The information was released at a press conference held in the afternoon of April 2 to update the public on socio-economic developments in Ho Chi Minh City, organized by the Propaganda and Mobilization Commission of the Ho Chi Minh City Party Committee, in collaboration with the municipal Department of Culture and Sports.
The conference was chaired by Mr. Tang Huu Phong, Deputy Head of the Propaganda and Mobilization Commission, and Mr. Nguyen Ngoc Hoi, Deputy Director of the Ho Chi Minh City Department of Culture and Sports.
During the event, Mr. Richard D. McClellan, Executive Director of the Vietnam International Financial Center in Ho Chi Minh City (HCMC IFC), announced that the city had risen 11 places to 84th in the GFCI rankings.
The city is also among the top five financial centers projected to gain influence over the next two to three years, signaling Vietnam’s growing prominence in the international finance sector
However, he noted that the GFCI primarily reflects expert perceptions, focusing more on reputation and attention than on actual market depth.
Three key factors contributed to Ho Chi Minh City’s improved ranking, including clear political commitment to developing a financial center, gradual improvements in institutional frameworks and governance structures and stronger engagement with international investors.
However, to convert global attention into actual capital inflows, Ho Chi Minh City needs to focus on three key pillars. These include transparent institutions, efficient capital flows and a diverse market ecosystem. Among these, investor confidence, particularly regarding the ease of capital rotation and withdrawal, is considered a crucial factor.
Mr. Richard D. McClellan emphasized that building a financial hub is a long-term effort, often taking at least a decade. HCMC’s success will depend on the sustained implementation of reforms and a long-term commitment to improving the business environment.
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