Vietnam’s plan to build an international financial centre in Ho Chi Minh City is gaining visibility but still lacks the operational depth required to match its ambitions, according to Richard D. McClellan, chief executive of the Vietnam International Financial Centre.
Speaking at a socio-economic press briefing held by the Ho Chi Minh City People’s Committee on April 2, McClellan pointed to the city’s rise in the Global Financial Centres Index 2026, where it climbed 11 places to rank 84th among 120 centres.
He cautioned that the improvement reflects initial market recognition rather than the full capabilities of an international financial hub.
The gains, he said, stem from consistent national policy direction. Commitments by the Politburo and the National Assembly to develop an international financial centre have signalled strategic intent to domestic and foreign investors.
Institutional reforms are gradually taking shape, with clearer legal frameworks, governance structures and licensing mechanisms aimed at aligning with international standards. Vietnam has also expanded dialogue with global financial institutions and investors, helping to build confidence.
McClellan noted that the index, compiled annually by Z/Yen Group, measures perception and attractiveness rather than the structural depth of a financial system.
While the improved ranking highlights growing international attention, it does not yet reflect capital flows, market liquidity or institutional maturity.
He described the project as being at an early stage, with three priorities ahead.
First is strengthening the legal and institutional framework through consistent regulations, streamlined licensing and dispute resolution systems that meet international standards.
Second is improving capital mobility and financial integration, particularly foreign exchange convertibility, capital repatriation and links to global banking systems.
Third is developing a broader financial ecosystem spanning capital markets, asset and wealth management, and financial technology, with stronger integration across sectors.
McClellan added that rankings such as the GFCI reflect outcomes rather than forecasts, and short-term fluctuations are typical for emerging markets.
The long-term goal, he said, is not to climb rankings quickly but to build a foundation that makes Ho Chi Minh City a destination actively chosen by global investors.
Experts say the opportunity is real, but success will depend on implementation, including a reliable institutional framework, strong global connectivity and a transparent investment environment.
