The members have registered charter capital of $33.63 million against about $2.7 billion in capital expected to be mobilised through 2027, while banks, securities companies and investment funds await licensing regulations.

Within the framework of the Autumn Economic Forum 2026 (AEF 2026), the Executive Authority of the Viet Nam International Financial Center in Ho Chi Minh City hosts the Announcement Session of 10 holding companies as the first Members of the Viet Nam International Financial Center in Ho Chi Minh City (VIFC-HCMC). A holding company is an enterprise whose principal function is to hold and manage capital contributions and shares in other enterprises, thereby managing investment portfolios and coordinating capital within a group of enterprises. In September and October 2026, the Executive Authority of VIFC-HCMC recognised Member status for 10 holding companies. This announcement round recognises Member status for holding companies only; banks, securities companies and investment funds will be considered for licensing in subsequent rounds, once the licensing regulations for conditional business lines are issued. The formation of this first cohort of foundational Members marks the initial step in bringing VIFC-HCMC into a phase of substantive operations.

The Announcement Session takes place within the framework of the Autumn Economic Forum 2026 (AEF 2026) at Thiskyhall Sala Convention Center.

At the Announcement Session, Nguyen Van Duoc, Chairman of the People’s Committee of Ho Chi Minh City and Vice Chairman of the Executive Council of the International Financial Center in Viet Nam, and Truong Minh Huy Vu, Vice Chairman of the People’s Committee of Ho Chi Minh City and Chairman of the Executive Authority of the Viet Nam International Financial Center in Ho Chi Minh City, will jointly present certificates to the recognised Members. The event is witnessed by Prime Minister Le Minh Hung; Deputy Prime Minister Nguyen Van Thang; Head of the Central Policy and Strategy Commission Nguyen Thanh Nghi; and Deputy Minister of Foreign Affairs Nguyen Minh Hang, together with representatives of the recognised Members and delegates attending the Forum.

From Institutional Development to Substantive Operations

The institutional framework for the operations of VIFC-HCMC is established on the basis of Resolution No. 222/2025/QH15 of the National Assembly on the International Financial Center in Viet Nam; Decree No. 323/2025/ND-CP dated 18 December 2025 of the Government on the establishment of the International Financial Center in Viet Nam; and the Operating Regulations of the International Financial Center in Viet Nam, promulgated together with Decision No. 05/QD-HDDHTTTC dated 24 July 2026 of the Executive Council. On the basis of this institutional framework, on 11 August 2026, the Chairman of the Executive Authority in Ho Chi Minh City and the Chairman of the Executive Authority in Da Nang City issued Decision No. 01/QD-CQDH on the forms for the registration, recognition, change and termination of Member status, providing the basis for the consistent implementation of the Member registration and recognition process. In September and October 2026, the Executive Authority reviewed and recognised the first Members. Today’s Announcement Session marks a step forward in the practical operation of VIFC-HCMC, through which the Center is progressively building an ecosystem to deploy products, attract international capital flows and serve the real economy. The event also recognises the participation of organisations and enterprises in the formation and development of the Center.

Presentation of Member Recognition Decisions to 10 Holding Companies

At the Announcement Session, Nguyen Van Duoc, Chairman of the People’s Committee of Ho Chi Minh City and Vice Chairman of the Executive Council of the International Financial Center in Viet Nam, and Truong Minh Huy Vu, Vice Chairman of the People’s Committee of Ho Chi Minh City and Chairman of the Executive Authority of the Viet Nam International Financial Center in Ho Chi Minh City, will jointly present the Decisions on recognition of Member status to the first 10 holding companies joining VIFC-HCMC, namely: EQuest Capital Company Limited; Son Kim Capital IFC Company Limited; VinaCapital International Partners Company Limited; Saigon Marina IFC Company Limited; Gemadept Holdings Maritime Investment and Development Company Limited; Rovela Pay One Member Company Limited; REE Energy Finance Company Limited; IFC Vietnam Commodity Exchange Joint Stock Company; AG&P Holding Vietnam Company Limited; and Keppel Asset Management (Vietnam) Company Limited.

The 10 holding companies announced in this round intend to invest in and develop projects in the fields of education, infrastructure, maritime, logistics, energy, financial technology, payment solutions and commodity trading infrastructure. These Members take part in building infrastructure, connecting capital sources and developing products for the VIFC-HCMC ecosystem. Recognition of Member status does not replace licences or specialised approvals required for conditional business activities.

The 10 Members have total registered charter capital and committed capital contributions of $33.63 million; the total capital expected to be mobilised and invested through 2027 is approximately $2.7 billion. Notable large-scale capital mobilisation and investment commitments include: Saigon Marina IFC Company Limited, which has committed to mobilising approximately $816 million to develop technology infrastructure and physical infrastructure serving the VIFC-HCMC ecosystem; AG&P Holding Vietnam Company Limited, which has committed to mobilising and investing approximately $425 million in the liquefied natural gas (LNG), power and data centre value chain; EQuest Capital Company Limited, which has committed to mobilising approximately $325 million through a cooperation agreement with Standard Chartered Bank, New York Branch, to develop education infrastructure in Viet Nam, with a focus on the Southwest Ho Chi Minh City University Urban Area; Son Kim Capital IFC Company Limited, which has committed to mobilising approximately $275 million to invest in infrastructure development within VIFC-HCMC; and REE Energy Finance Company Limited, which has committed to mobilising approximately $200 million to invest in renewable energy projects. In addition, Keppel is studying the possibility of establishing co-investment platforms with global partners, with capital mobilisation of up to $1 billion, primarily from third-party capital, to pursue investment opportunities in infrastructure, real estate, commerce and services within VIFC-HCMC.

These plans and commitments reflect the transition from forming the Member ecosystem to connecting capital with specific projects, contributing to promoting investment activities, developing infrastructure and serving the real economy through VIFC-HCMC.

Further Improving the Licensing Mechanism and Expanding the Financial Institution Ecosystem

Following the recognition of the first 10 holding companies, VIFC-HCMC is continuing to refine its legal framework and licensing process in order to expand the ecosystem to specialised financial institutions, with an initial focus on the investment fund and asset management sector.

Under the orientation currently being developed, the licensing mechanism for asset management companies is expected to be designed with three tiers, comprising: (i) investment advisory and portfolio management; (ii) management of private investment funds and professional investment funds; and (iii) management of public investment funds. This mechanism draws on the experience of international financial centres such as Singapore, Dubai and Hong Kong, with the aim of establishing a licensing process commensurate with the nature, scale and complexity of each type of activity.

VIFC-HCMC expects to finalise and promulgate the procedures and regulations relating to the admission of investment funds in November 2026. For banks, securities companies and other conditional business activities, the receipt of applications and the review for licensing will be carried out in accordance with a roadmap as the corresponding regulations are issued.

Building on the foundation of its first Members, VIFC-HCMC will continue to expand its ecosystem, connect domestic and international financial institutions and investors, and promote the development of financial products and the execution of actual transactions, thereby mobilising and allocating capital effectively for the economy.

Appendix: List of the 10 Holding Companies as the First Members of VIFC-HCMC

The list below comprises the 10 holding companies recognised with Member status. The sectors and projects reflect the Members’ intended direction; conditional business activities may only be carried out after the applicable conditions are met and the relevant licence or approval is granted in accordance with regulations.

1. EQuest Capital Company Limited: Charter capital of $1 million; mobilising $325 million for the Southwest Ho Chi Minh City University Urban Area. Period: 2026-2030. Intended sectors: Investment, education.

2. Son Kim Capital IFC Company Limited: Charter capital of $1 million; mobilising $275 million in the form of a self-managed standalone investment company (CIF) to invest in infrastructure within VIFC. Period: 2026-2030. Intended sectors: Asset management, investment.

3. VinaCapital International Partners Company Limited (British Virgin Islands): Charter capital of $1 million; mobilising $200 million for the 99-storey Iconic VIFC tower project and a gas-fired power project in Long An Province (now Tay Ninh Province). Period: 2026-2030. Intended sectors: Fund management, investment.

4. Saigon Marina IFC Company Limited: Charter capital of $7.77 million; mobilising $816 million to provide technology infrastructure and physical infrastructure for the VIFC ecosystem. Period: 2026-2030. Intended sectors: Technology infrastructure, physical infrastructure.

5. Gemadept Holdings Maritime Investment and Development Company Limited: Charter capital of $19 million; mobilising $100 million to operate a maritime data system and provide management consulting, coordination, valuation and maritime equipment leasing. Period: 2026-2030. Intended sectors: Maritime, logistics.

6. Rovela Pay One Member Company Limited: Charter capital of $0.2 million; providing payment services for international tourists, with an expected transaction value on the platform of approximately $60 million. Period: 2026-2030. Intended sectors: Financial technology (payments).

7. REE Energy Finance Company Limited: Charter capital of $1 million; mobilising $200 million to invest in renewable energy projects. Period: 2026-2030. Intended sectors: Renewable energy.

8. IFC Vietnam Commodity Exchange Joint Stock Company: Registered charter capital of $1.16 million; investment of $57.7 million (equivalent to VND1,500 billion) to establish a commodity exchange within VIFC. Period: 2026-2030. Intended sectors: Commodity trading.

9. AG&P Holding Vietnam Company Limited (Singapore): Charter capital of $1 million in 2026; expected to mobilise investment of approximately $425 million in the 2026-2027 period, and by 2030 to increase total capital contributions to between $750 million and $1 billion in the 2027-2030 period to develop the value chain from liquefied natural gas (LNG) to power and data centres. Period: 2026-2030. Intended sectors: Energy, gas infrastructure, terminal operations.

10. Keppel Asset Management (Vietnam) Company Limited: Charter capital: $0.5 million. Targeting capital mobilisation of $1 billion, primarily from third-party capital, to pursue investment opportunities in infrastructure, real estate, commerce and services within VIFC, subject to market conditions, investment opportunities and the participation of partners. Intended sectors: Infrastructure, Real Estate, Services.

Re-disseminated by The Asian Banker