Deputy PM wants HCMC financial center to admit bank member in November

Deputy Prime Minister Thang urged agencies to expedite the legal framework and licensing procedures for the Vietnam International Financial Center (VIFC-HCMC) during a meeting on October 28th. He emphasized the importance of having a bank member and actual transactions in November, signaling the center's progress toward substantive operations.

The meeting took place as part of the 2026 Autumn Economic Forum. Earlier that day, VIFC-HCMC officially acknowledged its first 10 members, all holding companies with diverse interests in investment, infrastructure, logistics, energy, fintech, payments, and commodity trading. Their combined registered and committed charter capital amounts to $33.63 million, with plans to raise and invest approximately $2.7 billion by 2027, targeting a cumulative total of $3 billion by 2030.

The admission of these members marks a shift from preparatory stages to building a network of businesses to develop infrastructure, financial products, and services. However, membership in VIFC-HCMC does not substitute for the necessary licenses and regulatory approvals in regulated sectors. The center is still refining its licensing, management, and supervision procedures, aiming to issue rules for accepting investment funds by November.

Additionally, VIFC-HCMC intends to launch three tiers of asset management licenses inspired by centers in Singapore, Dubai, and Hong Kong. HCMC's ranking in the Global Financial Centers Index improved by 17 places to 67th, according to a recent report compiled by London-based Z/Yen Partners and the China Development Institute.