Ho Chi Minh City has essentially completed preparations in terms of organization and personnel, ready to bring the International Financial Center (IFC) into operation, according to Chairman of the city's People's Committee Nguyen Van Duoc.
The center is expected to be launched in December, he told the regular Government meeting connected to all 34 provinces and cities on November 8.
According to Permanent Deputy Prime Minister Nguyen Hoa Binh, the Government will issue decrees related to the IFC in this month. Therefore, Ho Chi Minh City needs to urgently complete all conditions to be ready to launch the center.
The Permanent Deputy PM emphasized that Ho Chi Minh City and Da Nang must directly participate in drafting the decrees, as these are the two localities tasked with practical implementation, avoiding the situation where documents are issued but still face obstacles in execution.
According to the plan, the International Financial Center in Ho Chi Minh City will officially operate from 2025 and be completed within five years. Under the planning, the IFC will be located in the wards of Sai Gon, Ben Thanh, and An Khanh, with the initial phase prioritizing the development of a 9.2-hectare core area in Thu Thiem urban area in An Khanh Ward, where the IFC's financial management, supervision, and adjudication agencies will be headquartered.
The total preliminary investment capital for the entire IFC project is estimated at about VND172 trillion ($7 billion).
The IFC in Ho Chi Minh City is expected to become a "launch pad" to attract global capital flows, affirming the city's role as an economic locomotive of the country and its position on par with major financial centers in the region.
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