Da Nang seeks to establish international financial centre

Ho Ky Minh, Permanent Vice Chairman of the Da Nang City People’s Committee, said the financial centre is one of the three main contents identified in the project on building Da Nang into a regional financial centre. The city’s People’s Committee has assigned relevant departments, sectors, and agencies to focus on completing the project, Minh noted.

However, Da Nang still does not have a reference model for building an international financial centre, so the city is interested in the consultancy and plans of the consulting units, Minh said.

The National Assembly recently issued Resolution No. 136/2024/QH15 on piloting several specific mechanisms and policies for the development of Da Nang. In particular, the resolution allows piloting mechanisms to support innovation and start-up activities as well as the testing of new technology solutions.

Nguyen Hong Giang, a senior official of the SECO in Vietnam, said that such financial centres are a new concept which has yet to be put into practice in Vietnam. Therefore, there is no model or reference model in building a suitable one. She added that preferential and specific policies depend largely on the institutional framework of the country, so Da Nang needs to work with relevant parties and consulting units as well as ask for the Government’s opinion in determining the appropriate level in piloting such polices.

The working group will conduct a field survey in Da Nang for two days and work with a number of relevant agencies and units to propose appropriate recommendations for the city in building a pilot financial centre.