Ho Chi Minh City scored 692 points in the 40th edition of the Global Financial Centres Index (GFCI 40), released on September 30, rising 17 places and 27 points from the previous edition in March. The city recorded the second-largest rise in the latest assessment, behind Copenhagen, which climbed 19 places.
Across the two editions released this year, Ho Chi Minh City has risen 28 places, from 95th to 67th, reflecting an improvement in its standing among global financial centres.
Ho Chi Minh City ranked 67th, while Danang also appeared in GFCI 40 for the first time (Screenshot).
The city was also listed among 15 financial centres that respondents expect to become more important over the next two to three years, suggesting further potential alongside its current gains in score and ranking.
Ho Chi Minh City also improved its position in fintech, rising 12 places from 83rd to 71st, with a score of 645, up 11 points from the previous edition.
Its overall rating increased by about 4.1 per cent, compared with an average rise of 0.8 per cent globally and 1.48 per cent across the Asia-Pacific region. The GFCI 40 assessed 117 financial centres, drawing on 39,531 assessments from 6,147 respondents as well as 144 quantitative indicators.
Ho Chi Minh City's latest ranking places it ahead of several regional centres, including Bangkok and Jakarta. Danang also entered the index for the first time, ranking 71st with a score of 685.
Richard D. McClellan, CEO of VIFC-HCMC, the Vietnam International Financial Centre in Ho Chi Minh City, described the result as a milestone rather than a destination.
"Ho Chi Minh City reaching 67th, together with Vietnam now having two financial centres recognised in an international ranking, is an encouraging signal," he said.
"More important, however, are the foundations being built, the quality of the financial ecosystem and the city's ability to connect real capital flows over the years ahead, rather than simply focusing on the result of a single ranking."
"VIFC-HCMC is being developed as a financial engine for Vietnam's next phase of growth, helping bring capital markets, banking and asset management closer to international standards in Vietnam while retaining more of the value generated by economic growth," McClellan said.
Marc Knapper, a member of the VIFC-HCMC Strategic Advisory Group and former US ambassador to Vietnam, said the 17-place rise and 27-point gain were encouraging signs of the city's improving position.
A view of central Ho Chi Minh City (Photo: Bao Quyen).
The latest result follows a series of gains in recent years. Ho Chi Minh City first entered the GFCI in 2022 in 102nd place and has now climbed in three consecutive editions.
The GFCI is produced twice a year by Z/Yen Group and the China Development Institute. Its rankings combine assessments from financial professionals with quantitative data covering factors such as business environment, human capital, financial-sector development, infrastructure and reputation.