{
  "id": 18244208,
  "title": "HCMC financial center should complement Singapore, not compete: expert",
  "url": "https://urgent.news/2026/11/05/hcmc-financial-center-should-complement-singapore-not-compete-expert",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-05T03:30:00.000Z",
  "source": {
    "name": "VnExpress Business",
    "slug": "vnexpress-business",
    "url": "https://e.vnexpress.net/news/business/hcmc-financial-center-should-complement-singapore-not-compete-expert-5140819.html"
  },
  "original_language": "en",
  "account": "At the Fortune Southeast Asia 500 Summit in HCMC, Ashley Zhang, Asia-Pacific regional head at the Institute of International Finance, emphasized that an international financial center should attract global capital, enhance regional connectivity, and address currency-related financial services gaps. She stressed that financial centers must function within interconnected networks rather than as standalone entities. Zhang argued that the Vietnam International Financial Center-HCMC (VIFC-HCMC) should facilitate capital accessibility across the region, support multicurrency structures, payment infrastructure, and risk-hedging mechanisms.\n\nHCMC recently climbed 17 places to 67th in the Global Financial Centers Index. VIFC-HCMC, designated as one of two locations hosting Vietnam's international financial center, has attracted 10 members and plans to introduce regulations for admitting investment funds. The center aims to bridge domestic regulations and international standards to facilitate capital flows into Vietnamese projects.\n\nExperts at the summit highlighted the need for Vietnam to enhance its institutional framework to meet investor expectations. Warrick Cleine from KPMG Vietnam and Cambodia believed that Vietnam's growing complexity requires new channels to attract foreign capital. Meanwhile, UOB Vietnam's deputy CEO cited Vietnam's robust growth, consumption, and integration into global supply chains as potential opportunities for foreign investment. However, addressing unresolved issues like capital controls and foreign investor registration remains essential. Deputy Finance Minister Le Tan Can outlined priorities such as logistics infrastructure, data systems, clean energy, and a skilled workforce, with financial institutions, investment funds, and fintech companies expected to participate in developing the center. Zhang noted that despite improving profitability, international investors remain cautious due to limited policy predictability and inconsistent implementation, which will be crucial for Vietnam and other regional economies seeking international capital.",
  "summary": "Ho Chi Minh City's international financial center should work alongside established regional hubs such as Singapore and Hong Kong to strengthen Asia's financial ecosystem, an international finance expert says.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}