HCMC wants to expand international financial center into District 1

Ho Chi Minh City has proposed to expand its future international financial center into District 1, apart from the Thu Thiem new urban area.

Under a document recently submitted to the city's Party leadership, the municipal People's Committee proposed to develop an international financial center in the Thu Thiem new urban area and part of the center of District 1.

District 1 is already a political, cultural and economic hub, making it a natural extension for the development of such an international financial center.

The district, with an area of 7.72 square meters, is currently home to many government agencies, consulates of countries, and headquarters and offices of many large domestic and foreign corporations.

The 930-hectare Thu Thiem new urban area, located on the opposite bank of the Saigon River, will play a major role in the financial center's growth.

Thu Thiem, with its large-scale urban development, will host the financial center's core, with specific functional zones planned for this purpose.

The international financial center project aims to attract international investors, facilitate capital markets and derivatives markets, strengthen the financial infrastructure of HCMC, and test sandbox mechanisms.

In addition to HCMC, Vietnam also aims to develop a regional financial center in the central coastal city of Da Nang.

According to the Government's plan, the HCMC financial center will be established and put into operation from 2025 and completed within 5 years.

To speed up the project's progress, earlier this year, the city established a steering committee with 29 members, headed by the city's Party chief Nguyen Van Nen.