Ho Chi Minh City climbs 7 Spots in Global Financial Centers Ranking to 98th Place

The 37th edition of the GFCI was published on March 20 by Z/Yen Partners (UK) and the China Development Institute.

In the first ranking of 2025, Ho Chi Minh City gained 25 GFCI points, reaching a score of 654. This improvement propelled Vietnam’s economic hub up seven places to 98th, its highest ranking since first being listed in 2022.

The GFCI score is calculated based on 145 input factors provided by third parties, including the United Nations, the World Economic Forum, the World Bank, Transparency International, the World Wide Web Foundation, and others.

Additionally, cities are evaluated through an online survey of approximately 50,000 respondents. These input factors contribute to various sub-criteria such as investment management, insurance, banking, financial sector development, human resources, infrastructure, and overall reputation.

The final GFCI score aggregates these sub-criteria, determining each city’s competitiveness as a financial center. Policymakers and investors often use the results as a reference for decision-making.

In Southeast Asia, Ho Chi Minh City’s notable progress in both score and ranking has narrowed the financial center gap with Bangkok (Thailand) and Jakarta (Indonesia). Meanwhile, Singapore has maintained its global fourth-place position.

The idea of establishing an international financial center in Ho Chi Minh City has been in discussion for nearly two decades, dating back to the early 2000s. By late 2024, the Vietnamese government approved a plan to develop an international financial center in the city, with operations set to begin in 2025 and completion targeted within five years.

The establishment of this financial hub is expected to serve as a foundation for Ho Chi Minh City’s future growth, offering opportunities to attract international investors and increase foreign direct investment (FDI) across various sectors.

Earlier this year, the city formed a Steering Committee for the Development of the Financial Center, consisting of 29 members and led by Ho Chi Minh City Party Secretary Nguyễn Văn Nên. According to the Department of Finance’s proposal, the international financial center will be located in District 1 and across 11 land lots covering 9.2 hectares in the Thu Thiem New Urban Area, Thu Duc City.

Source: vnexpress