The new financial and banking center will rise in the center of the New Urban and Commercial Area on a land area of 25 hectares. Infrastructure would be developed by a consortium of investors, with completion planned for next year.

A spokesman for the city said the project would attempt to create a hub for banking and other financial and consulting institutions in auditing and accounting and legal services, with modern technical facilities and professional staff of international standards. "It will also advance and diversify a robust financial and banking services sector and build a solid foundation for the sector to reach a level comparable to that of other countries in the Asian region," he added.

He goes on to note that Vietnam's major cities do not yet have a world-class financial and banking center. Hanoi's gross domestic product has surged rapidly, with an annual growth of 11% over the past five years, so the city needs a financial and banking center to boost its economy and satisfy demand for capital for business and production activities.