IFC is an opportunity for Vietnam to promote the advantages of an open trade environment.

On November 6 and 7, in Da Nang City, the City People's Committee coordinated with the International Finance Corporation (IFC) and the World Bank Group (WB) to organize a seminar on positioning and developing the International Finance Center (IFC) Vietnam in Da Nang City with the theme: Opportunities to attract transactions and investments.

*Seminar on positioning and developing the Vietnam International Financial Center in Da Nang City with the topic: Opportunities to attract transactions and investments.*

Da Nang focuses on developing cross-border trade finance associated with seaports

At the seminar, Mr. Ho Ky Minh, Vice Chairman of the People's Committee of Da Nang City, said that Da Nang City has a special strategic position, being an important gateway on the East-West Economic Corridor (EWEC), close to important trade routes within the framework of the Regional Comprehensive Economic Partnership Agreement (RCEP) and the Comprehensive and Progressive Agreement for Trans- Pacific Partnership (CPTPP), creating favorable conditions for Da Nang to participate deeply in the international supply chain.

The city possesses many advantages after the merger, including a large territory, synchronous traffic infrastructure and international connections; is a famous resort destination; and is one of the innovation centers of Vietnam.

Following the Central Government's direction, existing foundation and strengths, IFC Vietnam in Da Nang City will develop based on three main pillars: Green finance, trade finance and financial technology, digital assets. "Da Nang is determined to become a "laboratory" for new financial models, from digital assets, digital money, digital payments to blockchain and artificial intelligence application solutions, along with the strong development of fund management activities to support financial technology startups", said the Vice Chairman of the Da Nang People's Committee.

In addition, the city will encourage green financial products and initiatives to align with the country's net zero emissions target and the international vision of sustainable development, promoting the potential of renewable energy and sustainable tourism.

*Vice Chairman of the People's Committee of Da Nang City Ho Ky Minh said that the city focuses on developing cross-border trade finance.*

“Da Nang focuses on developing cross-border trade finance associated with seaports, logistics, international tourism, along with offshore financial services for organizations, FDI enterprises and global investors,” Mr. Ho Ky Minh informed.

The city also focuses on creating a favorable financial environment for small and medium enterprises as well as innovative startups to create a diverse, dynamic and creative financial ecosystem associated with core values such as green, smart, digital, innovative, inclusive and customer-centric, bringing a good quality of life.

To implement this orientation, the city has consulted and coordinated with central ministries and branches to complete the legal framework and develop decrees related to IFC in Vietnam, and is expected to submit the decrees for promulgation before November 15.

IFC is a tool to expand Vietnam's economic growth potential.

Sharing at the seminar, Mr. Rich McClellan, Member of the Advisory Board, IFC in Da Nang City, said that the establishment of IFC in Vietnam is an inevitable need to create further growth space for the economy.

According to Mr. Rich McClellan, Vietnam’s economy has achieved impressive results in recent years. The result of this growth is that every Vietnamese person today has a better quality of life than the previous generation.

Mr. Rich McClellan, Member of the Advisory Board, IFC in Da Nang City, commented that IFC is a tool to expand growth space and promote the advantages of the open trade environment of the Vietnamese economy.

However, with the development of digital technology, the traditional production-export model will hardly be able to continue to make continuous progress for the Vietnamese economy in the near future. Seeing this, the Vietnamese Government has been implementing many strategies. In which, IFC is one of the pillars to transform the traditional production model into a more deeply integrated and complex global financial ecosystem. "In other words, IFC is a tool to maintain and expand the space for Vietnam's economic growth in the new period" , Rich McClellan commented.

According to economist Rich McClellan, in the context of many fluctuations in the world, Vietnam has emerged with a stable position and many friendly partners. "Vietnam is one of the countries that has signed the most FTAs in the world, creating the most open trade environment" , Mr. Rich McClellan assessed and said, " IFC is an opportunity to promote the strength of this position, not only in the manufacturing sector, but also in international trade and finance. From there, it helps Vietnam's capital market develop more deeply, increase resilience and strengthen the country's position in a volatile global environment".

IFC Vietnam will bring a familiar, transparent and competitive investment environment to international investors.

The special feature is the model of “one IFC - two locations”: One in Da Nang and one in Ho Chi Minh City. Although located in two places, both are still managed in a unified manner, with the same legal framework, but Ho Chi Minh City focuses on capital markets, asset management, investment funds; Da Nang City focuses on green finance, trade, fintech and digital assets.

Mr. Rich McClellan also expects to locate IFC in Da Nang City when the city possesses many promising advantages for economic development, such as deep-water port, international airport, high-tech park, software park, upcoming free trade zone, quality human resources, good living environment, beautiful landscape and is a center attracting technology, fintech, and creative startups.

“ All of these factors make Da Nang an ideal location to develop a modern financial center, especially in the fields of green finance, digital finance and international trade,” Mr. Rich McClellan stated.

Taking place over 2 days, the seminar on positioning and developing the International Finance Center (IFC) Vietnam in Da Nang City with the theme: Opportunities to attract transactions and investments will discuss a series of issues related to attracting sustainable financial services to IFC Vietnam in Da Nang; and developing a competitive ecosystem for digital assets from international experience and development trends.
The leaders of Da Nang City hope that through the discussion, they will receive many practical opinions and recommendations, especially solutions related to green finance, supply chain finance, digital assets and fintech, contributing to perfecting a modern, transparent and sustainable financial ecosystem when developing the International Financial Center in the city.

Source: https://congthuong.vn/ifc-la-co-hoi-de-viet-nam-phat-huy-loi-the-moi-truong-thuong-mai-mo-429257.html