Ho Chi Minh City ( HCMC ), a megacity of more than 14 million people, is stepping up its bid to become an international financial hub.  

Following its administrative merger with Binh Duong and Ba Ria-Vung Tau provinces, the city is not only expanding geographically but also redefining the economic and social landscape of southern Vietnam.

Contributing around 25% of Vietnam’s GDP, HCMC remains the country’s economic engine – and is now positioning itself to become its next major financial hub, linking industry, logistics, high technology, and financial services.

The city’s development strategy focuses on finance, technology, and innovation. It is advancing digital transformation in banking, securities, and insurance while building a green finance ecosystem aligned with sustainable development goals.

Master plan

Under the city’s master plan, the HCMC International Financial Centre will span approximately 898 hectares, covering the Thu Thiem Peninsula, Ben Thanh Ward, and part of Saigon Ward – considered the “heart” of the city.

At its 9.2-hectare core, the city plans to construct 11 high-rise towers, including a landmark building symbolizing HCMC’s ambition to join the global financial map.   

The project aims to create a transparent and open investment environment with tax incentives, streamlined legal procedures, and advanced financial infrastructure.

Experts say that if the roadmap is implemented effectively, the city could attract long-term capital inflows from major international financial institutions.

Encouraging signs have already emerged. In September 2025, HCMC climbed three places in the Global Financial Centres Index ( GFCI 38 ) to rank 95th out of 120, surpassing Bangkok and Manila. Despite its still-nascent financial market, joining the world’s top 100 reflects growing recognition of HCMC as an emerging destination on Asia’s financial map.  

In the fintech category, the city ranked 90th – dropping two places but gaining 19 points – a sign of strong momentum in Vietnam’s fast-growing fintech ecosystem.

Forging linkages

Beyond its improved rankings, HCMC is deepening cooperation with some of the world’s major financial centres.

In September, at a roundtable co-organized by BritCham Vietnam, Dragon Capital, and KPMG Vietnam, city officials met with British experts to discuss strategies for building a regional financial hub.

Nguyen Van Dung, vice chairman of the HCMC People’s Committee, told the event: “Our vision is to make the International Financial Centre in the city a modern fintech hub, with AI and blockchain as two key technological pillars.”

The city also plans to establish fintech sandboxes – testing environments for new financial products and business models – to foster innovation while managing risk.

At the event, Richard Snowden, a judge of the Court of Appeal of England and Wales, suggested that Vietnam could look at the Common Law model, a legal foundation that underpins flexibility and investor confidence in financial centres such as London and Singapore. Adopting such a framework could help Vietnam align its legal system with international standards and strengthen investor trust.

Sharing expertise 

Collaboration with the United Kingdom and the City of London holds particular significance. Alastair King, lord mayor of the City of London, said during his visit to Vietnam in mid-September that the UK is proud to support Vietnam’s journey to becoming a global financial centre. He reaffirmed Britain’s readiness to share experience and expertise to help Vietnam build a modern and resilient international financial hub.

Alongside its partnership with the UK, HCMC is also expanding cooperation in financial services with the United States. On October 17 in New York, the HCMC Department of Finance signed a memorandum of understanding ( MOU ) with the Nasdaq Stock Exchange.

The MOU outlines five key areas of cooperation: advisory support for regulatory frameworks, governance structure, risk management mechanisms, development of derivative products, and establishment of a joint working group to oversee implementation.

The agreement is not only symbolic but also a practical step to align HCMC with the operational standards of leading global financial centres.

Global capital flows

From its collaboration with the UK to its newly signed MOU with Nasdaq, HCMC’s financial journey is entering a new chapter, one marked by deeper integration and growing recognition.

The city is not just Vietnam’s economic powerhouse; it is also shaping a new financial narrative in Southeast Asia, where the country’s ambition merges with global capital flows.

In this evolving landscape, HCMC is positioning itself as a rising destination on the global financial map.