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Hanoi and Astana discussing collaboration on building overseas financial centers

Astana International Financial Centre (AIFC) is willing to pass along their knowledge and skills to aid HCM City in cultivating its forthcoming International Financial Centre, aiming to make it a rapidly expanding financial center in the region, according to AIFC Governor Renat Bekturov during...

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Developing International Financial Centers: HCM City and Astana Extend Collaborative Efforts
Developing International Financial Centers: HCM City and Astana Extend Collaborative Efforts

Hanoi and Astana discussing collaboration on building overseas financial centers

In a significant move to bolster their financial sectors, the Astana International Financial Centre (AIFC) in Kazakhstan and the proposed Vietnam International Financial Centre (VIFC) in Ho Chi Minh City are forging ahead with strategic initiatives. The AIFC, established in 2018, and the VIFC, still in its early stages, differ markedly in development, legal framework, regional positioning, and economic context.

The AIFC, located in Astana, Kazakhstan, bridges Europe and Asia and focuses on Central Asia's emerging markets. It operates under an independent jurisdiction, offering preferential tax, currency, and visa regimes to attract foreign investment. With over 4,000 registered firms from 84 countries, the AIFC is a bustling hub for banking, insurance, investment, and professional services.

In contrast, the VIFC is proposed to be located in Ho Chi Minh City, Vietnam, at the heart of Southeast Asia. Its focus is on the ASEAN region and wider Asia-Pacific. The VIFC is expected to build on Vietnam’s existing legal frameworks, aiming to facilitate international trade and capital flows, supported by Vietnamese government reforms and integration with regional financial hubs.

HCM City, already a major business centre, has the conditions needed to become a prominent financial hub in the region. To attract global capital, financial institutions, and multinational corporations, a dedicated legal framework and regulatory sandbox will be established. The VIFC will be located in Bến Thành, Sài Gòn wards, and the Thủ Thiêm New Urban Area.

The vibrant business environment, advanced digital infrastructure, and rapidly evolving IT sector of HCM City were pointed out as strong foundations for the centre's development. Three Vietnamese companies, Vietjet Air, Coteccons, and Elisoft, have already registered to set up offices at the Astana International Financial Centre.

Kazakhstani businesses are being invited to invest in the Thủ Thiêm financial centre project. Renat Bekturov, Governor of the Astana International Financial Centre, offered to share expertise with HCM City to help develop its own international financial centre. HCM City values the opportunity to learn from the Astana International Financial Centre and Kazakhstan's experience.

The collaboration between finance and technology companies in both centres is being encouraged, particularly in areas such as fintech, asset management, artificial intelligence, and financial data. The HCM City - Astana Business Roundtable, hosted by the AIFC and the city People's Committee, discussed collaboration for developing an international financial centre. A regular communication channel between the AIFC and the HCM City Department of Finance is being proposed for effective long-term cooperation.

The Astana International Financial Centre currently houses more than 4,000 companies from over 80 countries. It has been ranked the number one financial centre in Eastern Europe and Central Asia by the Global Financial Centres Index in March this year. The VIFC, while still in the conceptual and early cooperation stages, aims to capitalize on Ho Chi Minh City's robust economic base, strategic location, and growing fintech ecosystem to emerge as a key financial hub in Southeast Asia.

This collaboration between the two could accelerate Vietnam’s development process by drawing on AIFC’s experience and frameworks. As the VIFC moves forward, it is poised to become a significant player in the global financial landscape.

[1] Nguyen Loc Ha, Vice Chairman of the HCM City People's Committee, stated that the city is entering an acceleration phase in building the Vietnam International Financial Centre. [2] Renat Bekturov, Governor of the Astana International Financial Centre, offered to share expertise with HCM City to help develop its own international financial centre. [3] HCM City values the opportunity to learn from the Astana International Financial Centre and Kazakhstan's experience. [4] Collaboration between finance and technology companies in the AIFC and HCM City is being encouraged.

  1. The Astana International Financial Centre (AIFC) in Kazakhstan and the proposed Vietnam International Financial Centre (VIFC) in Ho Chi Minh City are forging ahead with strategic initiatives to strengthen their financial sectors.
  2. The AIFC, established in 2018, focuses on Central Asia's emerging markets, while the VIFC, yet to be established, aims for the ASEAN region and wider Asia-Pacific.
  3. Nguyen Loc Ha, Vice Chairman of the HCM City People's Committee, stated that the city is entering an acceleration phase in building the VIFC.
  4. Renat Bekturov, Governor of the AIFC, offered to share expertise with HCM City to help develop its own international financial centre.
  5. HCM City values the opportunity to learn from the Astana International Financial Centre and Kazakhstan's experience in developing an international financial centre.
  6. Collaboration between finance and technology companies in the AIFC and HCM City is being encouraged, particularly in areas such as fintech, asset management, artificial intelligence, and financial data.

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