Following the Friday approval by Prime Minister (PM) Nguyen Xuan Phuc, Da Nang government will be allowed to make plans for the development of a Southeast Asia regional-level international financial centre (IFC) in line with the Politburo-adopted Resolution No 43-NQ/TW regarding Da Nang’s major developments to 2030 with a vision to 2045 dated 24 January, 2019.

Da Nang is striving to as soon as possible to embark upon the establishment of the IFC as a core pillar of contemporary global finance, thus putting Viet Nam’s profile onto the globally financial map.

In the mood to kick-start Da Nang’s landmark ambition to become a successful hub to attract financial institutions and investors around the world, the city is expected to map out plans for the development of a financial commercial, entertainment, casino and luxury apartment complex at the corner of the Vo Nguyen Giap and Vo Van Kiet streets, and a number of land lots along the Vo Van Kiet with a total area of about 8.4 ha and a total investment of about 47,000 billion VND as a foundation for IFC.

Such a financial centre showcases a full financial hub with direct access to major capital pools from banks, insurance companies, investment funds, and listed capital markets, would enable companies, institutions, and individuals from around the world to meet needs like financing supply chains and managing risks.

As per recommendation by national government agencies, Da Nang will conduct research and invite project consultancies, especially highly prestigious international ones, to formulate plans for the IFC project, with heed to making proposals on mechanisms and policies for the city's operation, in line with the national laws.

By TRIEU TUNG – Translated by A.T