Ho Chi Minh City International Financial Center Aims for First Transaction in November
The Ho Chi Minh City International Financial Center is working to resolve account opening and payment obstacles to complete its first transaction in November 2026. With no member bank yet licensed to operate, it has proposed temporary assistance from existing banks while advancing bond issuance and fintech pilots.
The Vietnam International Financial Center in Ho Chi Minh City (VIFC-HCMC) is coordinating with relevant authorities to resolve obstacles to opening accounts, transferring funds and making payments, with the aim of completing its first transaction in November 2026. In late October 2026, Deputy Prime Minister Nguyễn Văn Thắng, chair of the International Financial Center’s Executive Council, called on the center to turn investment commitments into actual transactions while safeguarding financial security and managing risks.
The center announced its first 10 members during the 2026 Autumn Economic Forum. All are holding companies with investment plans. However, no member bank has yet been licensed to operate at the center, and bank licensing rules are still being finalized. The center has asked the State Bank of Vietnam to consider a temporary account mechanism under which existing banks outside the center would help members conduct transactions during the transition. Nguyễn Văn Thắng called for a bank to become a full member in November.
Deputy Prime Minister Nguyễn Văn Thắng meets the first members of the Ho Chi Minh City International Financial Center.（VietVance）
On financing products, the Ho Chi Minh City People’s Council passed a resolution on October 30, 2026, concerning the issuance of municipal and project bonds through the center. A center representative said it plans to pilot the issuance of about US$100 million in municipal bonds for medium-sized projects. If the initial issuances succeed, the scale could later expand to fund major infrastructure, including metro projects. Projects must still meet issuance requirements concerning feasibility, use of proceeds and debt repayment capacity.
The center is also developing rules and a regulatory sandbox for products including bonds, investment funds, fintech and a commodity exchange. The Fintech Hub, launched on April 14, 2026, has attracted more than 20 Vietnamese and overseas fintech companies. The center plans to study a pilot scheme to make cross-border payments easier for international visitors in Ho Chi Minh City under a program running from November 2026 to February 2027.
Nguyễn Hữu Huân, deputy chair of the center’s executive agency, said about 98% of Vietnamese businesses are small or medium-sized. Such businesses often struggle to obtain loans because they lack collateral and proof of financial capacity. The center is exploring cooperation with e-commerce platforms to use data such as revenue and transaction records in a pilot to assess repayment capacity and explore cash-flow-based lending.
Source: VietVance
