Da Nang ready for international financial center development
DNO - Da Nang is ready to undertake the mission of developing a financial center encompassing related fields such as financial technology, and cross-border trade finance.
The statement was made by Chairman of the municipal People's Committee Pham Duc An at a conference on promoting investment in a financial center in Vietnam held in Frankfurt, Germany. The event was co-organized by the Ministry of Finance in coordination with the Da Nang People's Committee and the Embassy of Vietnam in Germany.
In terms of policy, the city has benefited when on November 15, 2024, the Politburo approved the policy of building a comprehensive regional and international financial center in Da Nang. The model combines preferential and breakthrough mechanisms, ensuring competitiveness while maintaining effective supervision and risk management frameworks.
Also in 2024, the Vietnamese Government issued Resolution No. 259 dated December 31, 2024 to implement the Politburo's conclusions, directing the city to mobilize both public and private resources to develop infrastructure serving the financial center.
In recent times, Da Nang has focused on building institutional mechanisms, investing in information technology infrastructure, digitizing data, and improving strategic frameworks such as airports, seaports, and free-trade zones.
It has also prioritized training international financial human resources to be ready for the mission of developing a modern, innovative regional and international financial center.
After the recent administrative merger, Da Nang now has more advantages with the Chu Lai Open Economic Zone which has many special mechanisms to attract strategic investors, the development of free trade zones according to the National Assembly’s Resolution No. 136, and the establishment of a multimodal logistics infrastructure network connecting Tien Sa - Lien Chieu - Chu Lai ports and aviation logistics from Chu Lai and Da Nang airports. These are factors to enhance the city’s potential and position as a regional and global financial hub.
At the same time, Da Nang has further strengthened investment promotion and signed investment cooperation with successful financial centers in the world such as New York (the USA), Frankfurt (Germany), Tokyo (Japan), Busan (South Korea) and Singapore in order to attract strategic investors and prestigious international financial organizations in the global financial system.
The signing of a Memorandum of Understanding on financial center development with the Frankfurt Main Finance creates a premise for Da Nang to continue calling for investors and large international financial corporations to invest in the city in the coming time.