Prime Minister presides over ceremony to announce establishment of International Financial Center in Ho Chi Minh City

This morning, August 2, Prime Minister Pham Minh Chinh attended and chaired the Conference to announce the National Assembly 's Resolution on the International Financial Center in Vietnam.

The National Steering Committee on the International Financial Center in Vietnam is headed by Prime Minister Pham Minh Chinh. — The National Steering Committee on the International Financial Center in Vietnam is headed by Prime Minister Pham Minh Chinh .

According to the National Assembly's Resolution on the International Financial Center in Vietnam (Resolution No. 222) effective from September 1, the International Financial Center is an area with defined geographical boundaries, established by the Government, located in Ho Chi Minh City and Da Nang City, focusing on a diverse ecosystem of financial services and support services.

The international financial center promotes the strengths of each city, aiming to become a leading international financial center, raising Vietnam's position in the global financial network associated with economic growth momentum.

The International Financial Center promotes sustainable finance, encourages the development of green financial products and mobilizes resources for energy and green transformation projects, contributing to sustainable socio-economic development; facilitates the connection of domestic and international exchanges, promotes investment capital flows and develops financial services applying technology, attracts and develops high-quality human resources, international entrepreneurs...

Resolution with a series of special and outstanding policies and mechanisms applied to encourage and facilitate the attraction of capital, technology, modern management methods, high-quality human resources, and infrastructure development into the International Financial Center.

At the same time, create an attractive environment for investment in the financial services sector, to promote investment attraction and free movement of international capital between the Vietnam International Financial Center and the world; develop the stock market, insurance, banking, financial technology, digital assets, goods, e-commerce in Vietnam and integrate with the international market...

On August 1, Prime Minister Pham Minh Chinh - Head of the Steering Committee for the International Financial Center in Vietnam, signed a Decision to issue the Action Plan to implement the construction of the International Financial Center in Vietnam.

Ho Chi Minh City International Financial Center is spread across Thu Thiem urban area, Saigon River and Ben Thanh Ward and Saigon Ward.

The goal of the Plan is to establish and put into operation an international financial center in Ho Chi Minh City and Da Nang City by the end of 2025. This is a breakthrough in attracting medium and long-term financial resources, creating a foundation for Vietnam's socio-economic growth in the new period.

The Steering Committee sets the goal of building a modern financial ecosystem and high-quality human resources to serve the International Financial Center. Strive to initially form an ecosystem of support services (legal, auditing, technology...) that meets international standards in Ho Chi Minh City and Da Nang in 2025.

The implementation plan sets out major task groups according to the roadmap, starting from July to December 2025.

In Ho Chi Minh City, in mid-July, the Department of Finance officially announced the Ho Chi Minh City International Financial Center space with a total area of 793 hectares spread across Ben Thanh ward, Saigon ward, Thu Thiem area and 64 hectares of Saigon River.

The core area of the financial center has an area of 9.2 hectares located in the center of Thu Thiem, including the construction of headquarters for management, supervision and jurisdiction agencies.

The space of Ho Chi Minh City International Financial Center is conveniently connected to economic zones in the region with roads, railways, waterways, sea routes, major international airports such as Tan Son Nhat, Long Thanh, Cai Mep - Thi Vai deep-water port...

The key development orientation of the Ho Chi Minh City International Financial Center is digital finance, including building advanced digital infrastructure, promoting fintech applications; developing international financial services with international stock, bond, and foreign exchange trading markets; international consulting, auditing, asset management, and legal services, creating favorable conditions for international financial corporations to set up long-term headquarters.

The Ho Chi Minh City International Financial Center is spread across the central ward and the Saigon River with an area of 793 hectares. (Source: Ho Chi Minh City Department of Finance)

The specific goal is to attract international investment capital, especially long-term financial capital flows, multinational financial corporations. At the same time, build a comprehensive financial ecosystem: international banking, stock market, fintech, international asset management.

Ho Chi Minh City plans to invest about 172,000 billion VND in the Ho Chi Minh City International Financial Center.

In the immediate future, about 16,000 billion VND will be prepared to complete the core area infrastructure, including 11 lots in Thu Thiem in the first phase (about 2-3 years), of which the investment cost for building the headquarters of the administrative center is about 2,000 billion VND.