Vietnam is embarking on an ambitious journey to establish International Financial Centers (IFCs) in two of its most dynamic cities — Ho Chi Minh City (HCMC) and Da Nang. This initiative marks a pivotal step in positioning the nation as a key player in the global financial ecosystem.
While HCMC is poised to become a comprehensive IFC, Da Nang is reimagining its identity beyond a tourism hub, setting its sights on becoming a regional financial powerhouse.
Together, these cities symbolize Vietnam’s vision for economic innovation and global integration.
The Global Stage For Financial Centers
Globally, there are 121 IFCs competing fiercely to attract capital, talent, and institutions. Cities like New York and London dominate as global financial giants, while regional hubs such as Dubai and Tokyo have carved out their niches with specialized services.
What sets these centers apart is their ability to adapt to evolving global trends. As financial markets diversify, emerging services like fintech, green finance, and blockchain technology are becoming the benchmarks of modern IFCs.
This shift creates opportunities for new players, particularly in dynamic regions like Asia-Pacific, where Vietnam is uniquely positioned to rise as a key contender.
Why Now?
Vietnam’s entry into the IFC landscape is underpinned by robust economic fundamentals and a clear strategic vision.
In 2024, its GDP reached $470 billion, ranking 33rd globally, with projections of sustained growth. Complementing this is the country’s highly integrated economy, supported by 17 free trade agreements with over 65 leading economies and trade turnover surpassing $800 billion.
This strong foundation is bolstered by political stability, social safety, and reforms aimed at fostering innovation. Vietnam’s stock market, with a capitalization of nearly VND 7.2 quadrillion (equivalent to 70.4% of GDP), grew by 21.2% in 2023—the highest rate in the region. Such achievements highlight Vietnam’s readiness to transition from a developing economy to a global financial hub.
The Vietnamese government has laid out a concrete roadmap. On November 15, 2024, the Politburo issued Notification No. 47-TB/TW, announcing plans to establish regional and international financial centers. Following this, Resolution No. 259/NQ-CP was approved, outlining an action plan for their development.
These IFCs are expected to unlock resources, attract investment, and drive a paradigm shift in Vietnam’s economic model, enhancing productivity, efficiency, and global competitiveness.
Ho Chi Minh City: A Global Financial Hub
HCMC, long recognized as Vietnam’s economic heart, is the natural choice for a global IFC. The city’s District 1 and Thu Thiem urban area are earmarked as core zones for this transformation. These areas will integrate stock exchanges, commodity and currency markets, and cutting-edge fintech solutions.
This IFC aims to go beyond serving domestic needs by positioning HCMC as a gateway to global markets. With its advanced infrastructure, skilled workforce, and central role in Vietnam’s economy, the city is ready to host major international financial institutions and attract capital flows from across the globe.
Da Nang: Beyond Tourism, Toward A Regional Financial Center
Da Nang, often celebrated for its pristine beaches and vibrant tourism industry, is undergoing a remarkable evolution. The city’s ambition to become a regional financial center marks a bold departure from its traditional identity.
Strategically located, Da Nang offers unparalleled connectivity, with an international airport and a seaport linking it to 35 cities across 11 countries.
The city has designated key areas for the financial center, including a 62-hectare financial district in its industrial zone and a fintech hub near Thuận Phước Bridge. By blending traditional financial services with advanced technologies such as AI, blockchain, and green finance, Da Nang aims to attract innovation-driven investments.
Da Nang’s geopolitical advantages and progressive infrastructure create a compelling case for its transformation. The city is also investing in human capital and collaborating with international institutions to nurture a talent pool capable of sustaining its financial ecosystem.
Charting The Road Ahead
The development of Vietnam’s IFCs is a carefully orchestrated process. Da Nang recently hosted a high-profile conference on the establishment of these centers, bringing together government leaders, strategic investors, and financial experts around the world. Key discussions focused on tailored policies to attract financial institutions, innovative startups, and global investment funds.
The government recognizes that building these centers requires more than infrastructure — it demands a comprehensive legal framework and strategic partnerships. Special mechanisms are being devised to facilitate this transition, ensuring compliance with international standards while fostering local innovation.
Vietnam’s ambition doesn’t stop at infrastructure or policy. The nation is prioritizing education and training, equipping its workforce with the skills needed for the financial sector’s evolving demands. Collaboration with global institutions will play a vital role in preparing Vietnam’s talent to thrive in these centers.
The Vision
As HCMC and Da Nang advance their roles, Vietnam’s vision for its financial future becomes clear: to be more than a participant in the global economy, but a leader shaping its direction. These centers will integrate tradition with innovation, offering services that cater to both regional and global needs.
This journey represents more than economic ambition — it’s a testament to Vietnam’s resilience, adaptability, and readiness to embrace its potential. The establishment of these financial centers is not just a project; it’s a defining moment in Vietnam’s story, positioning the nation as a bridge between global financial markets and Southeast Asia’s dynamic economy.