HCMC WANTS TO BE AMONG TOP 50 GLOBAL FINANCIAL CENTERS BY 2045

Nguyen Van Dung, vice chairman of the HCMC People’s Committee speaks at a workshop on the development strategy for the international financial center held on January 28

HCMC – HCMC aims to enter the top 50 of the Global Financial Centers Index by 2045 under a draft strategy to develop an international financial center in the city.

The draft strategy for the Vietnam International Financial Center in HCMC (VIFC-HCMC) sets targets of reaching the top 75 by 2035 and the top 50 by 2045, according to Nguyen Huu Huan, vice chairman of the VIFC-HCMC executive authority.

Huan spoke at a workshop on the development strategy for the international financial center, organized by the HCMC Institute for Development Studies on January 28.

In the Global Financial Centers Index’s 38th edition released in September 2025, HCMC ranked 95th out of 120 cities, up three places from the previous assessment.

Finalizing the development strategy is a current priority, according to Nguyen Van Dung, vice chairman of the HCMC People’s Committee.

Dung said authorities are focusing on completing the operating framework for international financial centers, which will apply to both HCMC and Danang City. The framework is based on National Assembly Resolution 222 and eight government decrees on financial centers issued late last year.

The city is also refining the draft development strategy for VIFC-HCMC and gathering additional input from consultants and experts. The initial phase is planned for 2026–2030 to lay the foundation for longer-term development.

On infrastructure, VIFC-HCMC is currently operating from the Saigon Innovation Hub. The second phase involves upgrading facilities at No. 8 Nguyen Hue Street, with preparations underway for a future full-scale development in the Thu Thiem New Urban Area.

Can Van Luc, chief economist of BIDV and a member of the advisory group for the project, said the draft strategy lacks clearly defined core objectives and an implementation roadmap. He also pointed to the need for clearer solutions on legal frameworks and operating mechanisms.

Nguyen Huyen Dieu, deputy head of the Monetary Policy Department at the State Bank of Vietnam, said the strategy should include more quantitative targets and a more structured set of solutions, aligned with Resolution 222 and the Government’s related decrees.

Source: The Saigon Times