HO CHI MINH CITY: Vietnamese banks are moving to establish subsidiaries and expand operations at the new International Financial Centre (VIFC).
The lenders are betting the hub will help them attract foreign capital, develop cross-border financial services and strengthen competitiveness as the financial sector opens further.
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 Vietnam.
At its 2026 annual meeting, shareholders of private lender Nam A 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 VIFC in Ho Chi Minh City was officially launched on Feb 11, with Nam A Bank named among its strategic members.
Interest in the financial hub is spreading across Vietnam’s banking sector, with several lenders preparing proposals and seeking shareholder approval during the current AGM season.
Documents from the 2026 AGM of state-owned Vietcombank showed that the lender planned 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 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.
The bank’s strategy includes expanding into new areas such as financial technology 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 Ho Chi Minh City financial centre is expected to cover about 898 ha, spanning parts of the Sai Gon and Ben Thanh wards and the Thu Thiem 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 Nguyen Duc Lenh, 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. — Viet Nam News/ANN
