Ho Chi Minh City and Danang gear up for financial hub projects

Ho Chi Minh City and Danang gear up for financial hub projects

Ho Chi Minh City and Danang are advancing plans to establish international fnancial centres as part of Vietnam’s long-term growth strategy.

Both cities have set aside land reserves, formed partnerships, and sent officials abroad for training to prepare for the projects.

Chairman of Ho Chi Minh City People’s Committee Nguyen Van Duoc said the establishment of an international financial centre (IFC) would mark a significant milestone in Vietnam’s development and provide new momentum for the country’s next phase of growth.

Prime Minister Pham Minh Chinh views the master plan for Ho Chi Minh City IFC, August 2. Photo: Trong Tin

Duoc said the IFC in Ho Chi Minh City could attract medium- and long-term capital, as well as talent and expertise, creating a strong foundation for socioeconomic growth in both the city and the country.

"Ho Chi Minh City has prepared a 10-hectare land plot in the heart of Thu Thiem New Urban Area to build the IFC. While awaiting its completion over the next two years, the city has chosen a building on Nguyen Hue street as the interim headquarters," he said at a conference in Ho Chi Minh City on August 2 on implementing the National Assembly’s resolution on the IFC.

Duoc confirmed the city has set up a leadership framework and organisational structure with four departments and is recruiting experienced staff with expertise in finance and securities.

In August, officials will be sent to Bulgaria for training, with further collaboration planned with several foreign IFCs. Ho Chi Minh City is also working with the Vietnamese-German University to train specialised workers, who will then gain experience at international centres before returning to work at Ho Chi Minh City IFC.

Furthermore, the city is preparing to sign bilateral and multilateral cooperation agreements with regional and global IFCs, establishing long-term, mutually beneficial relationships.

"With the determination of our leaders, the efforts of the entire political system, and the support of individuals and businesses, building an IFC in Vietnam is not just about creating a financial hub – it’s about building trust and strengthening Vietnam’s place on the global stage," Duoc said.

Secretary of Danang Party Committee Nguyen Van Quang said the city has consolidated its Steering Committee for the development of the Danang IFC and prepared the management and operations framework, infrastructure, staff, and other essential conditions for it to begin operations. 'There are already investors interested in developing infrastructure in this area,' he noted.

Quang added that the city has planned and allocated strategic land reserves in favourable urban locations within 5 km of the international airport, with full legal conditions in place to entice investment. A 22-storey building in Software Park No.2, offering 27,000 square metres of floor space, has been designated for the IFC and could be operational by the end of 2025.

From 2025 to 2027, Danang will focus on promoting investment in infrastructure and building a financial centre ecosystem on clean, zoned coastal land covering 6.17 hectares and meeting international standards. The city has also reserved an 11.6-ha plot for a planned digital financial centre, and is planning a national-level catalytic urban area of five artificial islands spanning 1,500 ha, designed to meet green, civilised, ecological, and sustainable development criteria.

Danang has proactively developed policies to build a skilled workforce, including adding personnel dedicated to the financial centre.

"In addition to training and upskilling more than 300 city officials and reserve staff for the IFC, Danang will send young professionals with strong foreign language skills and expertise to Singapore in August for training and internships," Quang said.

He emphasised that the core team managing and operating the IFC must comprise highly qualified professionals with substantial international experience. To that end, the city is creating a financial mechanism to recruit talent from Europe, Singapore, Dubai, the Unitd Kingdom, and the United States. Danang will also work to draw in foreign experts to fill key posts, such as COO, within the management authority.

VIR