HCM CITY — Việt Nam’s ambition to build an international financial centre in HCM City is gaining global attention, but clearer operational mechanisms are needed to translate recognition into tangible results, experts say.

Richard D. McClellan, CEO of the Vietnam International Financial Centre (VIFC), made the remarks at a socio-economic press briefing held by the municipal People’s Committee on April 2.

He noted that in the Global Financial Centres Index 2026 (GFCI 39), HCM City rose 11 places to rank 84th among 120 global financial centres. However, the improvement mainly reflects initial market recognition rather than full operational capacity.

McClellan said the rise was driven by concrete progress, including consistent policy direction and strong commitments from the Party and National Assembly to develop an international financial hub, which have boosted investor confidence.

A clearer roadmap for institutional reform is also emerging, with legal frameworks, governance structures and licensing mechanisms gradually aligning with international standards. Increased engagement with global financial institutions and investors has further strengthened market sentiment.

However, he stressed that the GFCI – compiled annually by London-based think tank Z/Yen Group – largely measures perception, including reputation and attractiveness, rather than the depth of financial markets, capital flows or institutional maturity.

While the higher ranking signals growing international interest, the project remains at an early stage. McClellan outlined three priorities to turn recognition into real progress.

The first is to strengthen legal and institutional frameworks, including transparent regulations, streamlined licensing and internationally aligned dispute resolution mechanisms.

The second is to improve capital mobility and financial integration, addressing key investor concerns such as foreign exchange convertibility, capital repatriation and connectivity with global banking systems.

The third is to develop a comprehensive financial ecosystem covering capital markets, asset and wealth management, and financial technology, ensuring integrated and efficient operations.

He added that global rankings reflect outcomes rather than forecasts, meaning short-term fluctuations are normal, especially for emerging financial markets.

Experts said the opportunity to develop an international financial centre in Việt Nam is clear, but success will depend on effective implementation, strong global connectivity and a transparent investment environment. — VNA/VNS