HCM City aims to become international financial hub
The People’s Committee of Ho Chi Minh City has asked for the Government’s support of its scheme to make the city a regional and international financial hub.
HCM City (VNA)ꦫ – The People’s Committee of Ho ChiMinh City has asked for the Government’s support of its scheme to make the citya regional and international financial hub.
The city proposed that the Government consider adding the schemeto the national socio-economic development strategy in the 2021-2030 periodwith a vision to 2045, as well as to the draft documents of the upcoming 13thNational Party Congress. According to the municipal Party Committee, the scheme will helpenhance the position of Vietnam in the global map of financial centres. The building of an international financial centre in the citywas initiated by HCM City and has been discussed for years. The city aims toprovide financial services to neighbouring countries and those in the ASEAN andbeyond, and join the network of regional financial centres. In the long term, the city expects to lure leading regional andglobal financial institutions and organisations. According to the municipal People’s Committee, the city has thehighest density of financial institutions in the country with 2,134 banking andcredit entities, including 50 foreign-invested, 31 joint stock commercial andfour State-owned banks. In 2019, the mobilized capital in the city accounted for 24.09 percentof the country’s total, while the loan outstanding balance also made up 28.05percent of the outstanding loans of the whole economy. Total market cap valuein the Ho Chi Minh Stock Exchange accounted for 95 percent of the wholedomestic market’s total and 54.33 percent of the country’s GDP. The city is serving as the major locomotive of the Vietnameseeconomy, which accounted for 22.3 percent of the national GDP and 26.6 percentof the State budget. It is home to 33.8 percent of the total FDI projects inVietnam. The city is also the cradle of the Vietnamese stock market. The successful formation of the HCM City financial centre isexpected to create positive impacts on the country’s capital sources, whileattracting investment flows which go along with supporting business andfinancial products and services./.
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A corner of Ho Chi Minh City (Photo: VNA) 
