Ho Chi Minh City has climbed seven places to rank 98th out of 119 financial hubs worldwide in the 37th edition of the Global Financial Centers Index (GFCI 37).

This marks the southern city's best performance since its debut in the rankings in 2022.

With an increase of 25 points compared to the previous edition, the city achieved a total of 654 points. In Southeast Asia, it now trails Singapore, Bangkok (Thailand), and Jakarta (Indonesia) but outperforms Manila (the Philippines).

By the end of 2024, the Politburo officially approved a policy to develop an International Financial Center (IFC) in Ho Chi Minh City, and a regional financial center in the central city of Da Nang.

The IFC is set to be developed on a 9.2-ha site in the Thu Thiem urban area of Thu Duc City. Once completed, it is envisioned to become a driving force for Ho Chi Minh City's economic growth by attracting international investors, increasing foreign direct investment (FDI) inflows, and cementing its status as Vietnam's economic powerhouse.

The GFCI, a respected reference for policymakers and investors, evaluates financial hubs based on future competitiveness. The latest edition covers 119 global financial centers, using 140 instrumental factors such as data from the World Bank, the OECD, and the United Nations.