The Da Nang People's Committee has held a seminar to consult on the draft content of the project to build Da Nang into a financial hub at the statute of the central and Central Highlands regions of Viet Nam.

Da Nang People's Committee Chairman Le Trung Chinh (centre), municipal People's Committee Standing Vice Chairman Ho Ky Minh (left, middle row) and PhD. Tran Du Lich (right, middle row), a member of the National Financial and Monetary Policy Advisory Council co-chaired the seminar, March 4, 2022. Photo: MAI QUE

Da Nang People's Committee Chairman Le Trung Chinh and municipal People's Committee Standing Vice Chairman Ho Ky Minh and PhD. Tran Du Lich, a member of the National Financial and Monetary Policy Advisory Council co-chaired the seminar was held in both online and offline forms with the participation of leaders of national ministries, agencies and many domestic and foreign financial experts.

Standing Vice Chairman Minh said that the construction of the International Financial Centre in Da Nang aims to exploit the its geographical, economic and political advantages and catch up with the trend of shifting foreign investment flows from traditional financial markets into countries like Viet Nam.

The diversity of financial products associated with the rapid development of the digital economy aims to create new impetus for Da Nang’s rapid transformation of the economic structure towards high value-added services in accordance with the Resolution No. 43-NQ/TW dated January 24, 2019 of the Politburo on the construction and development of Da Nang by 2030, with a vision towards 2045.

Deeply recognising the need to build an international financial center in Viet Nam, on March 19, 2021, the Government Office issued Notice No. 1840/VPCP-KTTH on agreeing to the policy for the Da Nang People's Committee to research and formulate a project to build Da Nang into a regional financial hub.

On March 29, 2021, the Da Nang People’s Committee and the Import-Export Pan Pacific Group (IPPG) has signed an agreement to implement a project to build Da Nang into a regional-scale financial centre that is suitable with the development conditions of the Vietnamese economy and the development trend of the world.

On the other hand, it must be recognised that despite having many good conditions to develop into a regional financial centre, Da Nang will face many difficulties and challenges in terms of choosing an appropriate development model, tax and currency policies.

According to the draft summary report of the project, the Da Nang International Financial Centre aims to create an environment for testing innovative solutions and technologies in financial activities, associated with the function of a national innovation centre that will take shape in the city.

At the same time, heed will be paid to supporting the development of financial enterprises in the Central and Central Highlands regions of Viet Nam, promoting the ability to meet the diverse needs of people and businesses in accessing modern financial services.

Da Nang will give priority to attracting and selecting strategic investors in the 2022 – 2024 period to take advantage of international resources and increase the feasibility for the construction and development of the International Financial Centre in Da Nang.

Reporting by MAI QUE – Translating by A.THU