The Ho Chi Minh City People’s Committee and the Imex Pan Pacific Group (IPP) yesterday signed a memorandum of understanding (MoU) on studying the plan of building the International Financial Hub of Vietnam in the city. 

Tremendous attention has recently been placed on building an international financial centre in both Danang or Ho Chi Minh City, as Vietnam could profit handsomely from its reputation as a future offshore hub for high-profile financial services.

Tran Du Lich, a member of PM Nguyen Xuan Phuc Economic Advisory Council, speaks about HCM City’s wish to become a national financial centre.

HCM City's District 2 will become a financial centre and an important part of a planned "innovative urban area" in the eastern part of the city, Nguyen Thien Nhan, general secretary of the HCM City Party Committee, has said.

Higher instability may cost Hong Kong the leading position as Asia’s financial center. It could be an opportunity for emerging financial markets. 

With key financial reforms, Ho Chi Minh City has the potential to follow the model of Tokyo, Shanghai, Mumbai, and other cities which came to global financial prominence.

An expert at the Asian Development Bank (ADB) has recommended several ways to help transform HCMC into a financial center.

HCM City has committed to develop a detailed plan to turn the city into a regional and international financial hub after years of delay in carrying out the ambitious goal.