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| A view of the VIFC in Ho Chi Minh City__Photo: VNA |
Vietnam International Financial Centre (VIFC) requires clearer operational mechanisms to translate growing global recognition into substantive progress, according to Richard D. McClellan, CEO of the VIFC in Ho Chi Minh City.
Speaking at a socio-economic press briefing held by the Ho Chi Minh City People’s Committee on April 2, McClellan noted that in the newly released Global Financial Centres Index 2026 (GFCI 39) rankings, Ho Chi Minh City climbed 11 places to rank 84th among 120 global financial centres.
However, he emphasised that the improved ranking mainly reflects initial market recognition rather than the full operational capacity of an international financial hub.
McClellan said the improvement is not accidental but stems from tangible developments, particularly consistent policy direction at the national level. Clear commitments from the Politburo of the Communist Party of Vietnam and the National Assembly of Vietnam to develop an international financial centre have sent strong signals to both domestic and foreign investors that the initiative is a strategic priority.
The roadmap for institutional reforms is gradually taking shape, with clearer legal frameworks, governance structures and licensing mechanisms forming the basis for aligning with international standards. Vietnam has also stepped up dialogue with global financial institutions, investors and strategic partners, helping strengthen market confidence.
McClellan noted that the GFCI, compiled annually by Z/Yen Group, is widely used as a reference indicator by the global financial community. However, the index largely reflects market perception, measuring reputation and initial attractiveness rather than the depth of a financial system.
While the improved ranking shows growing international attention toward the financial centre initiative in Ho Chi Minh City, it does not yet fully reflect capital flows, market liquidity or the maturity of financial institutions.
According to McClellan, the project remains at an early stage, and the key task now is to convert growing recognition into concrete progress through three main priorities.
The first step is to strengthen the institutional and legal framework by creating clear, consistent regulations, streamlining licensing processes, and setting up dispute resolution systems aligned with international standards to boost investor confidence.
Second is promoting capital mobility and financial integration. Issues such as foreign exchange convertibility, capital repatriation and connectivity with international banking systems remain top concerns for investors and will determine whether large-scale capital flows enter the city’s financial market.
Third is developing a broader financial ecosystem, including capital markets, asset and private wealth management, as well as financial technology. While many initiatives are emerging, McClellan stressed that no single project can create a complete financial centre without an effective and integrated system.
He also noted that rankings such as the GFCI reflect outcomes rather than predictions, meaning short-term fluctuations are normal, particularly for emerging financial markets.
Ultimately, the goal of developing an international financial centre should not be to improve rankings in the short term, but to build a strong foundation so that, in the long run, Ho Chi Minh City becomes a destination actively chosen by global investors.
Experts say opportunities to develop Vietnam’s international financial centre are real, but success will depend largely on implementation capacity. Establishing a reliable institutional framework, ensuring strong connectivity with global markets and creating a transparent investment environment will be decisive factors going forward, they held.- (VNA/VLLF)
