HCMC ready to operate International Financial Center: city authorities

Ho Chi Minh City has completed preparations across infrastructure, spatial planning, digital systems, organizational apparatus, and human resources to ensure Vietnam's International Financial Center can begin operating immediately after the Government issues its guiding decrees.

The city’s Department of Finance made the statement while providing an update on the progress of the center project, set to be located in both southern metropolis HCMC and central hub Danang.

The city has issued an action program; contributed detailed feedback to all eight draft decrees through meetings and written submissions; and participated in drafting sessions and appraisal council meetings held by the Ministry of Justice, it added.

"HCMC will continue to coordinate with the Ministry of Finance and other relevant ministries to finalize the draft decrees as directed by the Government, including a decree on establishing the International Financial Center," the department noted.

HCMC has reported to the Central Steering Committee on the planned location, boundaries, and total area of the center. Specifically, it will span approximately 898 hectares across Saigon ward, Ben Thanh ward, and the Thu Thiem Urban Area.

The city is reviewing planning work and accelerating preparation of infrastructure and facilities in these areas, including investment in high-speed internet networks across the entire zone. The Department of Science and Technology is developing an official website for the center.

HCMC has also sent officials on study trips organized by central government bodies to learn from international financial centers abroad and participated in training programs.

The establishment of the International Financial Center is awaiting the issuance of the government decree which will serve as the legal basis for implementation. The Ministry of Finance is finalizing the draft and expects to submit it for issuance in November.

Earlier this month, in an official dispatch on the establishment of the center, Prime Minister Pham Minh Chinh emphasized that the International Financial Center must operate based on digitalization and artificial intelligence, with high competitiveness, transparency, and openness to attract resources for development - with no barriers to collaboration with other international financial centers.

The legal framework must meet international standards - clear, transparent, and equitable - while ensuring autonomy for each location and separating domestic and international activities both inside and outside the center, but still allowing complementarities for effective development.

The framework should enable technology transfer, especially in modern smart-management technologies that leverage human talent.

The Prime Minister assigned HCMC authorities to work with the Ministry of Finance, the State Bank of Vietnam, and other agencies to issue preferential mechanisms within their authority and create the most favorable working and living conditions possible to attract international investors, including healthcare, insurance, education, culture, and sports benefits.

He also instructed the selection of highly qualified and professional personnel - both domestic and foreign - to enable Vietnam to absorb global expertise and intelligence.

Vietnam’s International Financial Center will follow the model of “one center, two destinations,” located in both HCMC and Danang.

HCMC will serve as the main hub, focusing on large-scale financial markets including securities, bonds, banking, fund management, and listing services. Danang will prioritize financial services related to logistics, maritime activities, free trade, and supply chains for industrial and agricultural sectors.