HCMC – More than US$1 trillion worth of cargo passes through the HCMC port system each year, yet most of the related financial transactions are still handled in Singapore and Hong Kong rather than in Vietnam.
The issue was raised by Nguyen Huu Huan, vice chairman of the executive board of the Vietnam International Financial Center in HCMC (VIFC-HCMC), at a business forum organized by the HCMC Union of Business Associations on May 16.
Huan said 80-90% of financial transactions linked to import-export and logistics activities in southern Vietnam are currently processed through overseas financial hubs, where legal frameworks, foreign currency liquidity, and financial services are more developed.
That trend continues even as HCMC strengthens its position as a regional maritime gateway through the Cai Mep-Thi Vai port complex and the Can Gio international transshipment port project, which broke ground in late April.
“Cargo passes through HCMC’s ports, but the money is settled in Singapore and Hong Kong because they are established international financial centers,” Huan said.
He said VIFC-HCMC plans to narrow that gap by building a maritime finance ecosystem designed to bring more trade-related financial activity back to Vietnam.
The ecosystem is expected to launch on May 21, with participation from logistics firms, port operators, banks, and international corporations.
The target is to redirect about 30% of the financial transaction value linked to goods moving through Vietnam’s seaports back into the domestic market within five years.
According to Huan, many foreign businesses are still reluctant to carry out financial transactions in Vietnam due to concerns over legal mechanisms and capital flow regulations.
Under the proposed model for VIFC, disputes would be resolved under international law through international courts and arbitration centers. Capital flows would also be more flexible, while transactions could be conducted in major foreign currencies instead of the Vietnamese dong. Maritime finance is set to become one of the four core pillars of the future international financial center in HCMC, alongside aviation finance, fintech, and capital markets.
