The HCM City People's Committee has proposed developing a regional and international financial center project in the city.
HCM City is considered the most dynamic economic center in the country.
According to municipal authorities, the proposal to the PM was made because the city meets all elements to form a regional and international financial center.
First of all, the city is the most dynamic economic engine in the country, a financial market that has taken steps of stable and solid development, contributing to the development of the macro-economy. The concentration of financial institutions in the city is currently the highest in the country.
In addition, the city is only about three hours by air from Asian economies such as Singapore, Malaysia, Indonesia, Thailand, India, China... and further, to Japan, South Korea and Taiwan.
"Those are the best conditions for developing a regional and international financial center in the future," the document stated.
According to the city People's Committee, the formation of an international financial center is inevitable in a modern economy and an expression of a dynamic, developed and integrated country. It is a driving force for economic growth, making an important contribution to elevating the nation to a new position on the world map of developed financial centers.
The proposal to build a regional and international financial center has received the support of the Government and ministries, which defines the city as a special city, a leading economic-financial-service center in the country and the region.
On that basis, the HCM City People's Committee asked the Prime Minister to approve the policy on the city’s regional and international financial center project.
If approved, the development of the financial center will be designed in three periods: short, medium and long term.
HCM City’s suburban districts of Hoc Mon, Binh Chanh and Nha Be will become urban districts or cities prior to 2025, while two other suburban districts of Cu Chi and Can Gio will be turned into urban ones in the 2025-2030 period.
The HCM City People's Committee has approved a programme to support an innovative start-up eco-system over the next five years.