Vietnamese banks are moving to establish subsidiaries and expand operations at the country’s planned International Financial Centre (VIFC), betting the new hub will help them attract foreign capital, develop cross-border financial services and strengthen competitiveness as the financial sector opens further.
The International Financial Centre in HCM City is expected to cover about 898 hectares, including areas in Sài Gòn Ward, Bến Thành Ward and the Thủ Thiêm urban area in An Khánh Ward. — VNA/VNS Photo
A growing number of lenders have unveiled plans to set up a presence at the centre, which is expected to become a major platform for international finance and investment in Việt Nam.
At its 2026 annual general meeting, shareholders of private lender Nam Á Bank approved a plan to establish a wholly owned subsidiary operating within the VIFC framework.
According to the bank, the unit will support its long-term strategy to expand international financial activities, allowing it to tap preferential regulatory mechanisms and operational conditions offered at the financial centre.
The move is also expected to improve access to international funding sources while enabling the bank to develop a broader range of financial products and services for cross-border transactions involving businesses and individuals.
The Vietnam International Financial Centre in HCM City was officially launched on February 11, with Nam Á Bank named among its strategic members.
New opportunities
Interest in the financial hub is spreading across Việt Nam’s banking sector, with several lenders preparing proposals to participate and expected to seek shareholder approval during the current annual general meeting season.
Documents for the 2026 AGM of state-owned Vietcombank show that the lender plans to ask shareholders to approve the establishment of a subsidiary operating at the financial centre.
The new entity is expected to help the bank expand operations while adopting higher international standards in governance, financial products and risk management.
Vietcombank is also considering plans to increase charter capital to strengthen its financial capacity as it moves into more complex areas such as cross-border finance, investment banking and digital asset services.
Meanwhile, state-owned VietinBank is studying options to establish a subsidiary or another legal entity to operate within the financial centre framework.
The bank’s strategy includes expanding into new areas such as fintech and digital assets.
VietinBank is also considering partnerships with startups within the ecosystem of its strategic shareholder MUFG to develop payment, lending and insurance services between 2026 and 2027.
The lender is also positioning itself to play a role as a payment intermediary in digital asset transactions once the regulatory framework permits such activities.
Earlier, private lender HDBank sought shareholder approval for plans to relocate its headquarters to the Saigon Marina International Financial Centre tower, reflecting its longer-term expansion strategy.
The financial hub has also attracted broader interest from across Việt Nam’s financial sector.
In the central city of Đà Nẵng, authorities have approved 11 institutions to participate in the centre, including five banks. The founding members of the HCM City financial hub include lenders such as MB, TPBank and SHB.
Regional financial hub
The HCM City financial centre is expected to cover about 898 hectares, spanning parts of the Sài Gòn and Bến Thành wards and the Thủ Thiêm urban area.
Under current regulations, domestic commercial banks participating in the centre will operate through wholly owned subsidiaries structured as single-member limited liability banks.
According to Nguyễn Đức Lệnh, deputy director of the State Bank of Vietnam’s Region 2 branch, participation in the financial centre will allow banks to expand their service offerings, enhance their brands and strengthen their competitiveness.
The centre is expected to focus on areas such as sustainable finance, carbon credit markets, and the issuance and trading of green debt and equity instruments.
It will also support financial services linked to tourism and sustainable infrastructure.
Other sectors expected to develop include insurance and reinsurance, international brokerage services, maritime finance, commodity derivatives markets, as well as legal advisory, asset management and investment fund services.
According to financial expert Nguyễn Trí Hiếu, banks operating in international financial centres often follow a “one-stop shop” model, offering integrated financial services to both domestic and international clients.
Under this model, banks provide a full range of services, including payments, remittances, trade finance and investment products, requiring staff with strong expertise in international banking operations such as letters of credit, global payment systems and cross-border financial regulations.
If implemented effectively with supportive regulation, infrastructure and human capital, analysts say the financial centre could become a major hub for capital flows while helping Vietnamese banks integrate more deeply into regional and global financial networks.
