More than USD 21.1 billion has been pledged by domestic and international financial institutions for investment in Vietnam's International Financial Centre in Ho Chi Minh City (VIFC-HCMC), according to one of the centre's senior officials.
Scene from the opening of the first bank to establish a business headquarters at VIFC-HCMC (Photo: Organising committee).
Nguyen Huu Huan, vice chairman of the executive agency of VIFC-HCMC, made the announcement on July 10 after the centre welcomed its first bank to establish business headquarters at the site.
The first lender to officially open its new headquarters at the financial centre is Modern Bank of Vietnam (MBV), a wholly owned subsidiary of MB Group, which inaugurated its office on the morning of July 10.
Earlier this month, UOB Vietnam also broke ground on its new headquarters, becoming the first foreign bank to develop and own a purpose-built office within VIFC-HCMC. The project carries an investment of around USD 450 million and is expected to be completed in 2030.
Nguyen Huu Huan said the total pledged investment includes USD 2 billion committed by MB Group. He added that the immediate priority is to finalise regulations governing the establishment of the financial centre and introduce a regulatory sandbox to attract leading global financial and technology institutions.
The centre's long-term strategy is to channel international capital into Vietnam's real economy. Ho Chi Minh City currently accounts for around 25 per cent of the country's gross domestic product, while both the city and Vietnam continue to rank among the world's faster-growing economies, creating substantial demand for investment capital.
"We expect that once the legal framework and operating regulations are completed, these pledged funds will be converted into actual investment, providing a significant boost to the development of VIFC-HCMC," Nguyen Huu Huan said.
Officially launched in early February, VIFC-HCMC is currently focused on developing its legal infrastructure and regulatory sandbox framework.
Officials said investment commitments cannot be converted into actual capital until the centre's formal establishment regulations take effect, allowing institutions to establish subsidiaries and banking operations there. While an ordinary company can currently be registered in about five days, setting up a bank takes around 120 days under existing regulations. VIFC-HCMC aims to reduce that process to approximately 30 days.
The financial centre is also strengthening ties with major global financial and technology organisations, including Nasdaq, the London Stock Exchange (LSE), Binance and TikTok. Investment promotion efforts have also attracted interest from major firms and investment funds, including BlackRock and Warburg Pincus, which are exploring potential investment opportunities.
