Currently, the total value of goods flowing through the Ho Chi Minh City port system is estimated to exceed 1 trillion USD annually. Despite possessing major transshipment port clusters, between 80% and 90% of financial transactions related to these cargo flows are still conducted in Singapore and Hong Kong, China.
To address current major bottlenecks of legal barriers and foreign exchange management mechanisms, the Ho Chi Minh City Maritime Financial Center has proposed establishing an international court and arbitration framework, combined with a regulatory sandbox mechanism in order to allow capital to move more freely in connection with global markets through reporting obligations rather than complex approval procedures for capital transfers.
The Maritime Financial Center will focus on providing financial services linked to import-export activities and logistics.
Assoc. Prof., Dr. Nguyen Huu Huan, Vice Chairman of the Executive Board of the Vietnam International Financial Center in Ho Chi Minh City, said: “In the next five years, the Ho Chi Minh City Maritime Financial Center aims to have 30% of the current trade transaction value handled through our ports will be redirected back to Vietnam, equivalent to roughly 300 billion USD annually. We already have a strategy in place to achieve this.”
Ho Chi Minh City is also accelerating plans to establish an international stock exchange with support from Nasdaq and the London Stock Exchange. Over the next five years, the city aims to develop around 50 innovation hubs and create between 100,000 and 200,000 high-quality jobs in the finance and technology sectors.
The City is also prioritizing the development of fintech and digital assets. It has launched a Fintech Hub at the Marina IFC building and introduced a range of incentives to enhance the competitiveness of the Maritime Financial Center. Corporate income tax and personal income tax within the center will remain at 0% until 2030, before being maintained at rates significantly lower than those in many regional economies. International experts working at the center may also be granted visas valid for up to 10 years.
