Qualcomm eyes role in international financial center in Ho Chi Minh City

The company’s interest was conveyed in a Letter of Intent (LOI) to VIFC-HCMC during a Financial Roundtable organized by the center at Columbia University in New York on July 18.

The event brought together representatives of international investment banks, investment funds, asset management firms, and technology companies, many of which have been active in Vietnam for decades.

In the LOI, Qualcomm said it wishes to become a member of VIFC-HCMC to explore opportunities for cooperation, investment, and knowledge exchange.

The group designated Qualcomm Vietnam Co., Ltd. as its focal point for coordination.

Hoang Bang Giang, director of external affairs at Qualcomm, handed the LOI to Richard D. McClellan, CEO of VIFC-HCMC, in the presence of Nguyen Cong Vinh, deputy chairman of the Ho Chi Minh City administration, and Ambassador Do Hung Viet, Vietnam's Permanent Representative to the United Nations.

Qualcomm praised the city's vision of developing VIFC-HCMC as a gateway connecting Vietnam with the global financial system, saying the center could help modernize the country's financial market, attract international investment, and promote innovation.

The corporation's interest came alongside commitments and proposals from several major international financial institutions.

Deutsche Bank, Germany's largest bank, pledged to expand its operations in Vietnam and work toward providing large-scale credit for development projects.

U.S. private equity firm Warburg Pincus reaffirmed its intention to establish a real estate investment trust in Vietnam.

Morgan Stanley, a leading U.S. investment bank, and New York-based Vanguard Global, which operates under a family office model, said they were interested in developing wealth management and family office services in Vietnam.

Meanwhile, Haitong Securities, one of China's largest securities firms, said it was actively developing capital-raising channels for Vietnamese enterprises and proposed closer cooperation between stock exchanges.

According to VIFC-HCMC, the attention from international financial institutions and technology companies, including Qualcomm, highlights the growing appeal of the international financial center being developed by Ho Chi Minh City.

Such interest creates opportunities to attract more foreign capital and high-quality financial services to Vietnam, the center said.