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The Urban Development Law in Ho Chi Minh City is creating new pathways for domestic and international capital to flow through the Vietnam International Financial Center (VIFC-HCMC). This law establishes a framework where financial resources and products at VIFC are better connected to projects, businesses, and value chains within the city.
Economist Dr. Ly Hoang Vu highlights that Ho Chi Minh City has a US$123 billion economy and a population over 14 million, relying on industries, seaports, logistics, and finance. Facing significant capital needs for infrastructure and transformation, the Urban Development Law enables VIFC to serve as a link between international capital and local projects.
Article 24 specifically grants the municipal People’s Council authority to establish regulations for municipal and project bonds, facilitating capital mobilization for key city projects. The law also allows VIFC to issue international financial products, broadening funding opportunities. Dr. Ly Hoang Vu points out that the ability to create banks specializing in investment banking activities and issue international products at VIFC is a significant advancement.
Assoc. Prof. Dr. Nguyen Huu Huan, VIFC-HCMC’s Vice Chairman, notes the shift from a focus on concentrating financial institutions to acting as the city’s capital infrastructure. VIFC-HCMC will not only provide a direct capital mobilization channel through municipal and project bonds but also support a comprehensive financial intermediation process, including advisory services, credit ratings, auditing, legal services, underwriting, and syndicated loans.
Vo Hoang Hai, Deputy CEO of Nam A Bank, emphasizes that VIFC-HCMC will act as a bridge connecting international capital, projects, and businesses to the city's needs. Banks as VIFC members can offer services beyond traditional lending, such as structuring transactions, acquiring credit ratings, and arranging loans or bonds for international investors.
To ensure the new mechanism's success, faster and clearer regulations are required for licensing VIFC member banks and issuing international financial products.
Written by urgent.news from SGGP English Edition Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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