Building a financial centre for innovation, and green and sustainable investment – Da Nang English- News

Resolution No. 29-NQ/TU from the Standing Board of the Da Nang Party Committee outlines the plan for establishing the Viet Nam International Financial Centre in Da Nang. By 2030, the financial centre is expected to be built and operational, attracting strategic partners, financial institutions, support services, legal services, as well as both domestic and international legal, accounting, and auditing consulting firms for investment and operation. The vision for the financial centre is to create a hub for innovation, and green and sustainable investment.

The Da Nang People’s Committee and relevant agencies are studying the exploitation of the ICT building at the Da Nang Software Park No. 2 to prepare for the operation of a financial centre. Photo: M.QUE

Specialised development

The Da Nang Financial Centre is a strategic project, serving the national interest and local development in accordance with Resolution No. 43-NQ/TW of the Politburo (12th tenure) on building and developing the city to 2030, with a vision to 2045, Conclusion No. 79-KL/TW of the Politburo (13th tenure) on continuing to implement Resolution No. 43-NQ/TW, and Notice No. 47-TB/TW of the Politburo concluding on the construction of a regional and international financial centre in Viet Nam.

The financial centre will concentrate on specialised sectors that leverage the city’s geopolitical and economic strengths, along with its living environment, urban infrastructure, and tourism and resort services.

The primary areas of focus for investment attraction and encouragement will focus on pillar of international finance which encompasses green finance initiatives, trade finance for small and medium-sized enterprises, offshore services for non-resident organizations and individuals, and cross-border trade activities within free trade zones, high-tech zones, open economic zones, and industrial parks.

The other pillar is financial technology innovation (fintech). Accordingly, the centre will implement controlled testing (also known as a sandbox) for various new models, such as digital assets, digital currency, payment solutions, and digital money transfers. This approach aims to attract investment funds, remittance funds, and small to medium-sized fund management companies, while also promoting the development of startups that provide financial solutions.

The financial centre will have four functions. The first is a regional investment bridge which plays a vital role in providing commercial credit and financial solutions for Viet Nam’s import and export activities, and supporting the money transfer system, digital payment for cross-border transactions in the Asia-Pacific region.

The second is a regional financial integration gateway, establishing a green financial transaction platform, attracting and circulating domestic and foreign investment capital, especially in the North Central and Central Coast regions, providing diverse and specialized financial services, and helping individuals, organizations, small and medium-sized enterprises access capital, manage risks and expand production and business activities.

The third function is to promote new economic sectors and technology to provide venture capital, trading platforms, and crowdfunding to support fintech startups, encourage innovation, and diversify the economic structure.

The fourth is to connect major financial centres to conduct controlled testing of fintech models, innovate technology to serve consumer life, tourism, trade, logistics, and integrate into the developed ecosystems of other international financial centres for sake of increasing integration and competitiveness.

The leaders of the Da Nang People’s Committee worked with the Asia-Pacific Financial Institutions Advisory Department and the International Finance Corporation (IFC) to consult on experience in building a financial centre. Photo: M.QUE

Preparation for resources

The municipal People’s Committee, along with relevant agencies, is focusing on the immediate tasks of reviewing, completing, and preparing the infrastructure needed for the financial centre. This includes studying the exploitation of the ICT building at the Da Nang Software Park No. 2 to facilitate the operations of the financial centre, as well as examining the planned land areas, such as Phuoc My Ward (Son Tra District), Thuan Phuoc Ward (Hai Chau District), Da Nang Industrial Park, and the reclaimed land area in Da Nang Bay.

The municipal People’s Committee is also working on proposing component projects related to information technology, traffic infrastructure, and technical infrastructure to support the financial centre as part of the medium-term public investment plan for the 2026-2030 period. They are closely coordinating with investors to ensure that the operational conditions of the financial centre are ready for its launch in the third quarter of 2025.

Regarding personnel, the Da Nang People’s Committee and relevant agencies select personnel, establish a preparatory board and ensure operating conditions for the financial centre’s management agency. At the same time, they pay attention to hiring international experts and personnel with capacity and experience to participate in the management and operation of the financial centre in tandem with proposing mechanisms and methods for management, operation and supervision of the financial centre.

In addition, training courses will be organised for officials, civil servants and public employees of agencies, units and localities in order to foster their knowledge about financial centres.

Between 2025 and 2030, the city will lay an emphasis on attracting strategic partners, financial groups and institutions at both home and abroad to invest and operate in the financial centre.

Importance will also be attached to accelerating the establishment of international financial research centres, financial technology, and blockchain with the aim to support expertise and techniques on mechanisms, development policies in the fields of finance, financial technology, and financial services.

Appeals will be made for investment into both hard and soft infrastructure for the financial centre linked to the Da Nang Free Trade Zone, as well as the city’s key dynamic projects.

The city aims to train, nurture, and attract high-quality human resources to effectively manage, operate, and oversee activities at the financial centre. To promote investment, both domestically and internationally, the city will build a brand for the Da Nang Financial Centre that is modern, open, prestigious, and competitive.

Furthermore, the city will effectively leverage resources from central, local, and community levels to manage and coordinate infrastructure investment projects. There will also be collaboration with central ministries and departments in selecting strategic investors for the development of the financial centre.

Reporting by MAI QUE – Translating by M.DUNG