City Alexandra Smith said the timelines that Vietnam has set for IFC in Ho Chi Minh City and Da Nang are quite ambitious. However, she believes that with the quick and timely actions in recent times and the participation of many international partners, IFC will develop on schedule.

“While the timelines are ambitious, we see that relevant topics and ideas are being continually discussed, goals are being set, and Vietnam is moving forward at a realistic pace,” said Ms. Smith.

The British Consul General in Ho Chi Minh City said that the City UK organization has advised Ho Chi Minh City on many different IFC models for the city to choose from, because no two IFCs are identical. Therefore, Ho Chi Minh City and Vietnam need to clearly define the goals they want to achieve when building an IFC, and at the same time prepare for major changes in institutions and the legal environment.

Must be a livable place to attract talent

At the recent UK-Vietnam Summit, Mr. Kevin Joong Kwon, General Director of Prudential , said that the Government's orientation on global financial integration and the establishment of IFC is timely for the development goals of Vietnam's dynamic economy.

According to Mr. Kwon, IFC will send a message to international investors that Vietnam is a reputable and competitive partner in the global financial market, which is also reinforced by Resolution 68, which emphasizes the role of the private economy. "For the first time, the private sector is recognized as the most important driving force of the national economy, creating a historic shift towards sustainable, high-quality and globally competitive growth," Mr. Kwon said.

However, international experts still note that Ho Chi Minh City will have to prepare carefully to face many challenges and major changes in the process of forming the IFC.

Mr. Christopher Jeffery, Vice-Chancellor of British University Vietnam (BUV), said that the key factor lies not only in the policy framework or tax incentives, but also in the quality of life. This is a necessary condition to attract and retain the high-quality human resources that IFC will require.

According to Mr. Jeffery, people who come to work in the financial center must feel that Ho Chi Minh City is a place where they can develop their careers and build a good life. Besides career opportunities, they care a lot about infrastructure, transportation, urban services and daily experiences.

"Even seemingly small details, such as tourists having to queue at Tan Son Nhat airport, contribute to shaping the first impression of the city. It is not necessarily big changes in tax rates or policies, but the combination of many small factors, creating a welcoming, convenient and opportunity-filled environment," Mr. Jeffery suggested.

Also at the regular Government meeting in October, Deputy Prime Minister Nguyen Hoa Binh said that in November, the Government will issue decrees on IFC. Therefore, he asked Ho Chi Minh City to prepare the conditions for launching the center, to avoid problems after the Government signs and issues them.

Meanwhile, the socio-economic situation of Ho Chi Minh City in October and the first 10 months of 2025 continued to record many positive signals, creating a favorable foundation for the formation of IFC. Accordingly, the total accumulated foreign investment capital reached 7.5 billion USD, an increase of 32% over the same period, with 2 billion USD focused on science and technology, showing the trend of shifting investment to industries with high added value.

Tuoitre.vn

Source: https://tuoitre.vn/sap-van-hanh-trung-tam-tai-chinh-tp-hcm-20251110074602459.htm