Embraced by the Saigon River, Thu Thiem Peninsula is a prime piece of land, expected to soon become a new economic center of Ho Chi Minh City. Photo: Ngoc Hien / Tuoi Tre
Thailand’s capital dropped six places to rank 102nd in the GFCI 38 rankings.
The Vietnamese metropolis is also listed among the top 15 financial centers projected to see strong growth over the next two to three years.
Ho Chi Minh City is steadily narrowing the gap with Jakarta in its bid to become a leading financial hub in the Southeast Asian region.
According to the latest rankings, New York and London retain the top two positions globally, while Hong Kong remains third. Singapore, despite gaining 13 points, continues to hold fourth place worldwide.
In Vietnam, a resolution to develop an international financial center was passed by the National Assembly on June 27, guiding the establishment of such centers in both Ho Chi Minh City and Da Nang City in the central region.
To realize its vision of becoming a hi-tech financial hub by 2030, Ho Chi Minh City is executing a bold and comprehensive development strategy.
This strategy aims to foster a highly innovative environment, attract global capital and talent, and deeply integrate modern technologies across financial operations.
Associate Professor Dr. Nguyen Huu Huan, a member of the advisory team for Vietnam's international financial center in Ho Chi Minh City, told Tuoi Tre (Youth) newspaper that the city's recent rise in the GFCI 38 rankings is a promising indication that it is moving in the right direction toward becoming a global financial hub.
As the city collaborates with major financial institutions such as Nasdaq, Deutsche Bank, Siam Bank, Cathay, HSBC, Ant Group, CZ, Tiktok Payment, and ResponsAbility to co-develop its international financial center model, its upward movement in the GFCI 38 rankings reflects a growing global presence.
According to Huan, the international financial center in Ho Chi Minh City is not designed to replicate traditional financial centers, but to establish a hi-tech financial hub where blockchain, AI, and fintech serve as foundational pillars.
The focus on innovation distinguishes the international financial center in Ho Chi Minh City and enhances its appeal on the global stage.
Through an open sandbox mechanism, the center is envisioned as a testing ground for new financial products and services, including digital assets, smart contracts, and 24/7 cross-border payments.
With a planned area of nearly 1,000 hectares and a 9.2-hectare core zone in Thu Thiem, the international financial center in Ho Chi Minh City is positioned to become a strategic destination for global financial institutions.
It aims to integrate both traditional and modern financial services—from stock exchanges, derivatives, the trading of precious metals and carbon credits to digitized fintech platforms.
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