Attracting billions of dollars in international investment to VIFC-HCMC

Business Forum Magazine had an interview with Assoc. Prof. Dr. Nguyễn Hữu Huân, Vice Chairman of the VIFC-HCMC Executive Board, regarding this matter.

- Sir, after nearly 3 months of launch and operation, how has VIFC-HCMC contributed to the goal of making Ho Chi Minh City a leading fintech center in the region?

It is still too early to speak on that because VIFC-HCMC was only formed about 3 months ago. We still have a lot of work to do. This is currently the stage where we must build infrastructure systems, legal frameworks, and sandbox mechanisms. Concurrently, we are still implementing investment promotion and researching product development. We have been cooperating with Nasdaq, the London Stock Exchange, Binance, etc.

Recently, we visited the U.S., and large corporations and investment funds such as BlackRock and Warburg Pincus are also very interested in investing in VIFC in the near future.

Our strategy and core objective for the coming period is to attract international capital for the real economy. Ho Chi Minh City is one of the economic engines of the country, accounting for about 25% of GDP. Additionally, the economic growth rate of Ho Chi Minh City and Vietnam is currently among the top in the world, so our demand for capital will be very large. That is the mission and responsibility of VIFC-HCMC.

- To date, what kind of capital commitments has VIFC-HCMC received?

The total committed capital is currently about $19.1 billion. However, converting committed capital into actual disbursed capital will take quite a bit of time. In particular, we will have to wait for the regulations to be issued. At that point, entities can establish companies, become members of VIFC-HCMC, and banks can operate within VIFC; only then will the capital flow in.

Furthermore, for large corporations, their disbursement will also take a significant amount of time following procedures and regulations. As for VIFC-HCMC's current procedures, they will be very streamlined. For so-called "unconditional" companies, establishment takes only 5 days. For banks, while the current regulation is 120 days, we will try to shorten it to about 30 days. Other financial institutions, such as insurance companies, will be similar.

- Digital assets are also one of the areas of interest for testing at VIFC-HCMC. How far has the progress on the sandbox mechanism reached?

Regarding digital assets, on April 2nd, we organized a workshop on the sandbox mechanism in the Blockchain field. In it, we introduced several controlled experimental mechanisms for this sector, such as the tokenization of real-world assets or cross-border payments. Currently, the mechanisms are still under discussion and we are gathering opinions from relevant ministries, departments, and experts. We are striving to announce this sandbox mechanism as soon as possible.

We are focusing on how to attract international capital flows into Vietnam. In 2026, VIFC-HCMC sets a goal to mobilize $10 billion.

- What role does VIFC-HCMC play in mobilizing international capital for businesses in international markets, or will it focus solely on mobilizing capital into Vietnam for now?

We will have two roles. First is to attract capital for domestic enterprises through capital market channels. VIFC-HCMC also plans to establish an international stock exchange. This plan is being discussed very thoroughly, and a working group has been established with the State Securities Commission to research and develop this market.

Second, we want to become a regional hub. That is, not only mobilizing capital for domestic enterprises but also for businesses in the region through new models and forms of mobilization, rather than competing with traditional markets as they currently exist.

- In the new context, how is VIFC-HCMC expected to contribute to Vietnam's growth goals? Could you share more about the Fintech Hub that VIFC-HCMC recently launched?

From the perspective of VIFC-HCMC, this year, VIFC's contribution to Vietnam's economic growth will be quite modest since we were just established. I hope that in the coming years, this level of contribution will be higher and will contribute directly to mobilizing capital to serve economic development and growth.

Regarding the Fintech Hub, this is one of the four strategic pillars of VIFC-HCMC. The launch of the Fintech Hub is intended to contribute to the formation of a complete financial technology ecosystem. This ecosystem will help support and promote the development process of VIFC in the coming period. Within the ecosystem, our goal is to build a complete system that includes different groups: infrastructure development, data centers, applications, and investment funds; startups; and the VIFC Academy.

In addition, there are service-providing groups such as accounting services, tax declaration services, consulting services, and mentoring services to support the entire ecosystem. As a result, a company established at VIFC in the Fintech sector will only take about a week to become operational, instead of taking 6 months to a year as it would outside.

- Thank you very much!