HCMC CLIMBS SEVEN SPOTS IN GLOBAL FINANCIAL CENTER RANKINGS

An aerial view of HCMC - PHOTO: LE VU

HCMC – HCMC has advanced seven places in the latest Global Financial Centres Index (GFCI), reflecting steady progress in its ambition to become a regional financial hub.

In the 37th edition of the GFCI released by UK-based Z/Yen Partners and the China Development Institute, HCMC ranked 98th out of 119 cities worldwide, up from 105th in 2024, reported the Government news website (baochinhphu.vn).

The city gained 25 points to reach a GFCI score of 654, placing it ahead of Manila (Philippines) but behind Bangkok (Thailand) and Jakarta (Indonesia) among Southeast Asian financial centers.

This marks HCMC’s highest position since it was first included in the rankings in 2022.

Globally, the top nine cities maintained their previous positions, with New York retaining its lead at 769 points, followed by London, Hong Kong, and Singapore. Notably, Seoul moved up to 10th place, replacing Frankfurt in the top 10.

The GFCI evaluates the competitiveness of financial centers based on quantitative data from international organizations and qualitative assessments by industry professionals. Contributing sources include the United Nations, World Bank, and the World Economic Forum.

Vietnam has long envisioned establishing international and regional financial hubs. In late 2024, the Politburo approved a proposal to develop a national financial center in HCMC and a regional center in Danang City.

Earlier this year, HCMC set up a steering committee to lead the development of the city’s international financial center. Authorities expect the project to attract greater foreign direct investment (FDI) and support long-term economic growth across multiple sectors.

Source: The Saigon Times