Saigon proposes to build an international financial centre
The city was already Vietnam’s financial centre and had a prime location with population and size account for 9.35% of the country’s population and 0.63% of Vietnam’s landmass.
It just takes about 3 hours to fly from Vietnam’s largest city to Singapore, Malaysia, Thailand, India, China, Philippines, Japan, and South Korea.
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Authorities in Ho Chi Minh City have proposed to build an international financial centre in the city in an attempt to turn the city into an international financial hub.
Chairman of HCM City People’s Committee Nguyen Thanh Phong has signed an official document to ask the prime minister to approve the international financial centre and international financial hub in HCM City.
In the document, Phong said that HCM City was already Vietnam’s financial centre and had a prime location. Its population and size account for 9.35% of the country’s population and 0.63% of Vietnam’s landmass, while the city’s contribution accounted for 23% of GDP and 27% of the state budget. 33% of the FDI projects were in HCM City, not to mention venture capital funds and remittances.
This means financial activities and demand in HCM City are very high and a financial centre would help leverage new opportunities.
He went on to say that Vietnam is in a different time zone than the existing 21 international financial centres which can be an advantage to attract investments. HCM City is on the 3 flight hours away from Singapore, Malaysia, Thailand, India, China, Philippines, Japan, and South Korea.
The changes in the capital flows will attract investors and boost economic development, local infrastructure and living standards.