Photo: Le Toan

For the first time, Vietnam surpasses Thailand in the GFCI report published by London-based Z/Yen Partners and the China Development Institute on September 25. Bangkok (Thailand) fell out of the top 100 financial centres and now ranks 102nd.

Ho Chi Minh City scored 664 points, up 10 points from March. The municipal city was among the 15 financial centres projected to experience strong growth in the next two to three years. However, the city dropped two places in the fintech ranking.

Globally, New York leads the index, with London second. Hong Kong retains third position ahead of Singapore. San Francisco, Chicago, Los Angeles, Shanghai, Shenzhen, and Seoul are unchanged in fifth to tenth positions.

This year's index assesses 135 financial centres. Some 140 different factors have gone into the underlying assessment, ensuring a broad and effective range of inputs.

The ranking improvement comes as plans to establish an international financial centre (IFC) in Ho Chi Minh City take shape. The National Assembly approved the resolution on developing IFCs in both Ho Chi Minh City and Danang on June 27.

The government aims for the Ho Chi Minh City IFC to commence operations by late 2025 and reach full completion within five years. The IFC will span 783 hectares across Saigon and Ben Thanh wards in former District 1, as well as the Thu Thiem New Urban Area, including 719 ha of land and 64 ha of the Saigon River.

The IFC is intended to offer a comprehensive range of financial products and services such as banking and capital markets, tied to asset and fund management services. It will also include experimental mechanisms (sandbox) for fintech, innovation, specialised exchanges, and derivative commodities.