HCMC seeks IFC support for capital markets, green finance, fintech development

Ho Chi Minh City has called on the International Finance Corporation (IFC) to provide policy advisory support and share international experience in developing capital markets, green finance, fintech, and digital infrastructure to help operate the Vietnam International Financial Center in the city.

At a working session on Tuesday with Thomas James Jacobs, IFC country manager for Vietnam, Laos and Cambodia, Vice Chairman of the HCMC People’s Committee Nguyen Cong Vinh expressed the city’s expectation that IFC will help connect global financial investors, major funds, and international financial institutions with the city’s emerging financial ecosystem.

He also proposed expanding cooperation with IFC in strategic areas such as innovation, high technology, and the green transition. "The city is prioritizing the development of an eastern innovation corridor, semiconductor manufacturing, artificial intelligence, and biotechnology projects in the Saigon High-Tech Park, as well as the formation of a smart city network across the southeastern region", Vinh said.

In infrastructure development, the city leader called on IFC to support capital mobilization for major projects, including seven urban railway lines totaling 547 kilometers, as well as regional rail links such as the Bau Bang-Thi Vai and Bau Bang-Moc Bai routes.

HCMC also proposed strengthening cooperation in green finance and the sustainable marine economy, including mobilizing international funding for offshore wind power projects with a combined capacity of around 15,000 MW, the Can Gio International Transshipment Port, the Cai Mep Ha Logistics Center, and a system of free trade zones across the Cai Mep-Thi Vai-Can Gio area.

These initiatives align with IFC’s global expertise and Vietnam’s broader commitment to achieving net-zero emissions by 2050, Vinh noted.

He stressed that HCMC regards IFC as a trusted strategic partner in building a transparent, dynamic, and sustainable investment environment, and expressed confidence that Jacobs will continue to serve as an important bridge in deepening cooperation between both sides in the coming period.

At the meeting, Jacobs reaffirmed IFC’s commitment to supporting the development of Vietnam in general and HCMC in particular. Beyond direct investment, IFC continues to mobilize international capital and work with global partners to attract high-quality financial flows into Vietnam, he stated.

He said IFC is planning to invest around $3 billion in Vietnam in the coming period and highlighted significant potential for further cooperation with HCMC, while expressing interest in the city’s strategic priorities to ensure effective support.

Vice Chairman Vinh praised the long-standing and effective partnership between HCMC and IFC across finance, private investment, green finance, and sustainable infrastructure development.

He noted that Vietnam is currently among the top eight countries receiving IFC support globally, and highlighted that 2025 marked the eighth consecutive year IFC had mobilized more than $1 billion annually for long-term investment projects in the country.

He reaffirmed that HCMC highly values IFC’s continued engagement and commitment to supporting the city’s inclusive, sustainable, and globally integrated economic development.

Looking ahead, Vinh urged IFC to continue playing a strategic role in the development of the Vietnam International Financial Center in Ho Chi Minh City (VIFC-HCMC), one of the city’s key priorities under the parliament's Resolution No. 222/2025/QH15.

According to the latest Global Financial Centres Index (GFCI), VIFC-HCMC has risen 11 places to rank 84th globally, despite only recently becoming operational in late 2025. The city is expected to strengthen its position in the global financial network over the next two to three years.

IFC, a member of the World Bank Group, operates in more than 100 countries. Vietnam joined the corporation on August 4, 1967. As of June 2019, IFC had invested about $1 billion across 50 projects in Vietnam and provided $20.2 million in advisory services for 16 projects.

Since opening its office in Vietnam in 1997, IFC has supported the private sector’s financial access, structural reforms, international standards adoption, and improvements in the business environment.

It has also played a key role in Vietnam’s sustainable development agenda. In fiscal year 2024 alone, IFC committed around $310 million to climate finance projects in Vietnam, the highest level in East Asia and the Pacific.

In HCMC, IFC has contributed through initiatives such as co-organizing the 2025 Digital Finance and Financial Inclusion Conference, helping strengthen the fintech ecosystem and expand financial access for SMEs, women entrepreneurs, and vulnerable groups.

Last July, the expanded HCMC was formed by merging the former city with its neighboring Ba Ria-Vung Tau and Binh Duong provinces.