‘Belt’ enjoys incentives from Ho Chi Minh City International Financial Center

Leaders of Ho Chi Minh City Departments of Construction and Finance shared about the appearance, formation roadmap as well as preferential policies before the launch of Ho Chi Minh City International Financial Center.

At the event “Attracting investment capital for Ho Chi Minh City to successfully build the International Financial Center” on December 20, Mr. Bui Hoa An, Deputy Director of the City Construction Department, said this center is located in the three wards of Saigon, Ben Thanh and An Khanh (the area across the Saigon River, in Thu Thiem).

“This area can be imagined as a ‘circle’ covering the Saigon River,” Mr. An said, adding that businesses, buildings and financial institutions operating within the above geographical area enjoy a series of preferential policies from the Government.

The city’s International Financial Center currently has about 1,000 buildings. Among these, Bitexco is determined to be the tallest building located in the central area. The remaining buildings have relatively stable infrastructure conditions, capable of being put into operation and used to serve the operations of the financial center.

Preferential policies for buildings, businesses, and financial institutions in the center include taxes, electricity, water as well as factors directly related to daily production and business activities. Throughout this area, telecommunications infrastructure will be arranged synchronously, with a continuously operating broadband Internet system, 3G and 5G coverage, to ensure operating conditions for financial and service activities.

Regarding technical infrastructure, the electricity and water sectors are given priority for the financial center area, because operation requires high-tech machinery systems, large power consumption, and requires a significant amount of water for cooling. Leaders of the Department of Construction said that the technical infrastructure planning for this area is calculated to suit the operating characteristics of a large-scale financial center.

The coordination department of the international financial center is temporarily located at the city’s Innovative Startup Center, which will operate from tomorrow.

Mr. Quach Ngoc Tuan, Deputy Director of Ho Chi Minh City Department of Finance, said the roadmap to form the International Financial Center is divided into 3 stages. In particular, phases 1 and 2 will take advantage of the available infrastructure in the existing central core area, specifically the building at 123 Truong Dinh and 8 Nguyen Hue as the headquarters for the International Financial Center’s operating agency.

Entering phase 3, the city will focus resources to create a large-scale, modern financial center in Thu Thiem new urban area.

Through this center, the city wants to strongly attract leading financial institutions, investment funds, businesses and financial technology, while forming a financial service ecosystem approaching international standards. The city also hopes to create a space for breakthroughs in institutions, mechanisms and investment – business environment, with a sandbox for testing new financial models and products under appropriate risk control mechanisms.

Recently, the Government issued a series of decrees on establishing international centers in Vietnam, along with land allocation policies and labor regulations. Besides the international financial center in Ho Chi Minh City, a similar center is also located in Da Nang, with an area of ​​300 hectares. Recruitment at these centers is not limited to the proportion of foreign workers.

The event announcing the establishment of the Vietnam International Financial Center, launching the Executive Council and executive agencies in Ho Chi Minh City and Da Nang will take place tomorrow, December 21.