At the Autumn Economic Forum 2026 (AEF 2026) on October 28, VIFC-HCMC's operating authority announced its first 10 holding company members, with combined registered charter capital and committed contributions of USD 33.63 million.
The companies expect to mobilise and invest around USD 2.7 billion by 2027. Holding companies own and manage stakes in other businesses, overseeing investment portfolios and capital allocation.
Billions in investment commitments
Among the first members, Son Kim Capital IFC has committed to mobilising approximately USD 275 million for infrastructure development within the financial centre.
Fintech company Rovela Pay, which provides payment services for international tourists, expects transactions worth around USD 60 million through its platform between 2026 and 2030.
Since beginning operations in early February, VIFC-HCMC has recorded tens of billions of US dollars in investment commitments and potential funding from domestic and international partners.
These include USD 6.1 billion in aviation finance and approximately USD 2 billion for smart urban data infrastructure. The figures represent committed or potentially mobilised capital, not funds already disbursed.
HCM City People's Committee Vice Chairman Truong Minh Huy Vu said investment funds and fund management would be key priorities in the coming period.
The city expects to introduce procedures and regulations for admitting investment funds in November, classifying them into three tiers aligned with models in Singapore, Dubai and Hong Kong to attract different sources of capital.
The operating authority is also finalising the regulations needed for the centre to expand its activities and receive investment.
Addressing the opening session of AEF 2026 on October 28, Prime Minister Le Minh Hung said Vietnam would strengthen cooperation to mobilise medium- and long-term capital, with its international financial centres in HCM City and Danang connecting global funding to infrastructure, energy, green transition and innovation projects.
According to HCM City People's Committee Chairman Nguyen Van Duoc, the city aimed to become a regional and global economic hub, linking domestic and international resources, capital, technology and markets.
To support this ambition, it is developing an international financial centre, a free trade zone and an ecosystem for science, technology, innovation and digital transformation.
At the forum, Marc Knapper, former US ambassador to Vietnam, chairman of Knapper Global Advisors and VIFC-HCMC adviser, urged financial institutions to demonstrate long-term commitment through a meaningful presence, including staff, products and projects.
This would not necessarily require relocating their headquarters, but could involve establishing dedicated operations within VIFC.
He also called for high standards of financial capacity, governance and market reputation among participating institutions.
International financial institutions should serve not only as investors but also as partners financing projects in energy, infrastructure and innovation, where Vietnam has substantial demand, he said.
Knapper noted interest in long-term cooperation from investors in the United States, Japan, South Korea and Taiwan.
To translate that interest into investment, he highlighted the need for clear and consistent regulations, effective market and capital connections, and a highly skilled workforce.
Investors needed a predictable long-term operating environment rather than relying solely on individual incentives, he said.
Calls to ease banking entry requirements
Applications and licensing for banks, securities firms and other regulated financial businesses will proceed in stages as the relevant regulations are introduced.
However, industry representatives raised concerns about certain entry requirements under Decree 329/ND-CP.
Foreign banks seeking to establish branches within VIFC must hold a minimum AA credit rating or equivalent, a requirement that limits the number of eligible banks worldwide to around 35, according to the forum discussions.
Domestic commercial banks face a separate requirement to establish subsidiaries with charter capital of VND 3 trillion (USD 114.5 million).
Vo Hoang Hai, deputy chief executive of Nam A Bank, said the capital threshold posed a significant financial burden alongside existing capital adequacy requirements, with banks needing to justify expected returns, revenue sources and investment portfolios to their boards and shareholders
With the financial centre still developing its operating framework, banks lacked sufficient information to assess potential returns, he added.
Hai proposed allowing banks to contribute the required capital in stages, helping them balance investment efficiency, shareholder accountability and operational safety.
Hai also proposed allowing financial institutions to establish branches or dependent units with initial capital of around VND 300 billion (USD 11.5 million), arguing that lower requirements would attract more banks, securities firms and investment funds to the centre.
Hai also proposed allowing financial institutions to establish branches or dependent units with initial capital of around VND 300 billion (USD 11.5 million), saying lower requirements would attract more banks, securities firms and investment funds to the centre.
Associate Professor Nguyen Huu Huan, deputy chairman of the VIFC-HCMC operating authority, suggested allowing domestic banks to establish branches with minimum capital of around USD 15 million, similar to the requirement for foreign banks.
He said more flexible entry conditions could broaden institutional participation and strengthen the centre's appeal during its early development.
From an investment fund perspective, Le Anh Tuan, chief executive of Dragon Capital, highlighted the need for VIFC to meet investors' practical needs, including access to new financial products, foreign exchange hedging, currency trading and convenient cross-border transfers.
He also called for internationally aligned derivatives and bond markets, US dollar-denominated financial products, and a stable, transparent and consistent regulatory framework.
"Investors can price credit risk or growth, but they cannot price uncertainty in administrative approvals," Tuan noted.