Landmark 81 - a supertall skyscraper in Ho Chi Minh City, Vietnam

At the conference on the establishment of the financial center in Vietnam organized by the Ministry of Finance in coordination with the Ho Chi Minh City People's Committee on March 28, Finance Minister Nguyen Van Thang said: “2025 is considered the pivotal year of the Socioeconomic Development Strategy, the final year of the 2021-2025 plan, and at the same time a strategic stepping stone for the 2026-2030 acceleration period to realize the goal of becoming a modern upper-middle income industrialized country by 2030 and a developed country by 2045.”

To achieve that goal, Vietnam has defined the financial center as one of strategic spearheads, a national institutional breakthrough that helps Vietnam transform its growth pattern, mobilize and allocate resources and improve resource efficiency to edge up international competitiveness and join more deeply in the global financial system.

Speaking at the conference, Chairman of the Ho Chi Minh City People's Committee Nguyen Van Duoc said that Ho Chi Minh City is always ready to take on the leading role in this strategy.

Specifically, Ho Chi Minh City possesses a dynamic economic foundation and deep international integration. The city contributes 15.5% of the country's GDP, more than 25.3% of the country’s total budget revenue and nearly 11.3% of the country's export turnover. It is the largest commercial, service and financial center in Vietnam where many banks, credit institutions, securities companies, fund management companies and giant domestic and foreign investors are headquartered.

‘Golden opportunity’ to affirm the position

Minister Thang said, building a financial center is not a new concept in the world, but it is new and unprecedented for Vietnam. Vietnam will gain experience as it goes. It will not be so hasty nor perfectionist to miss the opportunity.

However, the world is experiencing a turbulent period amidst geopolitical tensions and climate change, resulting in an ongoing shift in the global financial order.

International and regional financial centers are also constantly restructured to adapt to new developments and expand their roles from providing traditional services to pioneering innovation, financial technology, green finance and specialized products.

In that context, Vietnam, with its important geopolitical position, stable macroeconomic landscape and a constantly improving investment environment, is seeing a ‘golden opportunity’ to join and take its role in the global financial center chain.

In recent years, Vietnam has made many achievements beyond expectations in terms of growth and investment attraction, he added. In 2024 alone, GDP expanded 7.09%, among the highest in the world; inflation remained below 4%; total import and export value reached a record US$786.3 billion; and FDI value soared to more than US$38 billion, ranking in the Top 15 recipients of FDI capital in the world.

In addition, Vietnam has a strategic position as it is located at the international ‘intersection’ of North-South and East-West corridors, thus facilitating regional connectivity. At the same time, the time zone difference with 21 major financial centers in the world is also attractive for idle capital flows outside of trading hours.

Vietnam is also taking the lead in applying financial technology and creating a solid foundation for developing modern financial products and services.

Minister Thang emphasized: “The development of a financial center is one of strategic spearheads to transform the growth pattern, improve resource efficiency and consolidate Vietnam's position in the international arena.”

Unleashing resources and spreading value

For Ho Chi Minh City, the financial center not only brings together capital flows but also plays a strategic role in promoting innovation, developing high technology, improving governance capacity and increasing national competitiveness, said Chairman Duoc.

At the same time, this is also an opportunity to optimize resource allocation, expand access to capital for businesses, develop infrastructure and affirm Vietnam's position in the global financial network.

Ho Chi Minh City has fully built basic institutions for a modern financial market, such as the stock market, payment center, digital banking and fintech, he added. Recently, Vietnam proposed applying the sandbox mechanism to pilot fintech and digital transformation to enable investment funds to support innovation projects.

Moreover, with its strategic geographical location, Ho Chi Minh City is closely connected to major financial centers such as Singapore, Hong Kong, Shanghai and Tokyo through trade and investment. Transport infrastructure, including international airports and large seaports, also contributes to promoting the development of the global financial ecosystem.

Despite many advantages, he acknowledged that, in developing the international financial center, Ho Chi Minh City will certainly face many challenges. Therefore, Duoc hoped to receive the support of experts, scientists, international organizations, financial institutions and businesses to learn from world-leading financial centers.

“Ho Chi Minh City is committed to working with the central government, the business community, international organizations, investors, domestic and foreign experts to build a comprehensive financial center, a place to gather quality capital flows, creative knowledge and breakthroughs with international standards,” he stressed.