Ho Chi Minh City has climbed to 98th place out of 119 cities in the yearly Global Financial Centers Index, improving by seven spots compared to the previous year and achieving its best rank so far.
The Vietnamese megacity, appearing for the first time on the list in 2022, quickly closed the distance with other major cities in Southeast Asia and moved nearer to central points like Bangkok (ranked 96th) and Jakarta (ranked 97th). This information comes from the 37th release of the index provided earlier this week by the China Development Institute based in Shenzhen and Z/Yen Partners located in London.
Singapore stayed at the top of the regional ranking, maintaining its position at fourth place globally.
The GFCI score is calculated using 145 input factors provided by institutions including the United Nations, World Economic Forum, World Bank, Transparency International, and World Wide Web Foundation.
An online survey of 50,000 participants is used to evaluate cities as well.
The ultimate GFCI score, indicating their standing as a financial hub, is frequently utilized by policy makers and investors alike.
Ho Chi Minh City, Vietnam's largest metropolis, has been paving the way to establish itself as an international financial hub for almost two decades now.
Last year, the government approved a plan to construct an international financial center In the city, work on it is set to commence this year and conclude within five years.
It is anticipated that the establishment of this center will attract global investors and boost foreign direct investment across multiple industries.
At the beginning of this year, HCMC formed a steering committee aimed at overseeing its construction and growth.
It is suggested to locate this project in District 1 and the adjacent Thu Thiem New Urban Area spanning the Saigon River, an area known for having some of the highest property values in Vietnam.
Worldwide, New York kept its position at the top of the rankings, with London and Hong Kong following closely behind.
The leading nine cities include four from the U.S. and three from China, keeping their rankings unchanged; meanwhile, Seoul, the capital of South Korea, surpassed Frankfurt, Germany, to secure the 10th spot.
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