Fintech Hub: A strategic move by VIFC-HCMC to attract USD 9.1 billion in investment

On the morning of April 14, Fintech Hub—the core component of the International Finance Center—officially debuted, aiming to connect financial institutions, technology companies and investment funds to accelerate innovation in the finance sector. At the same time, a fintech investment fund with an expected size of USD 30 million was introduced to support technology companies during their growth phase.

Ho Chi Minh City is positioning itself to reshape its role on the regional financial map through the formation of the Vietnam International Financial Center in Ho Chi Minh City (VIFC-HCMC). Dr. Nguyen Huu Huan, Vice Chairman of the Executive Council of VIFC-HCMC, discussed cooperation strategies with global partners, the Fintech Hub ecosystem, and the challenge of disbursing USD 9.1 billion in committed capital.

Handshake with global giants and a springboard for Fintech Hub

VIFC-HCMC’s development strategy is built around the idea of “standing on the shoulders of giants.” By partnering with world-leading centers and financial institutions, including the London Stock Exchange (LSE) and Nasdaq, VIFC-HCMC seeks to expand access to international markets.

According to Dr. Nguyen Huu Huan, the Fintech Hub launch serves as a strategic launchpad and marks the formal formation of an integrated fintech ecosystem with four core pillars: infrastructure development, an applications wing, a venture investment fund, and a sandbox for controlled testing.

• Infrastructure development will focus on hardware, software, AI applications, blockchain and data-center setup.
• Applications wing will bring together domestic and international fintech companies to research and develop new products under a controlled testing regime (Sandbox).
• Venture investment fund will invest directly to support startup teams as they mature into global technology unicorns.

The center said this ecosystem could shorten the time from incubation to operations from roughly six months under the current model to about one week to go live.

Special Urban Law and the “sandbox space” as an enabler

To support these goals, VIFC-HCMC points to the importance of the regulatory framework. As Ho Chi Minh City drafts a Special Urban Law, the move is seen as a long-term step to give the city greater autonomy in economic decisions.

The bill’s key focus is the controlled testing regime (Sandbox), described as a lever to help Ho Chi Minh City become an innovation hub where new policies and business models can be tested, evaluated and scaled nationwide.

While the physical planning boundaries remain limited to Thủ Thiêm and parts of a ward in Saigon, the center said the Special Urban Law is expected to ease barriers by expanding the “space” to apply the sandbox. This expansion is intended to create a market scale large enough for financial institutions to deploy disruptive services and products.

Ready to attract USD 9.1 billion into the real economy

Although VIFC-HCMC has been formally established for only about three months and is still building its legal framework, it has already carried out investment-promotion activities with positive results. Strategic technology partners mentioned include Binance and TikTok, while recent international roadshows in the United States drew interest from funds such as BlackRock.

The center’s next-phase objective is to attract international capital to directly support the real economy and address the liquidity gap needed to sustain growth for Ho Chi Minh City and Vietnam.

“Market signals are positive as total registered capital and committed investment stand at a remarkable USD 9.1 billion. The challenge, however, is how to translate these commitments into actual disbursements,” Huân said.

To convert commitments into disbursements, VIFC-HCMC said it needs the official operating framework to be issued so that new institutions can establish subsidiaries and inject capital. The center is also designing an ultra-efficient licensing process: under the plan, a typical company would take about five days to complete incorporation, while licensing for banks and credit institutions is targeted to fall from 120 days to around 30 days.

Pioneering asset digitization and asset tokenization

On asset digitization, VIFC-HCMC said it is taking steps to prepare. With Binance as a partner, the center has signed a Memorandum of Understanding with the Ho Chi Minh City Finance Department and is transitioning the arrangement to VIFC-HCMC management. Binance’s role is described as providing technology and coordinating research and development of new financial products, while further details remain confidential.

VIFC-HCMC also said it is studying and evaluating asset tokenization and cross-border payments. The testing frameworks for these mechanisms are currently under consultation with experts and ministries. The center said that if feasibility is confirmed, it will publish the testing framework to help place Ho Chi Minh City at the forefront of global fintech integration.