According to experts, such a goal presents many challenges, however the city is seeing the convergence of potential, development requirements and political determination.
Despite being not included in the Global Financial Centre Index (GFCI), Ho Chi Minh City is leading the list of 10 potential financial centres under consideration for the official GFCI list.
With regards to the financial market, the city is home to the headquarters of 12 out of the 35 domestic commercial banks, 4 of the 9 wholly-owned foreign banks and 31 of the 52 branches of foreign banks.
In 2020, capital mobilised in Ho Chi Minh City accounted for 28% of the national total, indicating a strong need for financial activities in the city.
Ho Chi Minh City Vice Chairwoman Phan Thi Thang said the city is working to introduce strategic policies and breakthroughs so as to attract major investors and financial groups.
According to experts, the city needs to focus on digital banking and financial technology to set it apart, while creating a commodity derivatives exchange and diversifying its financial markets.
Under the plan, Ho Chi Minh City aims to become one of the world’s top 50 financial centres by 2030 and to make the top 20 by 2045.
