France offers support for int’l financial center development in Ho Chi Minh City

Vice-chairman of the Ho Chi Minh City People's Committee Nguyen Cong Vinh received French Consul General Ranaivoson, Paris Europlace CEO Olivier Vigna, and a French delegation on Thursday.

During the meeting, Vinh said the city is actively developing the International Financial Center, describing it as a strategic mission aimed at enhancing Vietnam’s economic and financial standing regionally and globally.

According to Vinh, relations between Vietnam and France have continued to strengthen, especially after France became the first European Union country to establish a comprehensive strategic partnership with Vietnam in 2024.

Two-way trade between Ho Chi Minh City and France reached more than US$723 million in 2025.

France currently has 433 investment projects in the city with total registered capital exceeding $2.2 billion.

Following its merger with Binh Duong and Ba Ria-Vung Tau last year, Ho Chi Minh City now combines three major growth poles, including a core financial and high-tech urban center, a high-tech industrial hub, and a marine economy, logistics, and clean energy center.

The city is also proposing a special urban area law to create a more advanced legal framework for future development.

Vinh said that just three months after its launch, the Ho Chi Minh City International Financial Center climbed 11 places to rank 84th in the Global Financial Centers Index.

According to the city’s vision, the financial center will develop into a comprehensive financial ecosystem connecting banks, securities, insurance and fintech firms, investment funds, and professional service providers, while becoming a destination for international capital flows and major financial and technology corporations.

“Ho Chi Minh City will continue researching and promoting cooperation with France, particularly in learning from French experience in building and managing international financial centers,” Vinh said.

The city also hopes Paris Europlace will serve as a bridge connecting the Ho Chi Minh City International Financial Center with French financial institutions, regulators, experts, and businesses to help the city access international expertise and attract high-quality resources.

Ranaivoson said France hopes to strengthen cooperation with Vietnam, especially Ho Chi Minh City, in the development of international financial centers.

He noted that Paris is currently one of Europe’s leading financial centers and has further strengthened its role since the United Kingdom left the European Union.

“We focus not only on market management but also on promoting innovation, especially in green finance and sustainable development,” Ranaivoson said.

He added that the French side had coordinated a workshop in Ho Chi Minh City on digital assets, including discussions on tokens, digital assets, and France’s experience in regulating digital financial markets.

CEO Vigna said France is ready to share its experience with Vietnam throughout the development of international financial centers.

According to Vigna, economies around the world are currently undergoing two major transitions: energy transition and digital transformation.

Developing international financial centers would therefore help drive economic growth and improve competitiveness.

He said France is prepared to share expertise in digital asset management, sustainable finance, international commercial arbitration, and trade dispute settlement.

The French side also expressed interest in Ho Chi Minh City’s plans to develop marine finance, especially as the city expands its development space linked to seaports and logistics.

The Ho Chi Minh City vice-chairman emphasized that the city would continue improving its investment environment to attract international businesses and financial institutions, including French partners.

Associate Professor Nguyen Huu Huan, vice-chairman of the executive agency of the Vietnam International Financial Center in Ho Chi Minh City, said the city is currently one of Vietnam’s largest logistics and trade hubs, handling massive cargo volumes through its seaport system and international trade network.

However, maritime finance in the city remains underdeveloped. Most maritime-related financial transactions, payments, and insurance services are still conducted through regional financial centers such as Singapore and Hong Kong.

According to Huan, Ho Chi Minh City aims to gradually bring maritime finance, payments, insurance, and related services back to the city through the development of the international financial center and a maritime financial ecosystem.

He described maritime finance as one of the key sectors in Ho Chi Minh City’s international financial center development strategy in the coming years.