HCMC, Astana International Financial Center promote cooperation to develop Vietnam’s international financial center

Vietnam and Kazakhstan are focusing on strengthening cooperation in the financial sector, particularly between Ho Chi Minh City and the Astana International Financial Center (AIFC), located in Kazakhstan's capital.

The HCMC People’s Committee, in collaboration with the Astana International Financial Center, on Tuesday hosted a business roundtable themed "Cooperation to develop the Vietnam International Financial Center in HCMC". The event marked a key highlight during the AIFC delegation's official visit to the city from July 12-16.

Nguyen Loc Ha, Vice Chairman of the HCMC People’s Committee, emphasized that Vietnam and Kazakhstan have enjoyed over 30 years of friendly relations, now elevated to a strategic partnership. The roundtable served as a clear reflection of the growing friendship and collaboration between HCMC and the AIFC, especially in the financial sector.

Strategically located in Southeast Asia, HCMC enjoys convenient access to major financial centers in the region, promoting international trade and capital flow. Its infrastructure, including international airports and seaports, plays a vital role in facilitating cross-border movement of goods and financial services.

Economically, HCMC contributes about 23% of Vietnam’s GDP and serves as a hub for key sectors such as finance, technology, and services. It is home to a large concentration of banks, securities firms, and financial institutions, forming a strong foundation for the development of an international financial center.

Moreover, the city's rapid digital transformation in financial technology ranks among the fastest globally, with lower transaction costs compared to other financial centers.

Ha also highlighted the city’s high-quality human resources. With a young, well-educated population - many of whom are trained through top universities and international programs - HCMC is well-positioned to supply skilled talent to the finance and technology industries.

The city’s thriving fintech startup ecosystem is also fueling innovation and digital transformation, enabling it to keep pace with global trends.

HCMC is currently accelerating efforts to implement Resolution No. 222/2025/QH15 passed by the National Assembly, which approved the development of an international financial center located in both HCMC and Danang.

The plan aims to leverage HCMC’s unique strengths to position it as one of the leading international financial hubs, thereby elevating Vietnam's role in the global financial system.

Kazakhstan’s Ambassador to Vietnam, Kanat Tumysh, noted that the business roundtable reflects the increasing momentum brought about by high-level bilateral visits. He described Vietnam as a rapidly advancing high-tech manufacturing and export economy. However, he pointed out that annual bilateral trade - currently nearing $1 billion - still falls short of the two countries’ potential.

Tumysh stressed that beyond trade and investment, financial cooperation - particularly between HCMC and AIFC - should be a top priority. The AIFC, a leading financial center in Eastern Europe and Central Asia, has attracted over $16.9 billion in investments, created nearly 10,000 jobs, and is home to more than 4,000 companies from 80 countries.

Providing insights into Kazakhstan’s financial landscape, Renat Bekturov, governor of the Astana International Financial Center, stated that the country’s financial sector is developing rapidly and plays a key role in driving economic growth.

Located at the crossroads of Europe and Asia, the AIFC provides capital to emerging markets across Central Asia and beyond. In addition to offering funding, the AIFC is also advancing innovation in areas like creative industries, green finance, sustainable investment, and fintech.

Dinh Khac Huy, deputy director of the HCMC Department of Finance, stated that the AIFC serves as an exemplary model for HCMC in its efforts to build an international financial center.

He noted that the city aims to learn from AIFC’s success - particularly in adopting flexible financial and legal frameworks, transparent governance, digital infrastructure, international exchanges, a robust fintech ecosystem, and strong regional and cross-border collaboration.