HCMC's rise as a high-value Global Capability Centres hub

Global Capability Centres, or GCCs, are entities established by multinational corporations to centralize specific business functions. Today's GCCs have evolved from cost-saving back-offices into assets that drive high-value work like customer service, research, data analytics, and innovation. As forward-thinking companies look to establish these next-generation growth engines, they are pointing their compass toward a new destination: Ho Chi Minh City (HCMC).

HCMC’s appeal as a GCC destination rests on three critical advantages. First of all, the city provides access to a young, ambitious, digitally skilled workforce drawn from Vietnam's leading universities. Moreover, this talent pool comes with substantial economic benefits. Labor costs offer significant savings. Skilled professionals in HCMC cost up to 70% less than equivalent talent in Singapore, with meaningful savings also compared to Kuala Lumpur and Bangkok. Real estate presents similar advantages. Grade A office space in HCMC's CBD runs at approximately 62% of the cost of comparable space at a company’s headquarter in Singapore.

Importantly, lower costs do not mean lower quality. Vietnam's General Statistic Office reports that labour productivity grew 5.6% annually between 2016 and 2023, which was significantly faster than Malaysia (2.6%), Thailand (2.6%), and South Korea (3.8%). This rapid workforce development demonstrates that HCMC combines competitive costs with a talent pool that's advancing quickly in skills and value.

Beyond cost and talent, HCMC's real estate market is also adapting to modern corporate needs. By late 2025, approximately 485,000 sqm NLA or 73% of the city's Grade A office space had earned green certification, providing the sustainable work environments that most multinational companies now require.

Figure 1: Number of GCCs in HCMC, by year and tenant industry

Source: JLL Research

The growing GCC presence in HCMC is underscored by major commitments. These include the establishment of an 8,500 sqm NAB Innovation Centre at The Hallmark to spearhead digital banking technology, and an approximately 10,000 sqm facility for Bosch Global Software at OfficeHaus to manage international activities. These are not first steps; they are bold, large-scale investments that signal unshakeable confidence in HCMC as a long-term strategic hub.

The tenant profile in terms of occupied space in HCMC is evolving. A shift is underway as transaction momentum moves from traditional consumer goods companies towards the financial services and IT and technology sectors. Furthermore, the emergence of participants from life sciences and logistics signals HCMC's capacity to support mission-critical work, like clinical data management or supply chain optimization.

Figure 2: Proposed zoning plan for HCMC innovation hub, until 2040 with vision up to 2060

Source: HCMC Department of Planning and Architecture

An ambitious proposed plan, backed by government incentives, is building a network of specialized innovation hubs by 2040. Thu Thiem New Urban Area (NUA) is being groomed as a future FinTech hub. Meanwhile, other zones are dedicated to fostering collaboration between universities and corporations in IT and Edutech, or to integrating global manufacturing players. This orientation is also expected to facilitate ideal environments for high-value GCC establishments. With the upcoming International Finance Centre in Thu Thiem set to act as a major catalyst, HCMC is building the foundation for the next decade of global innovation.