Ho Chi Minh City climbs 17 places in Global Financial Centres Index

Ho Chi Minh City has climbed 17 places to 39th in the Global Financial Centres Index (GFCI), its second-largest rise behind Copenhagen's 19-place jump. Among Southeast Asian financial centers, the city ranks behind Singapore and Kuala Lumpur but ahead of Bangkok, Jakarta, and Manila. The city trails Singapore, Kuala Lumpur, and Bangkok in fintech but leads Jakarta and Manila.

However, the GFCI report suggests this progress reflects emerging momentum and growing international recognition rather than evidence that Ho Chi Minh City has become a full-fledged financial center. The city did not make the top 15 in any pillar or industry-specific sub-index. Its scores and rankings are available through an exclusive platform.

The main constraint to its rise appears to be the business environment pillar, particularly anti-money laundering efforts. Vietnam was placed on the Financial Action Task Force's list of jurisdictions under increased monitoring in June 2023 and remained on the list. In the fintech category, Ho Chi Minh City climbed 12 places to 71st.

The depth of financial products is broadening, with VIFC-HCMC announcing the Asia-Pacific Aviation Finance Centre, and the new Law on Digital Technology Industry providing a regulatory framework for the digital asset sector. However, fundamental areas like the business environment and anti-money laundering still need improvement.