TikTok plans to shift 3 key services to Ho Chi Minh City’s future international financial center

The plan was discussed on Friday during a meeting between chairman of the Ho Chi Minh City administration Nguyen Van Duoc and Chanida Klyphun, director of Public Policy for Southeast Asia at TikTok.

The talks centered on strategic cooperation, particularly support for the city’s initiatives related to the upcoming IFC and the development of local digital enterprises.

Klyphun told the city’s leader that TikTok is evaluating a move to shift three major services currently managed offshore to onshore entities within the IFC.

To this end, the platform intends to establish three companies corresponding to these services, aligned with the city’s digital economy strategy.

They include a logistics firm capable of handling one to two billion orders annually, a digital payment company, TikTok Payment, which serves its 45 million Vietnamese users, and a digital commerce business projected to generate over US$10 billion in annual gross merchandise value.

Klyphun expressed hope that Ho Chi Minh City authorities would provide support and favorable conditions to ensure swift licensing, allowing the new companies to begin operations as early as 2026 as part of TikTok’s expansion in Vietnam.

Duoc welcomed the plan and said he would assist the platform in completing the necessary procedures as quickly as possible.

He also encouraged TikTok to consider locating its headquarters in the planned IFC, which is expected to begin operations next month.

Duoc highly appreciated TikTok’s contributions through practical initiatives that have promoted the city’s cultural identity, tourism, and innovation potential over the past years.

He also acknowledged the platform’s digital economy training programs and its support for millions of small and medium enterprises, as well as local One Commune One Product (OCOP) projects, in accessing global markets.

Klyphun thanked Ho Chi Minh City authorities for their warm reception and said she would report the city leadership’s strong support to TikTok’s global executives.

She noted that the announcement of TikTok’s strategic plans represents a concrete step in public–private cooperation, reflecting a global technology company’s confidence in both Vietnam’s market potential and the city’s efforts to build a transparent, modern digital business environment.

Klyphun also highlighted that TikTok has invested nearly $5 billion in Vietnam over the past seven years.

Its ecosystem has supported the livelihoods of more than six million individuals and businesses and contributed over VND4 trillion ($151.7 million) to the state budget.

TikTok is a short-form video entertainment platform with over one billion users worldwide.

The company operates a comprehensive ecosystem built around the concept of shoppertainment, leveraging the rapid spread of short video content to drive e-commerce.

In Vietnam, TikTok is not only an entertainment app but also serves as a cross-border e-commerce and global payment platform.