Ho Chi Minh City (TP HCM) has undergone significant economic transformation over the past five decades, a journey mirrored by the parallel development of its financial institutions. From a centrally planned economy to a dynamic hub aiming to be an international financial center, the city's financial landscape has continuously evolved, providing crucial support for its growth.

Following national reunification, TP HCM experienced a period of slow growth under a centralized planned economy. To stimulate production and goods circulation, the city proactively experimented with new mechanisms. The Doi Moi reforms, initiated in 1986, marked a turning point, positioning TP HCM as a leading locality in implementing economic reform policies.

Each development phase of the city has led to the formation of a new layer of financial institutions. From the first joint-stock commercial banks, the stock market, investment funds, and insurance companies to digital financial models and the goal of establishing an international financial center, the financial ecosystem has become increasingly complete, providing a foundation for mobilizing and allocating resources for growth.

Khu vuc Tan Cang and Saigon Bridge in 1967. Photo: File

Pioneering economic models emerged in the late 1980s and early 1990s as the private economic sector began to flourish, leading to a rapid increase in capital demand for production, trade, and services. During this period, several joint-stock commercial banks were established in TP HCM, including HDBank (1989), Sacombank (1991), and ACB (1993). These banks not only provided credit but also helped form the first layer of financial institutions that accompanied the private economic sector in the early stages of Doi Moi.

Among the banks founded during this period, HDBank was formerly known as Ho Chi Minh City Housing Development Commercial Joint Stock Bank, established to meet capital needs for urban development, housing, and business operations as the city transitioned to a market mechanism. As the economy expanded, the bank gradually transformed from a specialized model to a universal commercial bank, reflecting the general development trend of Vietnam's banking system.

HDBank's headquarters in its early days. Photo: HDBank

Alongside domestic banks, many foreign banks also chose TP HCM as their first operational location. From the early 1990s, ANZ, HSBC, Shinhan Bank, and Citibank successively opened branches, bringing international governance standards, payment, and financial services, thereby promoting the integration of Vietnam's financial market.

The financial system's development occurred simultaneously with the expansion of industrial space. The Tan Thuan Export Processing Zone and Linh Trung Export Processing Zone paved the way for the city's network of 15 industrial parks and export processing zones, attracting over 1,600 FDI projects with a total registered capital exceeding 12 billion USD. From a starting point with almost no modern industry after 1975, TP HCM gradually became the country's manufacturing hub in electronics, mechanical engineering, information technology, pharmaceuticals, and food processing.

As enterprise scale expanded and medium and long-term capital needs became clear, TP HCM entered a new development phase with the emergence of capital markets and professional investment institutions.

Linh Trung Export Processing Zone today. Photo: Linh Trung Export Processing Zone

When capital markets expanded

Entering a phase of deeper integration, with a rapid increase in enterprises and growing medium and long-term capital demand, TP HCM continued to form a new layer of financial institutions. This was marked by the establishment of the Ho Chi Minh City Securities Trading Center, the predecessor of the Ho Chi Minh City Stock Exchange (HoSE). The first trading session in 2000, with two listed companies, opened a new capital mobilization channel, gradually reducing enterprises' reliance on bank credit.

Over two decades later, HoSE has become the largest stock exchange in the country. Concurrently, many fund management companies like Dragon Capital, VinaCapital, SSI Asset Management, and Eastspring Investments, along with insurance companies and consumer finance organizations, have chosen TP HCM as their development base, gradually forming an increasingly complete financial ecosystem.

HoSE headquarters with its new mascot, a bull, in 2/2026. Photo: Tat Dat

The expansion of capital markets also motivated many banks to transform their operating models. While previously primarily providing credit, banks gradually expanded into retail, corporate, asset management, consumer finance, and modern financial services.

HDBank exemplifies this transition. Established to serve urban development capital needs, the bank gradually expanded its operations alongside the economy's growth. During the 2005-2010 period, both revenue and pre-tax profit increased by more than seven times compared to the beginning of the period, demonstrating growth aligned with the expanding private economic sector.

HDBank listed shares on HoSE in 2018. Photo: HDBank

In 2011, HDBank changed its name from Ho Chi Minh City Housing Development Commercial Joint Stock Bank to Ho Chi Minh City Development Joint Stock Commercial Bank, while completing the merger with DaiABank. This transition occurred as the banking system entered a restructuring phase, and TP HCM continued to affirm its role as the country's largest financial and commercial center.

In the following years, with the development of the consumer market and financial services, HDBank expanded into retail banking, corporate clients, and small and medium-sized enterprises (SMEs). It also developed HD Saison in consumer finance to broaden access to capital for individuals and business households.

Ho Chi Minh City center in 2026. Photo: HDBank

By 2018, HDBank listed its shares on HoSE, marking a new development phase as it became more deeply involved in the capital market and operated according to the governance and information disclosure standards of listed companies. This also represents a general trend for many financial institutions in TP HCM as the capital market plays an increasingly important role in economic growth.

Beyond expanding its operational scale, HDBank also accelerated digital transformation, developing digital payment and financial solutions, reflecting the shift in TP HCM's financial ecosystem from traditional banking to modern financial service models.

Towards an international financial center

After more than three decades of expanding its banking system and capital markets, TP HCM is entering a new development phase with the goal of becoming an international financial center. While the previous focus was on mobilizing resources for domestic growth, the current stage aims to attract global capital flows, develop new financial products, and enhance the competitiveness of Vietnam's financial market.

Starting in 2025, this goal was gradually concretized when the National Assembly issued Resolution 222/2025/QH15 on the International Financial Center. On 11/2, the Vietnam International Financial Center in Ho Chi Minh City (VIFC-HCMC) was officially launched, along with its system of governing bodies, arbitration, and supporting institutions, creating a foundation for deeper integration with the global financial market.

According to its development orientation, VIFC-HCMC will focus on pillars such as international capital markets, financial services for trade and FDI, digital banking, fintech, and new financial products. After a short period of operation, the center has recorded many large-scale projects in aviation finance, maritime finance, data infrastructure, and the digital economy, demonstrating the ambition to expand the development space of Vietnam's financial market.

This shift also places new demands on domestic financial institutions. In addition to traditional capital mobilization and credit provision, banks are increasingly expanding into digital transformation, governance according to international standards, green finance development, investment consulting, and capital market connectivity.

The launch ceremony of the Asia - Pacific Aviation Financial Center on 3/2. Photo: HDBank

Following this direction, HDBank continues to expand its financial ecosystem through banking, consumer finance, digital banking, and technology platforms. In 2025, the bank's consolidated total assets exceeded 931,000 billion VND, pre-tax profit reached over 21,300 billion VND, while ROE hit 25.3%, placing it among the highest in the system. The bank also acquired DongA Bank as part of the credit institution system restructuring policy, developed Vikki Digital Bank, and invested in innovation and digital transformation platforms, aiming to expand connectivity capacity among finance, technology, and data.

HDBank's development reflects the general transformation trend of financial institutions in TP HCM: from meeting the capital needs of the economy during the Doi Moi period to gradually participating in a modern financial ecosystem, serving the city's international integration goals.

After half a century, TP HCM has not only expanded its economic scale but has also gradually formed an increasingly complete financial ecosystem, from commercial banks, capital markets, and investment funds to digital financial models and an international financial center.

Each development phase of the city marks the maturation of a new layer of financial institutions. Within this progression, the transformation of banks like HDBank reflects the growth of Vietnam's financial sector, from serving an innovating economy to aiming for connection with global capital markets.

Hoang Dan