HCM City speeds up building International Financial Hub

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The Ho Chi Minh City People’s Committee and the Imex Pan Pacific Group (IPP) yesterday signed a memorandum of understanding (MoU) on studying the plan of building the International Financial Hub of Vietnam in the city.

HCM City speeds up building International Financial Hub
Chairman of the HCMC People’s Committee Phan Van Mai and a representative of IPP Group signed a memorandum of understanding on studying the plan of building the International Financial Hub of Vietnam in the city. (Photo: SGGP/Hoang Hung)

According to the signed agreement, IPP Group will sponsor the study plan of establishing the International Financial Hub in Ho Chi Minh City, connect with foreign investors and foreign investment funds to build an international financial hub, rent domestic and international consultant agencies to build the plan and hire American enterprises to provide consultancy on the plan completion.

IPP Group guaranteed to hand over the plan to HCMC within 60 days. As for the city, the Municipal People’s Committee will establish an inter-agency working team including municipal departments, agencies and pledge to create favorable conditions for consultant agencies to access information for the plan.

Speaking at the signing ceremony, Chairman of the HCMC People’s Committee Phan Van Mai said that the initiative of building HCMC to become a regional and international financial hub was an expectation and desire of city leaders from generations that had been supported by local and international economic experts. Particularly, the Central unified to put the content into the Resolution of the 13th National Congress of the Communist Party.

In 2021, the city implemented missions to prepare for the plan, including the establishment of the steering committee, assistant team to build the plan, calling the consultant units to study the initial model, mechanism for the financial hub.

Chairman Phan Van Mai said that the Covid-19 pandemic had hugely impacted the plan study and process. Therefore, it is appropriate time to accelerate and complete the plan to submit it to authorized units to implement the International Financial Hub.

Source: Sai Gon Giai Phong

The HCM City People’s Committee has proposed developing a regional and international financial center project in the city.

The HCMC government is collaborating with consultants to formulate a scheme to turn the city into a regional and international financial hub. More than 20 years ago, a similar project was set up but failed to materialize.

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