A view of HCM City. HCM City has risen seven places in the Global Financial Centres Index this year. — VNA/VNA Photo

HCM CITY — Hồ Chí Minh City (HCM City) has climbed seven spots to rank 98th out of 119 cities in this year’s Global Financial Centres Index (GFCI), achieving its highest position since debuting in the index in 2022 at 102nd place.

According to the 37th edition of the GFCI, published on March 20 by Z/Yen Partners (UK) and the China Development Institute, HCM City’s score increased by 25 points, reaching 654 in this latest assessment.

The index is led by New York with 769 points, followed closely by London, Hong Kong, and Singapore.

Positions five through nine in the Global Financial Centres Index (GFCI) remain unchanged, with San Francisco, Chicago, Los Angeles, Shanghai, and Shenzhen holding steady. Notably, Seoul has re-entered the top 10 in this edition.

In the Asia-Pacific region, six financial centers have secured spots in the global top 20, with the region's average rating increasing by 2.06 per cent—a reflection of its growing prominence in the financial sector.

Among Southeast Asian financial hubs, HCM City ranks below Singapore, Kuala Lumpur (Malaysia), Bangkok (Thailand), and Jakarta (Indonesia), but stands above Manila (The Philippines).

The Global Financial Centres Index (GFCI) assesses the competitiveness of financial centers using 140 instrumental factors, with data sourced from organisations such as the World Bank, the Organisation for Economic Co-operation and Development (OECD), and the United Nations.

HCM City has long envisioned the establishment of an international financial center.

By the end of 2024, the Politburo officially approved the creation of an International Financial Centre (IFC) in HCM City, alongside a regional financial center in Đà Nẵng.

The city plans to develop its IFC on a 9.2ha site in the Thủ Thiêm urban area of Thủ Đức City, extending into a section of District 1.

The IFC is envisioned as a cornerstone for the city’s future economic growth, aimed at attracting international investors, boosting foreign direct investment (FDI) inflows, and solidifying its position as Việt Nam’s economic hub.

To expedite the project, the city has established a 29-member steering committee led by Party Secretary Nguyễn Văn Nên. The committee will oversee the development and ensure the project's alignment with the city’s strategic objectives. — VNS