26.03.2021, 15:03

Ho Chi Minh City poised for transformation into international financial hub

Ho Chi Minh City poised for transformation into international financial hub

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.