Improving Project Bankability to Raise Capital through VIFC: Lessons from GIFT City (India)

Vietnam has significant potential to mobilise long-term capital from international markets. However, for this capital to be deployed effectively, a key priority is to improve project bankability, strengthen corporate governance discipline, and develop deeper and more robust capital market infrastructure in a coordinated manner.

This was one of the views that drew broad consensus at the Vietnam Green Finance Conference 2026, co-hosted by Nam A Bank, FiinGroup, the Vietnam International Financial Centre in Ho Chi Minh City (VIFC-HCMC), and the Global Green Growth Institute (GGGI) Vietnam on 6 August 2026 in Ho Chi Minh City.

Drawing on the presentation by Mr. Pradeep Ramakrishnan (IFSCA, GIFT City) and discussions at the Conference, FiinRatings has developed a new Market Commentary, "Improving Project Bankability to Raise Capital through the Vietnam International Financial Centre (VIFC): Lessons from GIFT City (India)."

The report examines GIFT City's experience and highlights lessons Vietnam may consider as it seeks to enable VIFC to more effectively connect international capital with the financing needs of domestic infrastructure projects.

Key highlights:

🔹 GIFT City is one of the models worth studying for its ability to mobilise and channel international capital. As at end-2025, more than 200 international bonds issued by Indian corporates had been listed through GIFT City, raising a total of USD 70.9 billion, of which USD 16.8 billion were green bonds labelled under international standards.

🔹 Five factors Vietnam may consider to strengthen VIFC's capital-channelling capability: a single-window regulatory and supervisory authority; tax incentives for capital-raising transactions; a clear and facilitative framework for foreign-currency flows; an international arbitration mechanism; and a controlled regulatory sandbox for new products and business models.

🔹 Vietnam's domestic market has already demonstrated that long-term funding structures for infrastructure projects are feasible, but the challenge lies in scaling them up. A number of transactions were executed before the international financial centre framework came into existence, yet the market still lacks standardised products designed for international markets.

As VIFC progressively develops its legal framework and establishes its position within the regional financial landscape, GIFT City's experience suggests that a successful international financial centre requires more than competitive mechanisms. It also needs an efficient and credible ecosystem capable of turning market potential into substantive transactions.

This is also what FiinRatings and FiinGroup seek to contribute to: building the data and trust infrastructure for Vietnam's capital markets through quality market data, in-depth analysis, credit ratings, and independent assessments. Greater transparency and clearer risk identification provide a stronger foundation for market confidence, helping capital connect more effectively with enterprises and create long-term value for the economy.

👉 READ THE FULL MARKET COMMENTARY HERE

🔔 Follow FiinRatings and FiinGroup for in-depth insights and solutions to the long-term capital-raising challenges facing businesses.

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