Ho Chi Minh City strengthens position to become an international financial center

Ho Chi Minh City is reinforcing its position to become an international financial center. The Ho Chi Minh City International Financial Center (VIFC HCMC) has climbed 11 places to rank 84th globally on the Global Financial Centre Index (GFCI). The city is also identified as one of the world’s financial centers expected to gain significant importance over the next two to three years.

Key drivers behind the shift

Three main drivers are cited behind the city’s transformation:

• Consistent national policy direction: The Politburo and the National Assembly have shown a clear and persistent commitment to developing an international financial center, signaling it as a strategic priority.
• Institutional roadmap taking shape: The legal framework, governance structures, and licensing pathways are expected to provide a more defined foundation for the international financial center, with continued alignment to international standards.
• Increased international engagement: Vietnam is expanding dialogue with global financial institutions, investors, and strategic partners, strengthening visibility and recognition.

“The latest GFCI results are a meaningful signal for Ho Chi Minh City and Vietnam, reflecting growing interest from the international financial community. However, there is a clear need to translate that interest into real capital and to build robust institutions,” said the CEO of the Vietnam International Financial Center (VIFC) in Ho Chi Minh City.

What the ranking change reflects

The improvement is described as reflecting tangible progress driven by three core levers: a coherent national policy orientation; an institutional framework that is becoming more transparent and predictable, including licensing and governance; and a rise in international participation that expands recognition and investor confidence.

“Ranking movements reflect international recognition and growing market engagement, but the real test is translating awareness into capital and solid institutional capacity,” emphasized Mr. Richard D. McClellan, CEO of VIFC HCMC.

From institutions to market confidence: priorities

To convert momentum into results, the article highlights three areas:

• Strengthening institutional and legal foundations: establishing a clear, transparent, and predictable legal framework; efficient and reliable licensing processes; governance structures that are easy to understand; and dispute-resolution mechanisms aligned with international practice.
• Promoting capital flows and financial integration: focusing on foreign exchange convertibility, capital repatriation rights, and connectivity to international banking systems, with investor feedback cited as emphasizing the ability to mobilize capital and repatriate funds when needed.
• Developing markets and building an ecosystem: expanding the capital market, developing asset management and private asset services, and advancing financial technology and innovation.

Experts stress that no single project can build a financial center on its own; effectiveness depends on designing the ecosystem coherently and operating it efficiently.

Understanding the GFCI and its limits

The article notes that international experience shows many cities aim to become financial centers, but only a few achieve full operational status and global competitiveness. It emphasizes that execution capability—creating a stable, transparent, and efficient investment climate aligned with international standards—is decisive.

“Regarding the ranking, it’s important to note that fluctuations up and down are normal, especially in the early development stage. GFCI should be understood as a reflect of outcomes after changes have occurred rather than a forecast for the future,” Mr. Richard advised.

It also states that the objective is not short-term ranking gains but building a long-term foundation, with the ranking five years from now expected to matter more than quarterly changes as institutions, capital flows, and markets strengthen.

How the index is constructed

The GFCI index is built and published annually by the Z/Yen Group and widely used as a benchmark to assess and compare global financial centers. Michael Mainelli, former Lord Mayor of London and co-founder of the index, is described as having engaged extensively with Vietnam during the formation of VIFC.

Methodologically, the GFCI includes two main components: a qualitative survey of international finance professionals and a quantitative index as a supplementary measure. The survey evaluates development potential, feasibility of business deployment, and the presence of each center in experts’ professional networks. The article notes this means the index is influenced by perception and market sentiment, capturing recognition and reputation, while also having limitations in measuring underlying factors such as capital size, liquidity, and institutional development.

Recent investment data

Q1 2026: Ho Chi Minh City attracted nearly USD 2.9 billion in FDI across several large-scale projects.