A strategic blueprint is being laid out for Ho Chi Minh City to host an International Financial Center, anchored on three pillars: infrastructure, technology, and institutional governance. During a live online forum on “Developing Financial Services to Build an Efficient Modern Financial Center,” experts dissected the core elements of the proposal for Ho Chi Minh City to become a leading modern and competitive financial hub in the region. The event on the afternoon of July 25, 2025, brought together speakers who examined the essential components and offered substantive recommendations to realize Vietnam’s objective of elevating Ho Chi Minh City as a dynamic center for finance, capable of attracting international capital and fostering sustainable economic development.
Vision and goals to attract international capital
Ho Chi Minh City is increasingly viewed through the Global Financial Centers Index (GFCI), which recognizes its potential as a significant international financial hub. Yet, to transition from potential to a formal, government-endorsed center, a resolution by the National Assembly is required to give the project a strategic thrust. The overarching aim is not merely to host a financial district, but to craft a comprehensive ecosystem that is compelling enough to attract and mobilize international capital in ways that can directly support Vietnam’s economic expansion. The central challenge is to build a platform that stands out for its infrastructure, its transparent and robust legal framework, and an open, predictable operating environment that reduces risk and uncertainty for foreign investors.
A key perspective shared by senior industry executives emphasizes that Vietnam’s goals diverge from those of Singapore. While Singapore is renowned as a capital-transit hub, the aspiration for Ho Chi Minh City is to create a venue where international capital can be mobilized for the long term to empower domestic growth, not merely to route funds through a regional network. One executive underlined that the primary objective is to establish a level playing field—an environment where infrastructure, legal frameworks, and governance transparency combine to attract substantial foreign capital flows that support Vietnam’s development trajectory. The emphasis is on attracting capital that can drive real economic activity, enhance productivity, and fund innovation across sectors, including manufacturing, technology, and services.
In practical terms, the objective is to craft a competitive “playground” that is attractive on three interlinked dimensions: infrastructure readiness, a transparent and efficient regulatory regime, and credible governance mechanisms. The plan envisions a holistic ecosystem in which foreign capital can operate with confidence, backed by credible information disclosure, standardized governance practices, and a governance regime that aligns with international best practices. This approach aims to unlock large-scale investments in public works, real estate, and technology-driven enterprises, while also supporting the growth of domestic firms that interact with global markets. A critical feature highlighted by experts is the intention to establish a formal International Financial Center in Vietnam through a framework that can be legally recognized at the highest legislative level, enabling consistent implementation and long-term strategic planning.
The broader objective also involves strategic positioning on the regional map. By offering a distinctive combination of advantageous tax incentives, capital mobility within a controlled experimental environment, and a strong technology backbone, Ho Chi Minh City seeks to attract not only traditional banking and asset management but also financial technology firms and innovative business models. The rationale is that a robust financial center can act as a catalyst for cross-border investment, facilitate access to international capital markets, and foster a favorable investment climate that supports the growth of startups and mature firms alike. In pursuing this objective, policymakers recognize the need for a disciplined, phased approach that aligns with macroeconomic stability, capital market development, and a sustainable path toward financial integration with the global economy.
Two-location strategy and incentives to stay competitive
A distinctive element of the proposed plan is the establishment of the International Financial Center across two strategic locations: Ho Chi Minh City and Da Nang. Ho Chi Minh City is positioned as the focal point for the international capital markets, focusing on deep and liquid markets, foreign exchange transactions, and cross-border capital flows. Da Nang, by contrast, emphasizes innovation, technology, and the creative economy, serving as a hub for research and development, startup incubation, and high-value digital services. This two-location approach is designed to balance the strengths of vibrant urban markets with the dynamism of innovation districts, thereby creating complementary ecosystems that reinforce each other’s growth.
To catalyze competitiveness, the government has proposed a range of breakthrough incentives in taxation and corporate mechanisms designed to attract both foreign direct investment and portfolio capital. These incentives cover corporate income tax, personal income tax, and conditions for establishing funds and enterprises. The policy package seeks to create a more favorable, predictable, and efficient operating environment for international participants, reducing friction and enhancing the ease of doing business within the center. A particularly notable feature is the proposal to enable a degree of free cross-border foreign exchange within the center, a policy that is expected to bolster investor confidence by enabling more flexible capital management and faster execution of cross-border transactions. This currency mobility is framed as a critical step to foster trust and adaptability for international investors, allowing them to manage currency risk more effectively while maintaining alignment with national macroeconomic considerations.
In addition to tax reliefs and foreign exchange flexibility, the two-location model is intended to leverage Vietnam’s regional advantages, including its sizable market, rising digital adoption, and a growing base of skilled labor. The plan recognizes the importance of linking the two centers with synchronized policies to ensure consistent standards, shared infrastructure, and unified governance practices. By doing so, the center can maximize regional synergies, attract sophisticated financial activity, and provide a platform that supports a broad spectrum of market participants—from multinational banks and asset managers to fintech innovators and venture-backed startups. The end goal is to craft an integrated financial ecosystem that is resilient, adaptable, and capable of competing with other regional hubs while remaining deeply connected to Vietnam’s domestic economy and strategic growth sectors.
Technology and infrastructure as the non-negotiable backbone
From a technology standpoint, the center’s success hinges on making digital platforms and advanced infrastructure the core enablers of financial activity. Senior technology officials emphasize that digital technologies are not ancillary but foundational to building a modern financial center. Advances in artificial intelligence, distributed ledgers (blockchain), and cloud computing form the backbone for sophisticated fintech services and innovative financial products. The integration of these technologies will be essential to deliver secure, scalable, and efficient financial services—from payments and settlement systems to data analytics and risk management tools.
A key strategic insight is the proposed alignment between the Ho Chi Minh City High-Tech Park and the Thu Thiem financial precinct. The synergy between these zones creates what has been described as an “innovation corridor,” providing a continuous pipeline of technologies, talent, and infrastructure that feed into the financial center. This corridor is expected to supply both the technological groundwork and the human capital necessary for a modern financial ecosystem, including software developers, data scientists, AI professionals, and cybersecurity experts. By connecting the two districts, the plan envisions seamless collaboration between research, development, and financial services, enabling rapid experimentation and deployment of new financial products and processes across the center.
From an infrastructure perspective, there is strong optimism regarding the advancement of critical projects, particularly mass transit and highway networks. The progress of metro lines and orbital belt roads is viewed as a decisive factor in enabling convenient access to the financial center from different parts of the region, as well as ensuring efficient access for international travelers and logistics networks. Experts stress that for the financial center to flourish, integrated transport networks must be completed in a coordinated fashion within a 5–7 year horizon, connecting finance districts to airports and major deep-water ports. This infrastructure synchronization is described as a prerequisite for creating reliable, timely, and cost-effective connectivity that supports both daily operations and future growth. The overarching aim is to enable a fluid movement of people, data, and capital, underpinned by robust digital infrastructure, high-quality broadband, data centers, and resilient cyber security practices.
The technology-and-infrastructure narrative also places significant emphasis on human capital development. The plan prioritizes the cultivation of a high-caliber workforce capable of sustaining long-term innovation in finance and technology. Partnerships with universities, research institutions, and industry players are envisioned to align curricula, training programs, and on-the-job opportunities with the evolving needs of a modern financial center. By building a talent pipeline that combines technical expertise with financial acumen, the center can maintain a competitive edge in areas such as quantitative trading, risk analytics, fintech product design, and digital asset management. This emphasis on talent, coupled with a strong technology stack and well-planned physical infrastructure, is intended to reduce the risk of skill gaps and ensure that the center remains relevant as financial technologies evolve.
The broader technology strategy also considers data governance, privacy, and security as essential components of the financial platform. Implementing robust data protection measures, transparent data-sharing protocols, and stringent cyber defenses will be critical to inspiring confidence among international investors and ensuring compliance with global standards. In addition, the ongoing development of open banking and collaborative fintech ecosystems is expected to foster a vibrant ecosystem in which banks, fintech firms, and technology providers can co-create value. The emphasis on open, interoperable platforms aims to drive innovation, increase competition, and improve service delivery for customers and businesses alike, thereby strengthening the center’s long-run competitiveness.
Capital markets, institutional role, and the FinTech ecosystem
The capital markets are considered the “heart” of a genuine financial center. For Ho Chi Minh City to develop into a world-class financial hub, the domestic market needs to improve in transparency, governance, and product diversity while simultaneously enabling finance for startups and technological innovation. An influential viewpoint from the Agriseco leadership highlights that upgrading the market requires upgrading market visibility, adopting international governance standards, and broadening the range of investment products. These measures include the issuance of green bonds, the growth of exchange-traded funds (ETFs), and expanding the digital asset space to meet contemporary investor demands. The argument is that a true international financial center must do more than raise funds; it should also function as an active arena for innovation, giving startups and fintech ventures a credible platform to scale and compete globally.
In this framework, the capital market’s “heart” is the stock market and related capital-raising mechanisms. Strengthening the market involves improving disclosure, standardizing corporate governance practices to align with international norms, and expanding the portfolio of financial instruments available to investors. This includes traditional debt and equity offerings as well as newer instruments that reflect contemporary market trends, such as green and sustainable finance products, innovative exchange-traded products, and tokenized assets. The goal is to cultivate a dynamic, diverse, and sophisticated market that can absorb capital from international investors and provide a conducive environment for domestic companies seeking growth capital.
Beyond capital markets, the conference speakers discussed the broader financial ecosystem necessary to support a modern international center. They emphasized a robust relationship between traditional banks and fintech firms, with a trend toward symbiotic collaboration rather than direct competition. Banks are actively building open platforms to enable fintech integration, creating shared ecosystems that leverage customer data and services to deliver value across the financial value chain. This collaborative approach is seen as essential to creating a seamless user experience and a comprehensive suite of financial services—from payments and lending to investment management and wealth services. The open banking paradigm is highlighted as a critical driver of innovation, enabling banks and fintech companies to co-create new products and explore new revenue models while sharing data in a controlled and compliant manner.
Institutional and legal framework: the engine for breakthrough reforms
To achieve a genuine international financial center, the institutions and governance framework require thoughtful, targeted reforms. Experts emphasize the need for a specialized legal pathway that supports the testing and deployment of new business models and products in a controlled environment. A dedicated regulatory sandbox is proposed to be tailored specifically for the center, designed to enable experimentation with digital assets, fintech innovations, and other contemporary financial instruments while maintaining strong safeguards, oversight, and risk management. The sandbox would provide a safe space for trial runs, rapid learning, and iterative refinement of regulatory approaches, helping to accelerate innovation without sacrificing systemic stability.
Intellectual property protection is identified as a critical factor for attracting and retaining top talent in finance and technology. Beyond generous compensation and tax incentives, it is essential to cultivate a talent-friendly climate that encourages creativity, collaboration, and the long-term residence of leading foreign professionals and global experts. A comprehensive IP regime and well-defined dispute resolution mechanisms will help minimize the “brain drain” risk, ensuring that groundbreaking ideas and innovations remain in the country and contribute to sustained economic growth.
A second cornerstone is the establishment of a dedicated financial court or a specialized judicial framework capable of promptly resolving disputes arising in the financial sector. The aim is to build a trusted judicial environment that international participants can rely on to enforce contracts, settle complex financial disputes, and uphold property rights. Creating a trusted, predictable and efficient dispute resolution environment is essential for investor confidence and long-term commitment to the center. The judiciary must be equipped with the expertise and resources necessary to handle cross-border cases and to enforce international standards, thereby reinforcing the center’s credibility on the global stage.
In addition to these institutional reforms, clear and consistent policy alignment is required across the three pillars—harnessing infrastructure, technology, and governance—to ensure coherent development. The government’s role is to provide a stable macroeconomic backdrop while implementing policy instruments that facilitate market access, cross-border investment, and innovation. This entails coordinated action among ministries, regulators, and state-owned entities to ensure policy consistency, avoid regulatory fragmentation, and streamline administrative processes. With a unified and predictable regime, the center can attract global participants who seek reliability, transparency, and long-term certainty in their investment decisions.
Actionable steps and the race against time
The project’s success is described as a race against time, requiring decisive action and coordinated execution across multiple domains. The roadmap requires alignment of three interdependent pillars: physical infrastructure, digital platforms, and governance mechanisms. Each pillar needs sustained investment, rigorous project management, and ongoing stakeholder engagement to ensure expectations are met and risk is managed effectively. The key actions proposed by experts include accelerating the completion of critical infrastructure, such as metro lines and ring roads that interlink the financial center with the airport, seaports, and other economic zones. The realization of these transport projects within a five-to-seven-year horizon is deemed essential for enabling smooth and efficient connectivity that underpins daily operations and long-term growth.
In tandem, there is a call to strengthen the technology backbone by advancing the high-tech park and Thu Thiem connection, expanding data centers, boosting broadband capacity, and ensuring robust cyber security across all platforms used within the financial center. This includes promoting interoperability between systems, standardizing data governance, and fostering collaboration between banks, fintechs, and technology providers. Talent development remains central to this effort, with a focus on nurturing a pipeline of professionals who can design, operate, and maintain cutting-edge financial technologies, as well as analyze data, manage risk, and drive innovation across markets.
Policy harmonization and international cooperation are also emphasized as critical success factors. The center should facilitate cross-border financial activities while adhering to international standards on anti-money laundering, counter-terrorist financing, tax transparency, and data privacy. Building regulatory alignment with major financial markets can help Vietnam attract sophisticated participants who require consistent and compatible regulatory frameworks. The ecosystem’s growth is expected to be evolutionary—beginning with core financial activities and gradually expanding to encompass broader tech-enabled financial services, asset management, and digital asset markets—while maintaining a strong focus on risk management and resilience.
Conclusion
The proposed International Financial Center for Ho Chi Minh City represents a holistic, multi-faceted plan anchored in three core pillars: infrastructure, technology, and institutional governance. The envisioned dual-location strategy—Ho Chi Minh City for international capital markets and Da Nang for innovation and digital economy activities—offers a complementary framework designed to maximize regional strengths and national growth ambitions. The success of this ambitious project hinges on a carefully crafted combination of tax incentives, currency mobility within the center, and a robust regulatory environment that supports rapid experimentation without compromising financial stability.
Technology and infrastructure are recognized as non-negotiable enablers of modern finance. A strong emphasis on digital platforms, AI and blockchain-enabled services, cloud computing, and an integrated innovation corridor linking the high-tech park with the Thu Thiem district is expected to deliver a competitive edge. The transport backbone—particularly metro lines and belt roads—must be completed in a coordinated fashion within the next five to seven years to ensure efficient connectivity to the airport and sea ports, thereby facilitating both domestic and international operations. The capital markets and financial institutions are to be strengthened through enhanced transparency, standardized governance, and a broader array of financial instruments, including sustainable finance products and innovative ETFs, to attract and retain international capital.
Institutional reforms are indispensable to unlock the center’s potential. A dedicated sandbox for testing new products and models, robust intellectual property protections, and a specialized financial court will collectively create a trustworthy, stable, and attractive environment for global investors and world-class professionals. The overarching message from the experts is clear: the International Financial Center requires synchronized, resolute action across infrastructure, technology, and governance. If Vietnam can execute these reforms decisively and cohesively, the country can secure a prominent position on the global financial map, achieve sustained capital inflows, and catalyze broad-based development across the economy. This is not merely about building a financial district; it is about constructing a resilient, innovative, and competitive financial ecosystem that can endure the test of time and contribute meaningfully to Vietnam’s growth story. The journey is complex, but with bold leadership, collaborative effort, and a shared commitment to excellence, Ho Chi Minh City can become a leading hub for modern finance that serves as a model for the region and a catalyst for national advancement.
