Da Nang signs cooperation agreement with Germany’s Frankfurt Main Finance for financial center development
DNO - Vietnam’s central city of Da Nang, on Tuesday, signed a Memorandum of Understanding (MoU) with Frankfurt Main Finance on developing a financial international center.
The signing of the MoU was part of a conference held in Frankfurt, Germany by the Vietnamese Ministry of Finance in coordination with the People's Committee of Da Nang and the Embassy of Vietnam in Germany to call for investments in the international financial center in Vietnam.
The conference was chaired by Permanent Deputy Prime Minister Nguyen Hoa Binh with the participation of international financial organizations.
Speaking at the event, Chairman of the Da Nang People's Committee Pham Duc An introduced the city’s preparations to undertake the mission of developing a financial center, with focus on such aspects as fintech, cross-border trade finance, and support for startups.
He informed that, in recent times, Da Nang has developed policies, upgraded infrastructure, built a sustainable ecosystem for a financial center, and invested in data centers, airports, seaports, free trade zones and international finance training programs. Also, the city has piloted a financial center management agency.
“We are committed to accompanying investors to build a modern, innovative and reliable financial center in the Asia - Pacific", the city leader affirmed.
Frankfurt, the financial heart of Germany, is a positive financial model for Vietnam to learn from, based on three pillars: legal frameworks, infrastructure and human resources. Germany also has great potential and expresses goodwill in cooperation with Vietnam in the field.
In his remarks at the event, Permanent Deputy Prime Minister Nguyen Hoa Binh highly praised the Ministry of Finance, Da Nang, Ho Chi Minh City, and their partners in Germany for initiating the conference.
He also lauded the preparations undertaken by Da Nang and Ho Chi Minh City following the Prime Minister’s decision to establish financial centers in Vietnam.
The Deputy PM proposed a cooperation program between Frankfurt financial center and the two Vietnamese localities in the spirit of mutually beneficial collaboration.
He also called on German investors to cooperate with Vietnam in areas of their strength such as digital finance and green finance.