THE VIETNAM INTERNATIONAL FINANCIAL CENTRE IN HCMC: A STRATEGIC DIFFERENTIATOR IN THE SPECIAL URBAN LAW

Within the framework of the Consultation Workshop for experts, scientists, and distinguished intellectuals on the "Draft Law on Special Urban Areas," organized by the Ho Chi Minh City People's Committee on the morning of May 22, numerous delegates focused their analyses on the role of the Ho Chi Minh City International Financial Centre (VIFC-HCMC) as a crucial differentiator in the city's development orientation compared to the amended Capital Law for Hanoi.

Addressing the workshop, Mr. Truong Minh Huy Vu, Director of the Ho Chi Minh City Institute for Development Studies (HIDS) and Chairman of the Executive Agency of the Vietnam International Financial Centre in Ho Chi Minh City, emphasized the imperative to expand new developmental spaces to generate further growth momentum for the city in the upcoming period. Accordingly, alongside underground, low-altitude, high-altitude, riverine, and coastal spaces, the International Financial Centre is regarded as a strategic developmental space, contributing to elevating HCMC's international competitiveness.

According to the presentations, while Hanoi is positioned to spearhead development in technology, education, and culture, HCMC is expected to maximize its role as the nation's primary financial, commercial, industrial, and maritime economic hub. Within this structure, VIFC-HCMC not only serves the city's intrinsic development needs but also acts as a vital conduit connecting international capital flows with the Vietnamese economy.

Dr. Nguyen Thanh Long from the Academy of Policy and Development noted that the total societal investment capital demand for the 2026-2030 period is estimated at approximately 38.5 quadrillion VND (equivalent to over 1.5 trillion USD). This underscores the urgent need to expand long-term capital mobilization channels beyond traditional credit and public investment. He posited that VIFC-HCMC could bridge this gap, particularly in the realms of infrastructure, green finance, high technology, and cross-border investments.

Beyond its capital-raising function, experts asserted that VIFC-HCMC also plays a pivotal role in accelerating the modernization of the national financial system by aligning with international standards such as IFRS, Basel, and IOSCO. Concurrently, it creates a regulatory sandbox for fintech, digital assets, and innovative financial products.

Numerous opinions at the workshop concluded that integrating VIFC-HCMC into the framework of the Special Urban Law demonstrates a clear orientation toward building HCMC into a globally and regionally competitive metropolis. This vision relies not merely on physical spatial expansion, but fundamentally on institutional innovation and the cultivation of new, high-value-added economic spaces.