The establishment of the Vietnam International Financial Centre in Ho Chi Minh City (VIFC-HCMC), together with a series of special mechanisms and policies, is expected to create new momentum for economic growth and open up fresh opportunities for businesses to access global capital flows, heard a business forum held in Ho Chi Minh City last weekend.

Themed “Vietnam International Financial Centre in Ho Chi Minh City – Opportunities for Businesses,” the May 16 forum was organised by the Ho Chi Minh City Business Association (HUBA).

Nguyen Ngoc Hoa, Chairman of HUBA, said Ho Chi Minh City is entering a new development phase that requires strategic growth drivers for the economy.

To seize opportunities in the new era, businesses must embrace science and technology, innovation and digital transformation. However, he noted that the biggest challenge remains whether enterprises have sufficient financial and human resources to absorb and apply new technologies effectively.

In recent years, several key policies have been issued to support business development, including the Politburo’s Resolution No. 57-NQ/TW on breakthroughs in science, technology, innovation and national digital transformation, Resolution No. 68-NQ/TW on private economic development, and Resolution No. 59-NQ/TW on international integration in the new context.

Ho Chi Minh City has also benefited from Resolution No. 260/2025/QH15, which amends and supplements special mechanisms under Resolution No. 98/2023/QH15 on the city’s development.

Despite these supportive policies, access to capital remains the biggest bottleneck for small- and medium-sized enterprises (SMEs), Hoa said.

“The State is promoting policies that allow businesses to participate in major national projects through bidding mechanisms, supply chain cooperation and subcontracting networks. Large corporations also need ecosystems of SMEs to support large-scale projects. But to participate, enterprises must have sufficient capital to invest in machinery, technology, workforce and production capacity,” he noted.

Hoa expressed his concern that as major corporations increase capital mobilisation for strategic national projects, SMEs may face growing difficulties in accessing credit, particularly as interest rates show signs of rising again.

Against this backdrop, the Vietnam International Financial Centre is expected to become an effective capital channel to address businesses’ financing needs.

Assoc. Prof. and Dr. Nguyen Huu Huan, Vice Chairman of the VIFC-HCMC Executive Board, said the centre is envisioned as an integrated finance-technology-trade ecosystem operating under international standards.

It will feature flexible legal frameworks, sandbox mechanisms for fintech and digital assets, as well as specialised international arbitration and court systems to support cross-border financial transactions.

As Vietnam’s demand for capital to support growth, digital transformation and green transition continues to surge, the international financial centre is expected to improve the country’s ability to attract and connect global capital flows, develop capital markets, foster innovation and strengthen economic competitiveness.

VIFC-HCMC is also expected to drive the development of specialised financial sectors where Vietnam still has significant room for growth, such as maritime finance, aviation finance, green finance, carbon trading, wealth management and fintech.

For businesses, especially private enterprises, the centre will create opportunities to access more diversified capital sources and modern financial services. Enterprises will be able to participate in emerging markets such as international securities, commodity derivatives, carbon credits, digital assets and supply chain finance platforms.

According to Huan, Ho Chi Minh City holds major advantages in developing into an international financial hub thanks to its economy, which accounts for around 25% of the nation’s GDP, strong growth momentum, strategic location connecting international maritime routes, and operating costs estimated at only one-fifth of those in Singapore, Hong Kong or Dubai.

Dr. Can Van Luc, chief economist at BIDV and member of the National Financial and Monetary Policy Advisory Council, said Vietnam aims to achieve average GDP growth of more than 10% during 2026-2030, while increasing the digital economy’s contribution to around 30% of GDP.

To realise these targets, Vietnam is estimated to require annual development capital of 260-280 billion USD through 2030.

Luc described the international financial centre and related free trade zone mechanisms as a “golden opportunity” for businesses to participate in large-scale infrastructure, logistics, port and financial service projects.

Nevertheless, he warned that significant challenges remain, including incomplete legal frameworks, the non-convertibility of the Vietnamese dong, cyber security risks and increasing international competition.

To take full advantage of the new opportunities, Luc said businesses should proactively restructure markets, diversify supply chains, accelerate green and digital transformation, strengthen risk management capacity and adopt modern financial instruments aligned with global “green and digital” trends./.

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