Ho Chi Minh City has proposed to build the International Financial Center in Thu Thiem New Urban Area in Thu Duc city.

The financial center will cover 9.2ha of Function Zone 1 of Thu Thiem New Urban Area.

​​Thu Thiem New Urban Area was approved in 1996, covering 930 ha on the east bank of the Saigon River and opposite District 1. The area is expected to have a population of 200,000.

Earlier, the Politburo had agreed to establish a comprehensive international financial center in the southern largest economic hub of HCM City and a regional financial center in the central city of Da Nang.

On March 5, the Prime Minister announced the Government’s resolution on promulgating action plan to implement the Politburo’s conclusion on developing regional and international financial centers in Vietnam.

The Ministry of Finance said the establishment of regional and international financial centers in Vietnam is necessary to help Vietnam connect with the global financial market, attract foreign financial institutions, and create new investment resources.