Vietnam: HCM City seeks $7b to develop International Financial Centre
“HCM City, Việt Nam’s largest economic hub, has unveiled an ambitious plan to seek a total of VNĐ172 trillion (US$7 billion) to develop an International Financial Centre (IFC) over the next five years.”
“The core area located on the eastern bank of the Saigon River, directly across from downtown District 1 will host government offices, including the headquarters of management agencies, regulatory bodies, and others.”
“Thủ Thiêm has been part of the city’s planning since 1996, covering 930 hectares, with 770 hectares allocated for urban development and 160 hectares for resettlement. The vibrant urban area is expected to exceed 200,000 residents.”
“A draft proposal for it has envisioned a dynamic financial hub that will include a money market, banking systems, a capital market, and derivatives trading, among others.”