Prime Minister of Vietnam Pham Minh Chinh has asked the United Arab Emirates for support building an international financial centre in Ho Chi Minh City, VN Express is reporting. The article does not make clear what the UAE’s responded was, however, Vietnam’s key stock exchange in Ho Chi Minh City is still considered a ‘frontier’ market by MSCI and FTSE Russell and is still some way off an upgrade to ‘emerging’ market status. It’s estimated that an upgrade could bring in up to US$10 billion in additional investment, however, until such time HCMC’s potential role as an international financial centre will likely remain limited.
See also: Vietnam’s Financial Sector: An Overview 2023; and The Vietnam Stock Exchange: Quick Guide 2023