HCM City will begin construction of a long-planned international financial centre (IFC) in September, part of Vietnam's push to position itself as a regional financial hub alongside Singapore and Hong Kong.

The municipal government said it is accelerating procedures so work can start on the first phase of the project, which will anchor Vietnam's financial ambitions in both HCM City and Da Nang.

The plan follows a resolution passed by the National Assembly in June with overwhelming support.

The IFC in HCM City will cover 783ha across downtown Ben Thanh Ward and the Thu Thiem New Urban Area. A 9.2-ha "core zone" in Thu Thiem will be built first, housing financial regulators, supervisory bodies and specialised courts.

Total investment is estimated at VND172 trillion (US$7 billion).

About VND16 trillion will be spent in the first two to three years, including VND2 trillion from the State budget to build offices for government agencies, with the rest expected from domestic and foreign strategic investors.