On 17 October 2025, during a working visit to the United States, Chairman of the Ho Chi Minh City (HCMC) People’s Committee, Nguyen Van Duoc, witnessed the signing of a Memorandum of Understanding (MOU) between the University of Economics Ho Chi Minh City (UEH) and the New York Institute of Finance. The agreement establishes collaboration on an international-standard training program in finance and investment to develop a pool of high-quality financial experts and consultants to directly support the city’s planned International Financial Center (IFC). This initiative represents a strategic step in connecting global academia, policy, and practice.
On the same day, Chairman Duoc met with Jake Siewert, Global Director of Public Policy and Political Risk at Warburg Pincus, a leading global growth investment firm. The group is moving toward the next phase of developing a data center, a project that its partner, Becamex Group, has also expressed strong interest in. In addition, Warburg Pincus further indicated its intention to contribute to the establishment of the HCMC IFC. Chairman Duoc encouraged both firms to expand cooperation in digital economy, data centers at the Saigon Hi-Tech Park (SHTP), and logistics infrastructure, such as the Bau Bang–Cai Mep–Thi Vai railway corridor.
Additionally, Chairman Duoc also met with Chuck Mack, Senior Vice President of the NASDAQ, and witnessed the signing of an MOU between NASDAQ and the HCMC Department of Finance on cooperation to develop the Vietnam IFC. The partnership focuses on five key areas, namely governance and institutional capacity, legal framework, technology and engineering, human resource training, and international financial connectivity. Mr. Mack also congratulated Vietnam on its recent upgrade to emerging market status by FTSE Russell, while Chairman Duoc affirmed both sides’ commitment to operationalize the HCMC IFC by 2026.
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Reference: Dang Bo Thanh pho Ho Chi Minh, 18 October 2025
