Expanding on the ambitions of Ho Chi Minh City, plans for a $6.88 billion financial hub are progressing enthusiastically.

In a significant leap towards modernising Vietnam's financial sector, the Ho Chi Minh City and Danang International Financial Centres are taking shape. The journey began on August 28 with the opening of the Danang Finance and Tech Week 2025, featuring the Vietnam Annual Finance Forum as the highlight.

The Vietnamese National Assembly, in a unanimous decision on June 27, approved a resolution to develop international financial centres in the country. The resolution provides a unified regulatory framework for centres in both Ho Chi Minh City and Danang.

The Ho Chi Minh City International Financial Centre (IFC) will span 783 hectares across Saigon and Ben Thanh wards in former District 1, as well as the Thu Thiem New Urban Area. The 9.2-hectare core zone within this area will house regulatory, supervisory, and financial adjudication agencies.

The Saigon Marina IFC Tower, a 55-storey building, marked the first step towards establishing Ho Chi Minh City's IFC. The budget for the construction of this core zone was set following Resolution 222, with the government allocating 2 trillion VND from the State budget for the project, as part of a total investment estimated at 172 trillion VND (7 billion USD). Around VND16 trillion ($640 million) will be allocated to the core zone in the first 2-3 years, including VND2 trillion ($80 million) from the state budget to build government offices.

The Ho Chi Minh City Department of Finance is leading the effort, working alongside the Institute for Development Studies. The IFC project aims to facilitate the attraction of strategic investors. In Ho Chi Minh City, the IFC will offer a variety of financial products and services, including banking, capital markets, asset and fund management, and experimental mechanisms for fintech, innovation, specialised exchanges, and derivative commodities.

Meanwhile, Danang will focus on green finance, fintech, digital services, and controlled trials of digital assets and currencies, aiming to attract investment funds. The centre is expected to commence operations by late 2025 and reach full completion within five years.

In a move to align with these plans, many major domestic and international financial institutions have repositioned their strategies, adjusted development plans, and relocated investments to align with plans for international financial centres in Vietnam.

The IFC report for Ho Chi Minh City's financial hub is expected to be finalised by September. The Department of Construction is reviewing existing plans in the Thu Thiem area and proposing necessary adjustments for alignment with the IFC project. The Ho Chi Minh City Department of Culture and Sports is preparing communication materials for the city's implementation of the National Assembly's resolution.

The resolution was approved with more than 93.5% of delegates voting in favour. Each locality is allowed to shape products tailored to its own strengths under the resolution. This approach allows for a unique blend of financial services, with Danang focusing on green finance and fintech, while Ho Chi Minh City offers a diverse range of financial products and services.

The Ho Chi Minh City International Financial Centre and the Danang Finance and Tech Week 2025 mark a significant step forward in Vietnam's quest to become a regional financial hub. The centres are expected to boost economic growth, attract foreign investment, and create job opportunities, positioning Vietnam as a key player in the global financial landscape.

Expanding on the ambitions of Ho Chi Minh City, plans for a $6.88 billion financial hub are progressing enthusiastically.