Ho Chi Minh City prepares for launch of International Financial Center

Standing Deputy Prime Minister Nguyen Hoa Binh, Head of the Steering Committee for resolving difficulties and obstacles in outstanding projects (Steering Committee 751) recently held a working session with the Ho Chi Minh City People’s Committee to review the results of efforts to resolve troubled and stalled projects in the city, as well as preparations for the launch of the International Financial Center. 

Reporting at the meeting, Dr. Truong Minh Huy Vu, Director of the Ho Chi Minh City Institute for Development Studies (HIDS), said that preparations have been completed for the launch of the center on December 19. Accordingly, the city has readied headquarters for the agencies of the International Financial Center, including its executive and supervisory bodies, in a three-phase plan.

In Phase 1, the headquarters will be located on the sixth floor of the building at 123 Truong Dinh Street. 

In Phase 2, the headquarters will be moved to the building at 8 Nguyen Hue Street, which is currently undergoing renovation and upgrading and is expected to be completed before the Lunar New Year of 2026. 

In Phase 3, a fully developed International Financial Center will be constructed in the Thu Thiem area.

In Phase 1, the headquarters of the International Financial Center will be located on the sixth floor of the Sihub Building in Ho Chi Minh City. Photo: Le Tinh.

Recently, the National Assembly passed a resolution on the establishment of an International Financial Center in Vietnam, which took effect on September 1. 

The pressing task at present is to swiftly complete the legal and regulatory framework for implementing the National Assembly's resolution, including the issuance of decrees to guide the construction and operation of Vietnam's International Financial Center in Ho Chi Minh City and Da Nang.

Regarding the operating regulations, Ho Chi Minh City has basically completed the draft, signed coordination agreements with Da Nang, and proposed that the Ministry of Finance also participate in providing input to ensure consistency and feasibility.

To date, around 20 major investors have expressed interest in and committed to participating in the International Financial Center.

In his concluding remarks at the meeting, Standing Deputy Prime Minister Nguyen Hoa Binh highly praised Ho Chi Minh City's proactive efforts in preparing infrastructure and the legal framework, noting in particular that eight key decrees are being readied for issuance.

The Standing Deputy Prime Minister also praised the city's phased development strategy, particularly regarding IT infrastructure readiness. He emphasized that human capital development remains a "key requirement" to ensure the center operates according to international standards.