Da Nang: New development opportunities with the model of Regional Financial Center

Da Nang is implementing the establishment of a regional financial center under the direction of the Central Government. This is a breakthrough strategy in the economic and financial development of the city and the whole country.

Da Nang City is facing new opportunities and chances for further development. Photo: Thanh Hai.

Building 3 pillars of development

In early March 2025, the Government issued Resolution No. 42/NQ-CP on the proposal to develop a National Assembly Resolution on a Financial Center in Vietnam, including Da Nang. This is the next step of the Central Government in preparing a complete legal corridor, helping Da Nang achieve its goal of becoming one of the major socio -economic centers in Southeast Asia.

To implement, the city has been focusing on developing 3 main pillars: Tourism associated with resort real estate; knowledge economy; high-quality service center. Along with that, Da Nang has prepared a large clean land fund to serve the establishment of a financial and technology center complex.

Notably, Da Nang Free Trade Zone and Lien Chieu Port are functional areas planned to become international transit hubs in Da Nang.

Regarding the general model, the Danang City Financial Center proposes to develop a multi-component ecosystem, focusing on 3 service groups: Providing international financial services; Fintech and TechFin services; investment support services, business development and utility services.

According to the People's Committee of Da Nang City, currently, investors and international financial investment funds from the United States, Singapore, the Middle East, and Switzerland are very interested in developing the Da Nang Financial Center in the direction of innovation, green finance, financial technology, and commercial finance to resonate with the advantages of the important geopolitical-economic position in the Indian Ocean-Pacific corridor and the living environment, urban infrastructure, tourism and resort services of the city.

“This is an orientation that is consistent with the development reality and new opportunities, promoting the conditions and advantages of Da Nang city in particular and Vietnam in general, opening up the prospect of turning Da Nang into an investment - trade - finance - technology gateway of the country and region”, emphasized Permanent Vice Chairman of Da Nang City People's Committee Ho Ky Minh.

Da Nang aims to become a top locality in the country in high-tech development and innovation. Graphics: CTT Da Nang.

New opportunity

According to general assessment, Da Nang is converging the factors of "heavenly time, favorable location, and harmony between people" when it has full advantages, potential, development requirements and political determination for building a regional financial center.

Therefore, the Central Government has agreed on the policy of selecting and developing financial centers with geographical boundaries and regulated objects determined according to clear criteria but not "isolated"; following a "combined" model with specific, outstanding policies according to the roadmap.

Domestic and international experts give their opinions on the formation of a regional financial center in Da Nang. Photo: Mai Quang.

For its part, the Da Nang city government determined that it needs great efforts and determination in allocating resources, preparing fundamental conditions and creating favorable conditions for the development of the financial center, especially infrastructure resources (including hard infrastructure, soft infrastructure, digital infrastructure), human resources, institutions, business investment environment, living environment; effectively implementing the contents of the Project with the highest determination.

International experts also gave many suggestions and recommendations to Da Nang to effectively develop a regional financial center in line with global market trends.

Mr. Andy Khoo - General Director of Terne Holdings (Singapore) - believes that focusing on green finance, trade finance and digital innovation will help Da Nang make a clear difference. In particular, Da Nang needs to focus on three strategic pillars, in line with the city's unique strengths and opportunities: Green Finance, Fintech Innovation and Trade Finance.

Mr. Ali Ijaz Ahmad - Chairman of Makara Capital Group gave his opinion on building a regional financial center in Da Nang. Photo: Mai Quang

Mr. Ali Ijaz Ahmad - Chairman of Makara Capital Group commented that to create favorable conditions for businesses to work around the International Financial Center, it is necessary to pay attention to factors such as framework, investment potential, infrastructure, and high-speed internet bandwidth...

“In order for our capital to reach the International Financial Center, Da Nang must provide appropriate legal frameworks, convenient infrastructure, and create conditions for companies and enterprises to do business safely and effectively,” said Mr. Ali Ijaz Ahmad.

According to Chairman of the People's Committee of Da Nang City Le Trung Chinh, Resolution No. 42/NQ-CP, together with Resolution 43-NQ/TW, Conclusion 79-KL/TW of the Politburo and Resolution No. 136/2024/QH15 of the National Assembly, will be important political bases for Da Nang and central agencies to study and propose specific, competitive policy mechanisms to create an effective financial center development model.

These new mechanisms and orientations also open up opportunities to effectively mobilize resources and financial services to serve the development of Da Nang, the Central Highlands region in particular, and the whole country in general; marking a new turning point for the city after 50 years of unification and development with the country.

Source: https://hanoimoi.vn/da-nang-thoi-co-phat-trien-moi-voi-mo-hinh-trung-tam-tai-chinh-khu-vuc-696792.html