The Ho Chi Minh City People’s Committee is seeking in-principle approval from the prime minister for its plan to become a world financial hub.

According to the municipal People’s Committee, the plan was created on the basis of Ho Chi Minh City’s various advantages, such as its geographical location, productivity, high-quality workforce, and pre-existing financial market.

By capitalizing on these factors, Ho Chi Minh City will be capable of drawing in international financial institutions and pre-empting a flow of foreign capital into Vietnam, a factor that experts feel will reinvigorate the local economy in the future.

Foreign capital will also be a draw for investors, helping to nurture the emergence of a product ecosystem, business services, and financial support services in the local economy.

As Ho Chi Minh City is considered a spearhead of Vietnam's economy, commerce, and trade, it is poised to become the nation’s financial center, with dynamic activities, increased capacity to trade in more categories of goods, and a more diverse repertoire of financial and support services.

In the medium term, it aims to grow into a regional financial hub with a high concentration of businesses, before becoming a world-class financial center that accommodates a wide range of financial services, world financial business, and leading global economic institutions.

Ho Chi Minh City also sees its vision of becoming an international financial hub a necessary initiative that reflects Vietnam’s outlook as a dynamic, emerging country in the global arena.