Strengthening financial cooperation
On the afternoon of July 15, within the framework of the visit and working session of the Board of Directors of Astana Financial Center, Kazakhstan in Ho Chi Minh City, the People's Committee of Ho Chi Minh City coordinated with Astana International Financial Center to organize a Business Roundtable of Ho Chi Minh City, Vietnam and Astana, Kazakhstan, with the theme "Cooperation in developing Vietnam International Financial Center in Ho Chi Minh City".
Vice Chairman of the Ho Chi Minh City People's Committee Nguyen Loc Ha emphasized that Ho Chi Minh City possesses many outstanding advantages to develop into an international financial center, favorable geographical location, synchronous transportation system, contributing 23% of the country's GDP, being the center of key economic sectors such as finance, technology and services.
Ho Chi Minh City stands out with a system of banks, securities companies, and dense financial institutions, creating a solid foundation for the international financial center. The city leads the region and the world in Fintech digital transformation, while having low transaction costs.
Another strength is the young, high-quality human resources that are well-trained. The development of Fintech startups also promotes innovation, helping Ho Chi Minh City quickly adapt to global trends.
The city is accelerating the construction of an international financial center according to Resolution No. 222/2025/QH15 of the National Assembly, effective from September 1, 2025, with the goal of raising Vietnam's position in the global financial network.
On the side of Kazakhstan, Ambassador Extraordinary and Plenipotentiary of Kazakhstan to Vietnam, Mr. Kanat Tumysh, affirmed that this event is an important day in the history of bilateral relations.
He was pleased with Vietnam's successes and believed that the potential for economic cooperation was still huge. Two-way trade turnover reached nearly 1 billion USD in 2024 and 357 million USD in the first 5 months of 2025.
Kazakhstan is committed to implementing the proposed agreements, including the signing of a Memorandum of Understanding on Cooperation between the Astana International Financial Center (AIFC) and the Ho Chi Minh City People's Committee, with comprehensive support from the Embassy of Kazakhstan.
Outstanding policies and investment opportunities
Mr. Nguyen Hong Van - Deputy General Director of Ho Chi Minh City State Finance Investment Company (HFIC), highlighted the vision and structure of the Vietnam International Financial Center (TTTCQT).
The financial center in Ho Chi Minh City is oriented to become the center of the international capital and banking market, Fintech, green finance, and regional supply chain support services. The organizational structure will include an executive agency, supervision and dispute resolution, with English as the official language.
The Board Member Regulations of the TTTCQT are designed to be open, allowing the establishment of a capital management company to mobilize capital from abroad without the need for licensing procedures. Foreign loans will not be included in national public debt, and members are free to choose international accounting standards.
Mr. Dinh Khac Huy - Deputy Director of the Ho Chi Minh City Department of Finance, said that the successful model of AIFC is a valuable lesson for Ho Chi Minh City, especially in terms of financial - legal mechanisms, independent governance, digital infrastructure and the Fintech ecosystem.
Ho Chi Minh City is implementing the construction of a commercial center model in Ben Thanh Ward, Saigon Ward and Thu Thiem New Urban Area. He proposed promoting cooperation between Fintech enterprises, asset management, AI and financial data of AIFC and Ho Chi Minh City; inviting Kazakhstan enterprises to invest in the Financial Center in Thu Thiem, especially in developing digital infrastructure and innovative startups; and establishing a regular exchange channel between the Ho Chi Minh City Department of Finance and AIFC for more effective coordination.
