Within the framework of their business trip to accompany Minister of Planning and Investment Nguyen Chi Dung during an official visit to China from March 27 - 30, a delegation of Da Nang’s officials, led by Permanent Vice Chairman in charge of the municipal People's Council Tran Phuoc Son, took part in a number of important activities.

The delegation of Da Nang visited the Vietnamese Embassy in China. Photo courtesy of the delegation

When visiting the Vietnamese Embassy in China on March 27 afternoon, Minister of Planning and Investment Nguyen Chi Dung sent best wishes and thanks to Vietnamese Ambassador to China Pham Sao Mai for his active support for the delegation.

He, especially, emphasised good opportunities to learn about, and research content related to the establishment of financial centers in Ho Chi Minh City and Da Nang; and the operating mechanism and management of free trade zones for Da Nang and other localities.

For his part, Ambassador Pham Sao Mai welcomed the delegation's visit. He also expressed his great interest and willingness to support and create more favourable conditions for the parties to achieve good cooperation results in the coming time.

The Da Nang delegation worked with the General Administration of National Financial Administration of China. Photo courtesy of the delegation

On March 28 afternoon, Permanent Vice Chairman in charge of the Da Nang People's Council Tran Phuoc Son, Director of the Foreign Investment Agency under the Ministry of Planning and Investment Do Nhat Hoang, and other members, attended a working session with the General Administration of National Financial Management of China.

During the meeting, Mr. Lu Wei and Mr. Li Guochun, representatives of the General Administration of National Financial Management of China, shared experiences in developing International Financial Centers in Beijing, Shanghai and Shenzhen.

They, especially, emphasised the important role of the national and local governments, and the fundamental role of the economy, in forming financial centers.

They also stressed the necessity for the city to have the convergence of innovative start-up businesses; promote advantages in human resources, scientific research, and major universities; create a business environment: marketisation, rule of law, internationalisation; and implement administrative procedure model "green lane, fast road".

The working delegation of Viet Nam shared the policy of forming international financial centers Ho Chi Minh City and Da Nang. They together with members of the General Administration of National Financial Administration of China, discussed the criteria and goals for the formation and development of an international financial center in Viet Nam; the ability to attract investors and financial institutions; the issuance of outstanding and superior policies, and policies according to international practices; and ways to facilitate local currency payments on international markets, electronic currency exchanges.

Discussions also focused on systemic risk issues; roadmap for the formation of a management agency of financial center; and management and coordination measures to create a basis for development and connection between the financial center and surrounding areas.

The Da Nang delegation worked with the National Administration of Financial Regulation in Shanghai. Photo courtesy of the delegation

At a meeting with the National Administration of Financial Regulation in Shanghai on March 29 afternoon, Minister Nguyen Chi Dung and members of the delegation of Viet Nam asked questions about building the International Financial Center, the model that Viet Nam could choose to suit practical conditions, necessary conditions for the establishment of international financial center, preferential investment policies, and operating institutions.

Also on the same afternoon, Vietnamese Ministry of Planning and Investment coordinated with the Sunwal Group to successfully organise a talk show entitled ‘Building a Financial Center in Viet Nam: Model and potential’.

The Da Nang delegation posing for a souvenir photo at the talk show. Photo courtesy of the delegation

During the event, Chinese partners shared the experiences of experts, leaders of banking enterprises, and investment fund managers about the financial center model in China and the potential for the development of a financial center in Viet Nam.

The representative of Da Nang shared for the parties to further discuss the possibility of forming a financial center model which takes advantage of new development trends such as Offshore and Fintech financial centers.

Within the framework of the working programme, the delegation continued to learn about the experience of forming and developing the Free Trade Zone.

Reporting by DNO - Translating by M.DUNG