How does the International Financial Center in Ho Chi Minh City (IFC TPHCM / VIFC-HCMC) operate?

TP – Roadmap for Establishing the International Financial Center in Ho Chi Minh City is divided into 3 phases. Phases 1 and 2 will utilize existing infrastructure in the current central core area. Moving to phase 3, Ho Chi Minh City will focus resources on creating a large-scale, modern financial center in the new Thu Thiem Urban Area.

After the Government announced the establishment of the International Financial Center in Vietnam, Ho Chi Minh City quickly began operating the International Financial Center (IFC). Mr. Bui Hoa An, Deputy Director of the Ho Chi Minh City Department of Construction, stated that the IFC covers approximately 900 ha, spanning Saigon Ward, Ben Thanh Ward, and An Khanh Ward (Thu Thiem Peninsula). This area can be visualized as a “ring” encircling the Saigon River. Its geographical location and planning hold special significance, as businesses, financial institutions, buildings, and financial entities operating within this designated area will enjoy preferential government policies.

Regarding technical infrastructure, the electricity and water sectors have dedicated priorities for the IFC area. Operating financial centers requires high-tech systems with very high electricity consumption and significant water for cooling. Therefore, technical infrastructure planning in this area has been calculated to suit the operational characteristics of a large-scale financial center.

The IFC coordination unit will be located at No. 8 Nguyen Hue Building. However, this building is currently under repair and renovation to meet the standards of an international financial center headquarters, requiring additional time for completion. Temporarily, the coordination unit will be placed on the 6th floor at No. 123 Truong Dinh – the Ho Chi Minh City Creative Startup Center.

Within the IFC boundaries, there are currently about 1,000 buildings. Among them, the Bitexco Building is identified as the tallest structure in the central area. The remaining buildings, based on current assessments, have relatively stable infrastructure and are fully capable of being exploited and used to serve IFC operations.

Mr. Quach Ngoc Tuan, Deputy Director of the Ho Chi Minh City Department of Finance, stated that the IFC formation roadmap is divided into 3 phases. Phases 1 and 2 will utilize existing infrastructure in the current central core, specifically buildings at 123 Truong Dinh and No. 8 Nguyen Hue as headquarters for the IFC operating agency. In phase 3, Ho Chi Minh City will concentrate resources to build a large-scale, modern financial center in the new Thu Thiem Urban Area.

To prepare human resources for the IFC, Ho Chi Minh City has early dispatched officials and civil servants to study at major financial centers and domestic institutes/schools to gain practical experience for key positions in the IFC. The city expects the international financial center to enhance its position as a major economic-financial hub in Vietnam, serving as an effective gateway connecting international capital flows, financial services, and knowledge, thereby strengthening competitiveness, promoting rapid and sustainable growth. Through the IFC, Ho Chi Minh City aims to strongly attract leading financial institutions, investment funds, businesses, and top fintech companies, while forming a modern, transparent financial services ecosystem that meets international standards and responds to domestic and regional economic development needs.

Ho Chi Minh City also expects this to be a space for breakthroughs in institutions, policies, and the investment-business environment, a hub for gathering and developing high-quality finance-technology human resources, promoting innovation, and spreading development momentum across the Southern Key Economic Region.

“IFC establishes a transparent, stable, and highly predictable investment environment, ensuring property rights, free capital transfer, and legitimate profits for investors, while developing diverse financial markets and products, contributing to effectively attracting medium- and long-term capital flows, indirect investment capital, and green financial capital,” Mr. Tuan said.

In addition, the State will apply superior preferential policies on taxes, fees, land, and infrastructure, implement a one-stop, streamlined administrative procedure mechanism, creating favorable conditions for financial institutions, investors, and domestic and international experts participating in the international financial center. In particular, the IFC will be a testing space for new financial models and products under appropriate risk control mechanisms, thereby encouraging innovation, improving resource allocation efficiency, and enhancing the competitiveness of Vietnam’s financial market.

“Building the IFC is not only an objective requirement of the development process but also an aspiration and a strategic step to elevate Vietnam’s position on the global financial map. To realize this goal, close cooperation and collaboration between the State and the private sector, between local authorities and central ministries and agencies, are essential. Especially important is the long-term trust and commitment from the investor community, financial institutions, and international partners,” Mr. Tuan affirmed.

Vietnam is building IFCs in Ho Chi Minh City and Da Nang—not merely an economic project but also an important historical milestone for the development of the national economy and financial system. Vietnam needs to strategically position the IFC step by step, in line with actual capacity and context. In the short term, the goal is to serve the Southeast Asian market, then gradually expand globally.

Vietnam should prioritize developing potential areas such as capital markets, green finance, ESG, fintech, asset management, and investment funds. The roadmap is clearly divided into three phases: 2026-2030 for laying foundations, 2031-2035 for accelerated development, and 2036-2045 for affirming its position on the global financial map. For the IFC to succeed, transparency and credibility must be prioritized. Without the highest level of transparency, the IFC will struggle to operate effectively and attract sustainable international capital flows.

Digital transformation will be the core foundation in the banking model at the IFC. Many transactions previously requiring customers to visit counters—such as international transfers or foreign currency trading—can now be fully conducted online, contactless, ensuring speed, transparency, and international standards. The formation of the IFC will facilitate banks in enhancing capital mobilization capacity, expanding funding channels, and strengthening financial internal strength.

The IFC can be envisioned as a major “transfer station” for capital flows, where banks act as modern “transformers,” not only enabling efficient money circulation but also upgrading the quality of financial resources and creating spillover momentum for the entire economy.

Building the International Financial Center (IFC) in Ho Chi Minh City is a strategic step to elevate Vietnam onto the global financial map. With a 3-phase roadmap, superior incentives, and strong commitments to transparency and high credibility, the IFC will attract international financial institutions, investment funds, and fintech companies, becoming a regional capital hub.

From 2026–2045, if implemented decisively with close collaboration between the State, private sector, and investors, the IFC will elevate Ho Chi Minh City, drive sustainable growth for the South and the entire country, and affirm Vietnam as a reliable financial center in Southeast Asia.

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