Da Nang government has already asked the Vietnamese Ministry of Planning and Investment to get approval from Prime Minister Nguyen Xuan Phuc to allow the city to make plans for the development of a large-scale Southeast Asia regional-level international financial centre (IFC).

The Ministry of Planning and Investment has already asked Prime Minister Nguyen Xuan Phuc for approval on allowing Da Nang to conduct research and invite project consultancies to make plans for the IFC projec in line with Viet Nam's national laws

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 the whole country’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.

Till date, Vietnamese ministries of Finance and Justice have unanimously agreed with the above-mentioned proposal on permitting Da Nang to make plans for the development of the IFC.

The State Bank of Viet Nam noted that developing Da Nang into a financial hub must ensure that targets and solutions related to the money market and banking operations are set out in accordance with the Viet Nam Banking Industry Development Strategy to 2025, with a vision to 2030 approved by the Prime Minister.

As per recommendation by the Ministry of Planning and Investment, Da Nang should be allowed to 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