The international financial center being planned for HCMC will not focus on entertainment complexes and casinos, according to the first draft plan for the center.
Under the draft, it will have three main components: a money market & banking system, a capital market, and a derivatives market.
The city will build four specific action programs: Fintech, digital banking and financial service development; regional integration; Thu Thiem financial – commercial and financial zone development; and derivatives market development.
The roadmap for the city’s financial center envisages first five-year (2021-2025) phase as a period when the city would consolidating its role as a national financial center. It would grow into a regional hub by 2030, and be among the top 20 international financial centers by 2045.
Phan Thi Thang, HCMC Vice Chairwoman, said the draft plan will be further revised and completed in March before it is submitted to relevant ministries get their comments in April.
The draft plan is built from two proposals by the Fulbright University Vietnam and the Imex Pan Pacific Group as well as feedback and recommendations from other experts.
In 2019, HCMC announced a plan to build a VND4.9 trillion ($210 million) financial, banking and trade center in Thu Thiem New Urban Area.