Milcon Gulf Group expresses interest in international financial centre

Milcon Gulf Group expresses interest in international financial centre

Private conglomerate Milcon Gulf Group on February 25 expressed its interest in the establishment of the Vietnam International Financial Centre (IFC) in Ho Chi Minh City.

According to Le Ngoc Thuy Trang, deputy chief of office at Ho Chi Minh City People's Committee, the incoming IFC will be an ecosystem, gathering financial and non-financial services.

“The city is offering investors opportunities in information, technology, facilities, and training workers, attracting teams of domestic and foreign experts to operate in the incoming centre,” Ngoc said.

"The city is researching and learning experiences from countries which operate large IFCs. From those experiences, we can form a direction to build our centres which are suitable to practical conditions and can be operated efficienctly," Trang said.

Talking at the meeting, Sohail S. Quraeshi, chairman of the group said, Milcon Gulf is a private corporation operating in the fields of investment and development of infrastructure, finance, and smart urban areas, with projects spanning from North America and Asia to the Middle East.

“With extensive experience in the financial field, Milcon Gulf Group hopes to become one of the members participating in building the Vietnam International Financial Centre in Ho Chi Minh City,” Quraeshi said.

“In addition to investment flows from international financial markets in Europe and America, Milcon Gulf Group also represents financial investment from the Middle East. Therefore, we must make partners understand the legal issues in Vietnam so they can be ready to move forward," he said.

Sohail S. Quraeshi, chairman of Milcon Gulf Group, met with Ho Chi Minh City People's Committee and other partners on February 25. Photo: Ho Chi Minh City portal

Representatives of Novaland Group were also present to discuss investment plans in the fields of real estate, urban living, and tourism in the city.

Novaland's representative added that the group will focus on investing in the fields of urban beautification, replacing old apartments, developing mid-end housing, and expanding its commercial and tourism real estate portfolio to create sustainable values ​​for the city.

As Vietnam's largest economic centre, Ho Chi Minh City is focusing on building an IFC to enhance its economic position and attract global investment. This is not only the city's goal but also a part of a national development strategy.

On November 15, 2024, the Politburo issued a conclusion to build IFCs in Ho Chi Minh City and Danang.

The IFC in Ho Chi Minh City is expected to be in District 1 and the Thu Thiem new urban area. Mechanisms will be applied according to international practices, but will be phased into two periods.

Phase 1 will focus on selecting specific policies consistent with international practices and Vietnam's conditions, including reforming investment and business procedures, allowing the use of foreign currencies in financial transactions, and applying specific taxes, visas, and work permits.

Phase 2 will continue to research and apply the remaining policies, based on the actual development of the centre and the general situation in Vietnam.

Currently, the Steering Committee for the Construction and Development of the IFC has been established with 30 members, led by Ho Chi Minh City Party Secretary Nguyen Van Nen. Another working group has also been established to prepare a proposal to submit to the National Assembly at the May 2025 session.

VIR