According to the newly released Global Financial Centers Index (GFCI), Ho Chi Minh City ranked 120th out of 121 ranked cities, down 8 places compared to last year.
The 34th edition of the Global Financial Centres Index (GFCI 34) was released today (September 28) by Z/Yen Partners (UK) and the China Development Institute.
The GFCI is conducted by scoring 147 input factors, provided by third parties including the World Bank, the Organization for Economic Cooperation and Development (OECD), the United Nations and the research organization Economist Intelligence.
The final score determines the competitiveness of cities as financial centers, and is often used as a reference by policymakers and investors.
Ho Chi Minh City Center July 2023. Photo: Quynh Tran
This year, Ho Chi Minh City increased by 10 GFCI points, reaching 577. However, the improvement of Vietnam's economic locomotive is slower than many other cities, causing the ranking to decline. For example, the three cities with the strongest increase in points are Barbados (city, country in the Caribbean region) increased by 78 points, Isle of Man (autonomous island of the UK) increased by 70 points and Liechtenstein (city, principality in Europe) increased by 62 points.
Ho Chi Minh City had the idea of building an international financial center nearly 20 years ago, starting in the 2000s. "Promoting Ho Chi Minh City to become an international financial center" is one of the strategies set out for socio-economic development in the 2021-2030 period in the Resolution of the 13th National Party Congress.
At the meeting in February 2022, Ho Chi Minh City outlined its development orientation to become a regional financial center from 2026 to 2045. The goal is to enter the top 50 of GFCI by 2030 and the top 20 by 2045.
The locality has set out four action programs until 2025, including: developing Fintech (financial technology), digital banking and digital financial transaction market; promoting regional financial integration; developing Thu Thiem Financial - Commercial Zone; and developing the commodity transaction market.
At the recent Ho Chi Minh City Economic Forum 2023, Mr. Nguyen Duc Hien, Deputy Head of the Central Economic Commission, also recommended that the city continue to accelerate the project to become a regional and international financial center in the process of transforming growth towards a green economy and digital economy.
Other Southeast Asian cities improved in this year’s GFCI rankings. Leading the way was Singapore, which rose 19 spots to hold its third place globally, while Manila gained three spots to improve six places to 102nd.
Other cities such as Bangkok, Kuala Lumpur, and Jakarta all increased from 12 to 14 points, but dropped from 12 to 22 places. However, all three are holding higher positions than Ho Chi Minh City, at 86, 80, and 95, respectively.
Ranking of top 20 global financial centers: Source: GFCI 34
On the global level, New York maintained its top spot with 763 points, followed by London, Singapore and Hong Kong. In the top 10, Washington DC and Geneva are two newcomers, replacing Seoul and Boston.
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