HCMC has unveiled plans to set up an international financial hub at a cost of VND172 trillion (US$7 billion) in District 1 and the Thu Thiem Urban Area.
It will span 783 hectares in the contiguous areas that are divided by the Saigon River.
Its first phase of nine hectares will be in Thu Thiem, with the headquarters of regulatory and supervisory authorities being set up.
 |
|
Thu Thiem Urban Area in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
The city’s detailed proposal is currently being reviewed by the government.
The first phase is set to be built within two or three years at a cost of VND16 trillion, with VND2 trillion coming from government’s coffers and the rest from investors.
Beyond infrastructure and regulatory frameworks, HCMC is also developing a human resources strategy for the hub in order to attract top talent.
Five training programs will be launched in 2025, and the city has dispatched officials to study financial center models in the U.K., Hong Kong, mainland China, and Kazakhstan.
The government is considering an international financial hub that will also straddle Da Nang in addition to HCMC. In HCMC, it will offer a broad range of products and services, including banking, capital markets tied to asset and fund management and more.
Experimental mechanisms (sandbox) for fintech, innovation, specialized trading platforms, and derivatives will also be put in place.
The government wants the HCMC section of the hub to become operational in 2025 and completed within five years.
