HCM City to build international financial centre in Thu Thiem New Urban Area
VOV.VN - Ho Chi Minh City plans to build its international financial centre in the Thu Thiem New Urban Area, covering a total area of 9.2ha, according to the Municipal Department of Science and Technology.
The allotted area is vacant and has been planned with basic technical infrastructure, including roads, electricity, water supply, telecommunications, and lighting systems, but no buildings or residential communities yet.
The Department of Science and Technology says it will coordinate with telecommunications companies to implement comprehensive 5G network coverage and install fixed broadband fiber-optic cables along all roads in the area. This infrastructure aims to ensure seamless connectivity and meet the development needs of the financial centre taking shape in the coming years.
The development of the Ho Chi Minh City international financial centre has been a long-term strategic plan of the government, designed to include money, banking, capital, and derivative commodity markets.
The project is scheduled to commence in 2025 and is expected to be completed within five years.
The establishment of this financial centre is expected to drive economic growth in Ho Chi Minh City while attracting foreign investment and increasing FDI inflows into key sectors. Although this model is not new globally, Vietnam has yet to realize a true international financial centre.
Implementing this project is not only a crucial step in Ho Chi Minh City’s urban economic development strategy but also an opportunity for Vietnam to strengthen its position on the regional and global financial map.
However, to achieve this goal, the government and relevant stakeholders must ensure a clear roadmap, transparent mechanisms, and synchronized execution to transform Ho Chi Minh City’s international financial centre into a new symbol of integration and prosperity.
In addition to Ho Chi Minh City-based international financial centre, a similar centre will also break ground and take shape in Da Nang city.
Vietnam’s international financial centre scheme given the greenlight
VOV.VN - The Government has approved the Ministry of Finance (MoF)’s proposal to draft a National Assembly resolution on the building of two international financial centres in Vietnam.
