Int’l financial center in Ho Chi Minh City jumps 11 spots in global rankings

Speaking at a regular press briefing on Ho Chi Minh City’s socio-economic performance on Thursday, CEO of the center Richard D. McClellan highlighted its ranking improvement, describing it as a positive and encouraging signal for both Vietnam and the southern metropolis.

The city is seen as one of the world financial centers, with high expectations for further growth in the next two or three years.

The ranking underscores Ho Chi Minh City’s growing recognition within international financial circles.

McClellan emphasized that the rise in rankings was not coincidental but the result of sustained efforts across multiple fronts.

He outlined three primary drivers behind the advancement.

First, consistent and decisive policy direction at the national level has played a crucial role.

The Politburo and the National Assembly have demonstrated a clear and unwavering commitment to developing an international financial center, sending a strong signal that the initiative is a strategic national priority.

Second, the institutional framework is gradually taking shape.

Legal structures, governance models, and licensing mechanisms are being developed to form the foundation of the center.

Continued alignment with international standards will be essential in the next phase of development.

Third, Vietnam’s level of international engagement has significantly increased.

The country is actively deepening dialogue with global financial institutions, investors, and strategic partners, thereby strengthening its visibility and credibility on the world stage.

What the rankings reflect is that international recognition is beginning to follow the right policy direction and the persistent efforts that have been made, McClellan noted.

Despite the encouraging results, he cautioned that the journey is still in its early stages.

The immediate priority is to translate momentum into tangible progress, he stressed.

It is necessary to focus on building a transparent, predictable legal framework, improving foreign exchange convertibility, ensuring the repatriation of capital, and strengthening connectivity with international banking systems.

Also, the center should continue developing its financial ecosystem, including asset and wealth management services, as well as advancing fintech innovation.

Looking globally, while many cities aspire to become financial centers, only a few succeed in building fully operational and globally competitive hubs.

The difference lies not in ambition but in execution, he said.

Vietnam officially announced the creation of the International Financial Center on December 21, 2025, with two locations in Ho Chi Minh City and the central city of Da Nang.

The Da Nang facility was inaugurated on January 9, while the southern metropolis officially opened the center at its headquarters at 8 Nguyen Hue Street in Saigon Ward on February 11.