The municipal government said it is accelerating procedures so work can start on the first phase of the project, which will anchor Vietnam’s financial ambitions in both Ho Chi Minh City and Da Nang.
The plan follows a resolution passed by the National Assembly in June with overwhelming support.
The IFC in Ho Chi Minh City will cover 783ha across downtown Ben Thanh ward and the Thu Thiem New Urban Area. A 9.2-ha “core zone” in Thu Thiem will be built first, housing financial regulators, supervisory bodies and specialised courts.
Total investment is estimated at VND172 trillion (US$7 billion).
About VND16 trillion will be spent in the first two to three years, including VND2 trillion from the State budget to build offices for government agencies, with the rest expected from domestic and foreign strategic investors.
Under the plan, HCMC’s IFC will focus on banking, asset management, capital markets, fintech and derivatives trading. Da Nang will specialise in green finance, digital financial services and controlled pilot projects in crypto-assets.
The Government aims for the HCMC center to begin operations in 2025 and be completed within five years, in what officials describe as a "cornerstone of Vietnam’s economic modernisation strategy".
Vietnam has debated the creation of an international financial hub for more than a decade, but earlier efforts stalled due to unclear regulations and competition from established regional centers.
Ho Chi Minh City, which generates nearly a quarter of Vietnam’s GDP, has long been seen as the most suitable location given its fast-growing middle class, expanding banking sector, and status as the country’s commercial capital.
Ho Chi Minh City already hosts the Ho Chi Minh Stock Exchange (HOSE), the country’s largest equities market, but foreign participation remains limited by ownership caps and underdeveloped capital markets.
Officials hope that a dedicated financial centre with clearer rules, sandbox regimes for fintech, and incentives for foreign investors will help attract global banks, funds and insurers.
Analysts note that while the ambition is bold, Vietnam will face stiff competition from Singapore and Hong Kong, both of which are deeply entrenched as Asia’s financial gateways.
Success will depend on whether the nation can deliver regulatory reforms, deepen its capital markets, and build trust with international investors, they add.
