Establishing an Advisory Council, Da Nang urgently prepares for the operation of the International Financial Center

The People's Committee of Da Nang City has just issued a decision on the establishment of an Advisory Council for the construction of the Vietnam International Financial Center in this city.

According to the decision, Mr. Tran Dinh Thien - Member of the Prime Minister's Policy Advisory Council, Member of the National Financial and Monetary Policy Advisory Council, former Director of the Vietnam Economic Institute will be Chairman of the Advisory Council for the construction of the Vietnam International Financial Center in Da Nang City.

The Vice Chairman of the Advisory Council will be Mr. Richard Dean McClellan, Former Country Director of the Tony Blair Institute in Vietnam.

Da Nang established an Advisory Council to build the Vietnam International Financial Center in the city.

In addition, the Advisory Council also has 15 other members. Among them, there are many leading names in the fields of finance and technology such as: Mr. Truong Gia Binh - Chairman of FPT Corporation, Mr. Nguyen Trung Chinh - Chairman of CMC Corporation, Mr. Nguyen Tu Quang - General Director of BKAV, Mr. Nguyen Duy Hung - Chairman of SSI Securities Corporation...

Accordingly, the Advisory Council will be responsible for researching, advising and recommending to the Chairman of the People's Committee of Da Nang City and the Preparatory Board of the management and operation agency of the Vietnam International Financial Center in Da Nang City on the following contents: Strategy, plan for building and developing the Vietnam International Financial Center; Governance model, organizational structure, and operating mechanism of the Vietnam International Financial Center;

In addition, the Advisory Council also contributed opinions on legal documents to create a basis for the construction and operation of the Vietnam International Financial Center in Da Nang city...

At the conference to announce Resolution No. 222/2025/QH15 of the National Assembly on the International Financial Center in Vietnam held on August 2, Secretary of the Da Nang City Party Committee Nguyen Van Quang said: Da Nang City has developed and issued Plan No. 671 to synchronously deploy the implementation of the Resolution, clearly defining the work content, implementation roadmap, and responsibilities of each agency and unit in advising and organizing the implementation of tasks and solutions related to the construction of the Vietnam International Financial Center in Da Nang City, determined to form and put into operation the Vietnam International Financial Center in Da Nang City in accordance with the direction of the Government and the Prime Minister.

Secretary of Da Nang City Party Committee Nguyen Van Quang.

Accordingly, Da Nang city has completed the Steering Committee for the construction and development of the Da Nang City Financial Center; discussed and worked to establish the Advisory Council for the Vietnam International Financial Center in Da Nang city with 18 members representing central ministries and branches (such as the Ministry of Finance, Ministry of Science and Technology, Ministry of Public Security, State Bank of Vietnam).

The city identifies the core of the management and operation apparatus of the international financial center as a high-quality workforce with extensive experience in the international financial market and operations.

In recent times, Da Nang has proactively built policies to develop high-quality human resources to serve as an international financial center.

Most recently, the city sent a delegation to study and research the international financial center and financial institutions in Singapore.

According to the leaders of Da Nang City, the City is building a financial mechanism to recruit personnel from financial institutions in Europe, Singapore, Dubai, the United States, etc. to work at the Vietnam International Financial Center in Da Nang City. Da Nang City will try to mobilize all legal resources to build a professional and internationally experienced personnel, a premise for the success of the Vietnam International Financial Center in Da Nang City.

Currently, the Ministry of Finance is also seeking opinions on the draft Decree establishing the International Financial Center (IFC). Accordingly, the IFC will be located in Ho Chi Minh City and Da Nang with different functions and tasks.

According to the draft decree, the International Financial Center in Da Nang City focuses on developing green finance and trade finance fields serving small and medium enterprises, innovative enterprises, non-resident organizations and individuals (offshore financial services), cross-border trade activities associated with free trade zones, high-tech zones, open economic zones, and industrial parks.

Controlled testing of new models such as digital assets, digital currencies, payments, digital money transfers; establishment of new exchanges and trading platforms.

Attract investment funds, remittance funds, small and medium-sized fund management companies; promote the development of startups providing financial solutions for consumption, tourism, trade, logistics and associated with services in the Free Trade Zone...

The International Trade Center in Da Nang city will focus on innovation, applying strategic technologies such as artificial intelligence, cloud computing, quantum, big data, blockchain... to create competitive advantages.

According to the submission, the drafting agency said that one of the focuses of the draft Decree is to cut down and simplify administrative procedures within the scope of the International Financial Transactions, creating a favorable environment for investors.

Specifically, the procedure for registering as a member of the International Financial Center is very simple. Investors can register via the electronic portal, postal service or directly.

The executive agency will quickly appraise within 1 working day from the date of receiving all valid documents, will issue a temporary approval document for membership (valid for a maximum of 1 month), and within 7 days will officially decide on membership recognition.

The registration file also only includes basic documents (business registration, 3-year financial report, operation plan).

Economic organizations on the Fortune 500 list will be recognized as members without registration procedures. According to the drafting agency, this spirit will be specified in the regulations of the International Financial Center, helping to attract large financial corporations.

Testing digital assets at the international financial centers of Ho Chi Minh City and Da Nang, banks have new moves . It is expected to test a series of products such as digital assets, digital currency, and fintech in the international financial center. In particular, economic organizations on the Fortune 500 list will be recognized as members without registration procedures.

Source: https://vietnamnet.vn/da-nang-thanh-lap-hoi-dong-tu-van-xay-dung-trung-tam-tai-chinh-quoc-te-viet-nam-2435274.html