The People’s Committee of Ho Chi Minh City has directed relevant departments and agencies to expedite procedures to commence construction of the International Financial Center (IFC) this September.

Planned to span 783 hectares across downtown Ben Thanh Ward and the Thu Thiem New Urban Area, the IFC will begin with a 9.2-hectare core zone in Thu Thiem, which will house financial regulators, supervisory bodies, and specialized courts.

The project has a total investment of VND172 trillion ($7 billion) and is expected to become a key driver for the city’s economic growth and international integration.

According to the plan, HCM City’s IFC will serve as a hub for banking, asset management, capital markets, fintech, and derivatives trading.