Da Nang: Solid preparations for the International Financial Center

Da Nang City is gradually realizing the goal of building the Vietnam International Financial Center (IFC) - a green, smart and innovative financial center, operating according to advanced international standards.

Strategic positioning and development model of Danang Financial Center

According to Resolution 29-NQ/TU of the Da Nang City Party Committee, the financial center here will connect with major financial centers in the world, attract capital and high-quality human resources, and act as a driving force to promote sustainable economic growth for the North Central and Central Coast regions. The center is expected to become an investment and financial hub in the Asia-Pacific region.

Secretary of the Da Nang City Party Committee Nguyen Van Quang and Minister of Finance Nguyen Van Thang co-chaired a working session on a number of issues related to specific financial mechanisms and policies for the development of Da Nang City.

The operating model of Da Nang Financial Center focuses on specialized areas such as: green finance, trade finance for small and medium enterprises (SMEs), finance for non-resident organizations and individuals (offshore), cross-border trade associated with free trade zones, high-tech zones, open economic zones and industrial zones.

At the same time, this will be a place to test digital financial models such as: digital assets, cryptocurrencies, digital payments; attract investment funds, small and medium-sized fund management companies; promote startups in the fields of fintech, logistics, tourism, smart consumption. The center also provides financial and credit solutions for import and export, supports cross-border digital payment systems and acts as a bridge for regional financial integration.

With a strategic vision, Danang Financial Center is not only a financial complex but also an innovation platform, integrating technology and artificial intelligence into financial activities, contributing to improving the competitiveness of the Vietnamese economy in the context of global capital flow shifts.

Mobilizing resources and preparing the foundation for sustainable development

Vice Chairman of the Da Nang People's Committee Ho Ky Minh said that many international financial institutions from the US, Singapore, the Middle East, Switzerland, etc. are particularly interested in the development orientation of the financial market in Da Nang. The strategic location in the Indian Ocean - Pacific corridor, along with the living environment, urban infrastructure, quality tourism and resorts are the advantages that help the city attract the attention of international investors.

Da Nang has proactively learned from the experiences of leading financial centers such as London, Luxembourg, Frankfurt... to determine a model suitable for local conditions. The city will develop a financial center development project that prioritizes financial products and services associated with strengths such as: digital banking, blockchain finance, digital assets and artificial intelligence (AI).

Da Nang City Financial Center will become a green, smart and innovative financial center, operating according to advanced international standards, connecting with major markets and financial centers in the world, attracting and developing high-quality human resources.

Along with perfecting the development model, infrastructure investment is identified as a key factor. The city aims to attract domestic and foreign strategic partners to invest in building hard - soft - digital infrastructure for the financial center, associated with driving projects such as the Da Nang Free Trade Zone. International financial research centers, financial technology and blockchain will also be established to advise and support policies for the center's development.

In the 2025-2030 period, Da Nang will promote domestic and foreign investment, build a modern, open and competitive IT brand. One of the important priorities is to develop high-quality human resources. In the immediate future, the city will temporarily apply the People's Council's preferential policy on attracting high-quality human resources in the field of microchips and the public sector to serve the IT sector.

In the long term, Danang University and local educational institutions will develop a comprehensive training program to serve the center. Danang also aims to attract overseas Vietnamese experts and intellectuals working at global financial institutions to work in the city.

Proactive in coordination

Regarding the construction of the International Financial Center, on the afternoon of May 12, 2025, the Ministry of Finance worked with the People's Committee of Da Nang City on a number of issues related to specific financial mechanisms and policies. At the meeting, the two sides discussed the establishment of an international financial center in Vietnam; the construction of the Da Nang Free Trade Zone and a number of key and dynamic projects.

Standing Vice Chairman of the Da Nang People's Committee Ho Ky Minh said that in the process of drafting the National Assembly's Resolution on International Financial Market in Vietnam, which is currently being submitted to the 9th Session of the 15th National Assembly, the city proposed that the Ministry of Finance coordinate with central ministries and branches to continue perfecting the draft. In particular, it is necessary to add specific policies on land and investment incentives; adjust and supplement provincial planning, urban planning, construction investment planning; policies on foreign exchange activities and establish a specialized trading floor in the international financial center.

Secretary of the Da Nang City Party Committee spoke at a meeting on some contents related to specific financial mechanisms and policies for the development of Da Nang City.

After the resolution was issued by the National Assembly, Da Nang proposed that the Ministry of Finance, in the process of drafting the Government's decree, allow the development orientation of the international financial market in Da Nang to focus on specialized areas such as: green finance, trade finance serving small and medium enterprises, finance for non-resident organizations and individuals...

In addition, Da Nang proposed to organize a workshop on “Model/development of international financial markets in Vietnam”, scheduled to take place in early June 2025, co-chaired by the Ministry of Finance and the City People's Committee. At the same time, the city proposed that the Ministry of Finance co-chair the annual Vietnam Financial Forum in Da Nang to promote international financial cooperation and promote international financial markets locally.

At the meeting, Deputy Minister of Finance Nguyen Duc Tam expressed his support for policy mechanisms to facilitate Da Nang's development, in line with the spirit of the Politburo's Resolution and the regional development plan identifying Da Nang as "a growth pole, a dynamic region".

Minister of Finance Nguyen Van Thang highly appreciated Da Nang's proactiveness and positivity in coordinating with the Ministry and relevant units to implement important projects, especially the draft Resolution on international financial information.

The Ministry is urgently completing the draft. The Minister assigned the Foreign Investment Agency – the lead agency – to continue researching and receiving comments from Da Nang. At the same time, he requested the city to closely coordinate with the Drafting Committee to promptly supplement the contents of the resolution dossier.

Minister Nguyen Van Thang also agreed to organize a seminar on international financial information as directed by the Government. This is a necessary activity to provide information and implementation experience to National Assembly deputies before discussion and decision.

Mr. Thang suggested that Da Nang proactively coordinate with the Ministry of Finance and relevant agencies to consult internationally and determine appropriate development orientations for the international financial market in Da Nang.

It can be said that Da Nang is taking steady, focused steps, implementing and learning from experience, in order to quickly complete the preparation stages for the establishment and operation of the international financial center in Vietnam. The success of the model not only enhances the city's position in the global financial network, but also opens up new development prospects for Vietnam.

Source: https://thoibaonganhang.vn/da-nang-nhung-buoc-chuan-bi-vung-chac-cho-trung-tam-tai-chinh-quoc-te-164109.html