Compared with the 39th edition of the Global Financial Centres Index (GFCI) released in March, the city climbed 17 places and gained 27 points – the second-largest rise among assessed centres, behind Copenhagen, which advanced 19 places.
Among Southeast Asian financial centres, Ho Chi Minh City ranks behind Singapore and Kuala Lumpur but ahead of Bangkok, Jakarta, and Manila. In the fintech category, the city trails Singapore, Kuala Lumpur, and Bangkok while ranking ahead of Jakarta and Manila.
However, according to the Strategy and General Affairs Department (SGAD) of Vietnam's International Financial Centre in Ho Chi Minh City (VIFC-HCMC), the GFCI reflects emerging momentum and growing international recognition, rather than proof that the city has become a fully-fledged financial centre.
The report lists only the top 15 centres in each pillar, and Ho Chi Minh City does not feature in any of these lists. The city is also absent from the top 15 in all eight industry-specific sub-indices. Its scores and rankings by pillar are available through FS Clubroom, a members-only platform.
“The 17-place jump appears to reflect momentum in the financial sector and growing recognition. The main constraint lies in the business environment pillar, particularly the credibility of anti-money laundering efforts,” the department’s report said.
Among the five competitiveness pillars assessed, financial sector development has been identified by the SGAD of VIFC-HCMC as one of the key catalysts for Ho Chi Minh City’s standing.
A notable new development is FTSE Russell’s upgrade of Vietnam from frontier market to secondary emerging market status, effective from September 21, Vietnam becomes the 24th country in the FTSE Emerging Index, with stocks to be included in phases extending into 2027.
Meanwhile, the market data used in GFCI 40 was updated only to July. As a result, the impact of the market upgrade is not reflected in this edition and may become more evident in subsequent assessments.
Fintech also recorded an improvement, with Ho Chi Minh City climbing 12 places to 71st. The depth of financial products is beginning to broaden, with VIFC-HCMC and Vietjet announcing the Asia-Pacific Aviation Finance Centre, while the Law on Digital Technology Industry, which took effect in January 2026, provides a regulatory framework for the digital asset sector.
However, alongside these new drivers of financial sector development, analysis by SGAD also highlights fundamental areas that require further improvement to strengthen the city’s competitiveness.
The business environment has been identified as the main issue. In terms of the legal framework, Resolution No.222/2025/QH15 and Decree No.323/2025, provide the foundation for the VIFC. VIFC-HCMC was launched on February 11, and remains at an early stage of development. The decree provides for a review of VIFC’s operations after five years, with the possibility of restructuring, indicating that the model is still evolving.
Another issue directly affecting the competitiveness of a financial centre is anti-money laundering. Vietnam was placed on the Financial Action Task Force’s (FATF) list of jurisdictions under increased monitoring in June 2023 and remained on the list following the plenary meeting on June 19, 2026.
On taxation, the GFCI highlights that clarity and stability are often more important than low tax rates. As the Organisation for Economic Co-operation and Development’s global minimum tax narrows the traditional tax advantages available to investors, this is an important consideration in designing incentive policies for VIFC-HCMC.
In the human capital pillar, SGAD considers Vietnam to have a solid foundation, but insufficient depth. According to the 2025 Global Innovation Index, Vietnam ranked 44th out of 139 economies, placing 50th for innovation inputs and 37th for innovation outputs. In English proficiency, Vietnam scored 500 in the 2025 EF English Proficiency Index, ranking 64th out of 123 countries and regions, while Ho Chi Minh City scored 508.
The GFCI identifies specialist talent, fast-track visa procedures and English proficiency as factors that differentiate financial centres. However, the current analysis has not identified city-specific data on the size of Ho Chi Minh City’s financial professional workforce. This is an important data gap to note.
In terms of infrastructure, the SGAD considers Ho Chi Minh City to be in the process of catching up, with the benefits of many major projects expected to become more evident mainly during 2028–2030.
Digital infrastructure is also particularly important, as it is the top policy priority identified in the GFCI survey. VIFC-HCMC has announced a $2 billion cooperation agreement with G42 to develop smart urban data infrastructure. However, the analysis notes that this remains an announced cooperation agreement rather than operational capacity already in place.
Another positive signal is that Ho Chi Minh City received 34 mentions as a centre expected to become more important over the next two to three years, ranking 11th among the 15 centres listed by the GFCI.
According to the SGAD, several milestones warrant continued monitoring, including the FATF plenary meeting in October 2026; capital flows under the phased inclusion of Vietnamese stocks in FTSE indices; the number of members and operating licences issued by VIFC-HCMC; the opening of Long Thanh International Airport and connecting metro lines; and reforms to visa procedures and efforts to attract international talent.
Over the longer term, the GFCI identifies investment in digital infrastructure, attracting FinTech and digital asset businesses, strengthening anti-money laundering and financial crime prevention frameworks, and deepening capital markets as key policy priorities for the next five years.
| Photo: Le Toan |
 | VIFC-HCMC and ACCA prioritise global-standard finance talent The development of an international financial centre is placing greater emphasis on finance professionals equipped to meet global standards, as the Vietnam International Financial Centre in Ho Chi Minh City moves towards full operation and deeper engagement with international capital |
 | VIFC-HCMC facilitates $325 million in international capital for Vietnam’s education development A prominent private education provider has partnered with leading international banking group Standard Chartered to mobilise up to $325 million for major education development projects in Vietnam, channelled through the Vietnam International Financial Centre in Ho Chi Minh City. |