IFC moves reflect long-term ambitions

Last week, the 55-storey Saigon Marina IFC Tower in Saigon Ward was inaugurated, marking the start of Ho Chi Minh City’s international financial centre (IFC) development, providing world-class infrastructure for financial institutions, businesses, and investors.

The tower will call for capital, technology, and personnel from leading financial institutions, banks, and investment funds, offer banking services, test fintech sandbox models, and develop commodity and derivatives exchanges, logistics, and port services.

“This will be the headquarters of financial institutions and multinational corporations, serving as a cradle for innovation, entrepreneurial aspirations, and ideas that deepen Vietnam’s integration into the global economic flow,” Deputy Prime Minister Ho Duc Phoc said.

Deputy Governor of the State Bank of Vietnam (SBV), Pham Tien Dung, said that the inauguration of Saigon Marina IFC affirms the innovation, integration, and pioneering of the financial system.

“This will not only provide workspace for tens of thousands of experts but also serve as a hub for testing modern financial models, advancing digital economy and green finance, connecting domestic capital flows with international markets, linking global financial institutions, and attracting capital, talent, and technology,” he said.

HDBank is planning to relocate its headquarters to the Saigon Marina IFC Tower to meet expansion needs and align with its new development strategy. This move also reflects the trend among financial enterprises to capture growth opportunities tied to the development of Ho Chi Minh City IFC.

The initial movements not only reflect the long-term vision of enterprises but also highlight the growing appeal of a modern financial centre model with the capacity to connect regionally and globally.

Downtown Ho Chi Minh City is already home to a dense concentration of financial institutions like domestic and foreign banks, insurance firms, and securities companies. Headquarters and major branches of HSBC, Standard Chartered, ANZ, Citi, and UOB are located in the city’s core, particularly across Dong Khoi, Ton Duc Thang, and Nguyen Hue streets.

In April, Singapore’s UOB Group also announced the construction of new headquarters in Ho Chi Minh City named UOB Plaza. This 35-storey building will be located right next to Saigon Marina IFC Tower, creating a large-scale financial complex in the city centre.

“The project aligns with both the bank’s vision and the government’s plan to develop Ho Chi Minh City into an IFC. Beyond its architectural value, UOB Plaza symbolises the bank’s long-term commitment to Vietnam, one of its five key markets in ASEAN,” said a UOB Group leader.

Besides these, many other domestic and foreign enterprises have also expressed their interest in joining Ho Chi Minh City’s effort to become an IFC. Also in August, during a meeting with city leaders, Benny Miao, deputy general manager for Southeast Asia at Cathay United Bank Group, revealed that Sunwah Groupand CZ Slovakia had formed a strategic consortium with Cathay to enhance investment into Ho Chi Minh City IFC.

They proposed participating in developing financial complexes in Thu Thiem, including commercial, service, and luxury residential facilities to serve the community of experts and international investors.

In Ho Chi Minh City, the IFC’s boundaries are defined to cover Saigon ward, Ben Nghe ward, and Thu Thiem, with a total area of 783 hectares. A solid legal framework and special policies for the formation and development of Vietnam’s IFC will come into effect from September.

Philip J. Weights, co-chairman of the Swiss Fintech Association (SFTA), noted that in building IFCs in Ho Chi Minh City and Danang should not initially aim at the global market, but focus on strengthening regional competitiveness.

“The key to regional success is not just competition, but cooperation. When working with existing IFCs, I believe Singapore stands out in the region for its innovation in technology and regulation, along with applying a fintech sandbox model for many years. So success will come to Vietnam, but through greater collaboration rather than competition and attraction,” he said.

Previously, on July 28 in Geneva, Switzerland, National Assembly Chairman Tran Thanh Man and other leaders witnessed the signing of several agreements between the Ministry of Finance and the Switzerland-Vietnam Economic Forum; between the Ministry of Finance and the SFTA; and between the Vietnam Development Bank and Swiss Trade Data Company. These aim to provide recommendations and support for Vietnam in building, managing, and operating its IFCs.