Assoc. Prof., Dr. Nguyen Huu Huan, Vice Chairman of the Executive Board of the International Financial Center in HCMC, told an event in HCMC on Saturday that the city is set to become one of the leading international financial centers in Southeast Asia within the next 5 years.
The Vietnam International Financial Center in HCMC will cover nearly 989 hectares, spanning parts of Saigon Ward, Ben Thanh Ward, and the entire Thu Thiem Ward. The IFC will operate under its own legal framework, similar to the many other countries around the world.
In addition, Ho Chi Minh City is offering many preferential policies to increase competitiveness. Corporate income tax and personal income tax in the financial center area are expected to be 0% until 2030, and then maintained at a much lower rate than many countries in the region. International experts working here may also be granted visas for up to 10 years.
The city aims to establish an international maritime financial center and bring roughly 30% of the maritime financial transaction value to Vietnam within the next 5 years, equivalent to 300 billion USD per year.
Ho Chi Minh City has launched a Fintech Hub at the Marina IFC building and is collaborating with the London Stock Exchange to develop a financial technology ecosystem.
In its long-term strategy, the city is promoting the construction of an international stock exchange with support from Nasdaq and the London Stock Exchange. It will establish 50 innovation centers and create 100,000 to 200,000 high-quality jobs in the fintech sector within the next 5 years.
