The Vietnam International Financial Centre in Ho Chi Minh City (VIFC-HCMC) granted membership to its first 10 holding companies on the morning of 28 October, on the sidelines of the Autumn Economic Forum 2026 (AEF 2026) and in the presence of Prime Minister Le Minh Hung. According to Bao Chinh phu, the government newspaper, the 10 firms have registered and committed charter capital of 33.63 million USD and plan to raise and invest about 2.7 billion USD by 2027. VnExpress and VietnamPlus reported that the total is expected to reach about 3 billion USD cumulatively by 2030.
That afternoon, Deputy Prime Minister Nguyen Van Thang, who chairs the steering council of the Vietnam International Financial Centre, met members and investors and called for real transactions and a member bank within November, so that the centre gradually moves into substantive operation, VnExpress reported.
Who the members are and what they plan
The decisions were handed over by Nguyen Van Duoc, Chairman of the Ho Chi Minh City People's Committee, and Truong Minh Huy Vu, a city vice chairman who heads the VIFC-HCMC executive body. The members are EQuest Capital, Son Kim Capital IFC, VinaCapital International Partners, Saigon Marina IFC, Gemadept Holdings (maritime investment and development), Rovela Pay, REE Energy Finance, IFC Vietnam Commodity Exchange, AG&P Holding Vietnam and Keppel Asset Management (Vietnam). All are holding companies, whose main function is to own and manage stakes in other businesses, and they target education, infrastructure, shipping, logistics, energy, fintech, payments and commodity trading.
Bao Chinh phu detailed the plans of six members:
| Member | Funding plan | Focus |
|---|---|---|
| Saigon Marina IFC | About 816 million USD | Technology and physical infrastructure for the VIFC-HCMC ecosystem |
| AG&P Holding Vietnam | About 425 million USD | LNG value chain, power, data centres |
| EQuest Capital | About 325 million USD | Education infrastructure, centred on the Southwest HCMC University Urban Area |
| Son Kim Capital IFC | About 275 million USD | Infrastructure within VIFC-HCMC |
| REE Energy Finance | About 200 million USD | Renewable energy projects |
| Keppel Asset Management (Vietnam) | Up to 1 billion USD, mainly third-party capital | Infrastructure, real estate, commerce, services |
EQuest Capital plans to raise its funds through a cooperation agreement with the New York branch of Standard Chartered. Keppel is still studying co-investment platforms with global partners, and the sources do not say how much of its plan is counted in the 2.7 billion USD figure for 2027.
From membership to licences
Bao Chinh phu stressed that membership does not replace the licences or sector approvals required for conditional businesses. VIFC-HCMC is still finishing its legal framework and licensing process, starting with investment funds and asset management. Licences for asset managers are expected to come in three tiers, modelled on Singapore, Dubai and Hong Kong: investment advice and portfolio management; management of private and professional investment funds; and management of public investment funds.
Banks, securities firms and other conditional businesses will be licensed on a roadmap once the relevant rules are issued. According to a background document on VIFC-HCMC cited by VnExpress, Ho Chi Minh City had earlier climbed 17 places to 67th in the Global Financial Centres Index compiled by Z/Yen Partners of the UK and the China Development Institute.
Key milestones, compiled by KBVN+ from the three outlets:
| Milestone | Development |
|---|---|
| 27 October | At a session on attracting capital to VIFC, Truong Minh Huy Vu said rules for receiving investment funds were due in November |
| 28 October, morning | First 10 members recognised; Ho Chi Minh City and WEF exchange a strategic cooperation document |
| 28 October, afternoon | Deputy Prime Minister asks for first transactions and a member bank in November |
| November 2026 | Rules and procedures for receiving investment funds expected |
| January 2027 | City leaders invited by WEF to its Annual Meeting in Davos |
| 2027 | Horizon for the plan to raise and invest about 2.7 billion USD |
| 2030 | Cumulative capital expected to reach about 3 billion USD |
Businesses raise obstacles
According to VietnamPlus, firms at the afternoon meeting complained of difficulties with accounts, payments and cross-border capital transfers because the centre has no member bank yet, and raised issues on tax, investment funds and asset management. Pham Quoc Thanh, vice chairman of the HDBank board, speaking for Sovico Group, proposed easing some bank licensing conditions, letting member banks pilot investment banking services such as M&A advice and corporate restructuring, and building aviation finance into a pillar of the centre. REE Energy Finance said raising long-term money for energy projects was hard because of high interest rates, exchange rate swings and the need for stable policy.
The Deputy Prime Minister asked the State Bank of Vietnam to work with the centre on guidance for dossiers, procedures and licensing conditions so that a bank can become an official member in November 2026. The first deals must specify partners, funding, structure and legal conditions, and meet requirements on licensing, financial safety, foreign exchange control, anti-money laundering and investor protection. He said capital channels outside bank lending would help ease the credit burden on commercial banks.
What comes next
November 2026 is the key test: VIFC-HCMC expects to issue its rules for investment funds and has been told to sign its first transactions and admit a member bank. VietnamPlus reported that the Deputy Prime Minister wants the centre judged by actual deals, international capital raised and disbursed, service quality, processing times and market safety and transparency. He also called for close links between the centre's two locations in Ho Chi Minh City and Da Nang. Internationally, WEF has invited city leaders to Davos in January 2027 and suggested linking AEF 2027 with the APEC leaders' week that Vietnam is hosting.