On the morning of May 16, the Ho Chi Minh City Union of Business Association (HUBA) organized the 88th HUBA Business Café program.
Speaking at the event, HUBA Chairman Nguyen Ngoc Hoa said that in the current economic context, businesses must seek new growth drivers, with greater access to science and technology considered a key priority. However, he noted that capital and human resources remain major challenges for enterprises.
The question is whether the emergence of the Vietnam International Financial Center in Ho Chi Minh City (VIFC-HCMC) can help solve part of these difficulties, he said.
According to Associate Professor and Doctor Nguyen Huu Huan, Vice Chairman of the VIFC-HCMC Executive Agency, the Vietnam International Financial Center is still in the preparation phase and awaiting approval of its operational framework before becoming fully operational.
VIFC-HCMC is currently working with the State Securities Commission to develop a comprehensive plan for a capital market within the international financial center.
This capital market is expected to be built around an international stock exchange operating within the center, with the goal of mobilizing investment capital for Vietnamese and regional enterprises.
Vietnam’s economy currently depends heavily on bank credit. In the coming years, to meet growth targets, the country must reduce this dependence. The international stock exchange and capital market within the center will help address this issue, Mr. Nguyen Huu Huan said.
However, he acknowledged that the international stock exchange would mainly serve large enterprises. For small and medium-sized enterprises (SMEs), the financial center is expected to introduce a crowdfunding platform designed to support SMEs and startup businesses.
Although the expected fundraising amount may be modest, around VND20 billion (US$759,240) per year for each enterprise, the platform could still provide meaningful financial support for smaller businesses.
Meanwhile, Dr. Can Van Luc, Chief Economist at BIDV and member of the National Financial and Monetary Policy Advisory Council, said that the Vietnam International Financial Center holds strong development potential.
The center is considered one of the key channels for attracting and connecting international capital flows, helping supplement resources for socio-economic development, he emphasized.
HUBA Chairman Nguyen Ngoc Hoa added that HUBA plans to launch support programs for businesses and closely coordinate with the VIFC-HCMC Executive Agency to help enterprises prepare for opportunities arising from the financial center, especially in mobilizing capital for SMEs.
