HCMC GFCI: Ho Chi Minh City Jumps 17 Places in the Global Financial Centres Index
The HCMC GFCI ranking has risen 17 places. Here is what a stronger financial-centre profile may mean for Grade A office demand, tenants and investors, seen through NAI Vietnam's market data.
Key takeaways
- The HCMC GFCI ranking rose 17 places, from 84th to 67th, in the September 2026 edition of the Global Financial Centres Index.
- A stronger financial-centre profile tends to draw banks, fund managers and professional-service firms, which favour certified Grade A offices in the CBD.
- Grade A CBD offices average $48.00 per sqm per month, about 75% above Grade B CBD space ($27.50), with 89.47% average occupancy.
- Tenants who benchmark early are better placed to compare buildings and negotiate.
The HCMC GFCI ranking has jumped 17 places in the latest Global Financial Centres Index (GFCI), from 84th in March 2026 to 67th in September 2026. It is the biggest move among the six Southeast Asian centres compared in this article.
In NAI Vietnam's view, the rise reflects the growing scale of the city's financial sector, legal and administrative reforms, and infrastructure that is increasingly joined up across the southern metropolis. The planned international financial centre, VIFC-HCM, adds to the picture.
For corporate real estate directors, investors and multinational tenants, a ranking move like this is a signal worth tracking. It does not change a lease overnight, but it can shift where financial-sector firms look for space and how investors price prime assets. This article sets out what the HCMC GFCI jump may mean for Grade A office demand, tenant requirements and capital markets, using the latest NAI Vietnam market figures.
What is the HCMC GFCI ranking?
The GFCI ranks financial centres around the world. It is compiled by Z/Yen Group with the China Development Institute and scores each centre on competitiveness factors such as business environment, financial sector development, infrastructure, human capital and reputation. The HCMC GFCI result therefore reflects how the city is perceived by financial professionals as well as how it performs.
Four steps, from a higher ranking to investor interest. Illustrative, not a forecast.
- 1Higher profileHo Chi Minh City climbs the Global Financial Centres Index.
- 2More occupier interestBanks, fund managers, fintechs and professional-service firms look harder at the city.
- 3Demand for certified spaceGrade A buildings with strong ESG and wellbeing credentials draw attention.
- 4Investor interestPrime, income-generating assets attract more institutional capital.
HCMC GFCI trend: from 120th to 67th in three years
The latest jump is the sharpest step in a longer climb. Ho Chi Minh City ranked 120th in September 2023, its low point in this series, and has improved in each of the six editions since, reaching 67th in September 2026. The 17-place gain is the largest single-edition move in the series, which runs from March 2022.
GFCI rank by edition. A lower number means a higher-ranked centre. Hover or tap the chart to compare editions, and use the buttons to show or hide a centre.
View the data table
| Edition | Ho Chi Minh City | Singapore | Manila | Bangkok | Kuala Lumpur | Jakarta |
|---|---|---|---|---|---|---|
| Mar 2022 | 102 | 6 | 100 | 61 | 48 | 69 |
| Sep 2022 | 104 | 3 | 103 | 79 | 56 | 95 |
| Mar 2023 | 112 | 3 | 108 | 71 | 58 | 83 |
| Sep 2023 | 120 | 3 | 102 | 86 | 80 | 95 |
| Mar 2024 | 108 | 3 | 101 | 93 | 77 | 102 |
| Sep 2024 | 105 | 4 | 110 | 95 | 59 | 97 |
| Mar 2025 | 98 | 4 | 103 | 96 | 51 | 97 |
| Sep 2025 | 95 | 4 | 104 | 102 | 45 | 91 |
| Mar 2026 | 84 | 4 | 102 | 100 | 42 | 86 |
| Sep 2026 | 67 | 4 | 101 | 88 | 39 | 97 |
Source: Global Financial Centres Index, March 2022 to September 2026.
In March 2022, Ho Chi Minh City ranked behind all five Southeast Asian peers shown here. In September 2026 it is ahead of Bangkok (88th), Jakarta (97th) and Manila (101st), and behind Kuala Lumpur (39th) and Singapore (4th), which makes it third among the six. In the latest edition alone, Ho Chi Minh City gained 17 places, Bangkok gained 12 and Jakarta lost 11.
A positive number means the city moved up the ranking compared with the previous edition.
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What the HCMC GFCI jump means for Grade A office demand
Banks, wealth managers, fintech companies and professional-service firms tend to place teams where financial governance and hub status are improving. As more of them look at Vietnam, demand for central business district (CBD) offices is likely to stay firm, particularly in the old District 1 CBD and in Thu Thiem, the planned financial core.
Grade A buildings in the CBD currently average 89.47% occupancy, according to NAI Vietnam Research. The Grade A office HCMC market is also becoming more selective: occupiers entering the city often compare buildings on credentials, not just on address.
Both are central, but they play different roles in the market.
If you are shortlisting space, you can explore office space for lease in Ho Chi Minh City through NAI Vietnam's tenant representation team.
Flight to quality: what multinational tenants look for
Multinational financial firms work under strict governance and environmental mandates, so office choices tend to follow building credentials. Three things stand out.
Building credentials often decide the shortlist.
Certification can support rental premiums over uncertified Grade B space and help occupiers meet their own ESG commitments. Newer buildings in the old District 1 CBD, such as The Kross in Saigon Ward (old District 1), are targeting LEED Gold and WELL. Technical infrastructure is a baseline expectation for incoming foreign institutions, and global tenants favour landlords and managers who can maintain compliance, security and sustainability standards consistently.
HCMC office market snapshot
NAI Vietnam Research figures show a clear gap between Grade A and Grade B space in the CBD.
Share of space occupied and vacant, with the average monthly rent in the centre.
Grade A CBD
- 89.47% occupied
- 10.53% vacant
Vacancy is the remainder after average occupancy.
| Grade B CBD average monthly rent | $27.50 per sqm |
|---|---|
| Non-CBD Grade A average occupancy | 88.39% |
Grade A CBD rent is about 75% above Grade B CBD rent, a difference of $20.50 per sqm. Occupancy of 89.47% implies that roughly 10.5% of Grade A CBD space is unoccupied, so tenants still have room to compare buildings and negotiate, even in a market with strong demand.
NAI Vietnam sees banking, private equity, fintech and legal firms as the main Grade A CBD tenant profiles, while Grade B space draws technology, logistics and professional-services occupiers.
Capital markets: what the HCMC GFCI jump could mean for investors
A higher ranking can lower the perceived risk of cross-border investment in Vietnamese real estate. Three effects to watch:
- Yield compressionInstitutional investors are showing willingness to accept lower capitalisation rates for trophy, income-generating Grade A assets.
- Thu Thiem as a catalystAs the planned financial core, Thu Thiem could draw long-term capital into mixed-use commercial developments.
- Joint venturesForeign capital partners are seeking joint ventures with established domestic developers to secure land in core growth corridors.
These are early signals rather than settled trends. NAI Vietnam's research and investment advisory team can help you review them against your own criteria.
How occupiers can respond to the HCMC GFCI shift
- BenchmarkCompare rents, incentives and specifications across Grade A and Grade B options.
- Start earlySecuring the right floor takes time, especially for larger or more specialised requirements.
- Match credentials to requirementsCheck each building against your governance and ESG standards.
- Ask about off-market spaceSome space is not publicly advertised, and NAI Vietnam can arrange inspections.
Frequently asked questions
What is the HCMC GFCI rank in September 2026?
Ho Chi Minh City ranked 67th in the September 2026 edition of the Global Financial Centres Index, up 17 places from 84th in March 2026.
What does the HCMC GFCI jump mean for office tenants?
It signals a stronger financial-centre profile for Ho Chi Minh City, which can draw more financial-sector occupiers and investors. For tenants, that points to more competition for well-specified Grade A space, so benchmarking and planning early are worthwhile.
How much does a Grade A office cost in Ho Chi Minh City?
NAI Vietnam Research puts the average Grade A CBD rent at $48.00 per sqm per month, compared with $27.50 for Grade B CBD space.
Which areas matter most for financial occupiers?
The old District 1 CBD and Thu Thiem, the planned financial core, are the two areas financial-sector tenants most often consider.
How can NAI Vietnam help?
NAI Vietnam's tenant representation team supports space searches, lease negotiations and off-market inspections, and its research and investment advisory team provides market benchmarking.
Plan your office strategy around the HCMC GFCI shift
Ho Chi Minh City's rise in the global rankings increases competition for prime, sustainable office space. Aligning your real estate footprint with your business strategy calls for proactive lease negotiations, market benchmarking and careful site selection.
Talk to NAI Vietnam's research and investment advisory team →
Review your office strategy with NAI Vietnam
Contact NAI Vietnam's commercial advisory team to review your office portfolio, analyse leasing terms or schedule off-market space inspections.
