Addressing a recent working session with a delegation including representatives of the Asian Development Bank (ADB), the Swiss State Secretariat for Economic Affairs (SECO), the State Bank of Viet Nam and Ernst & Young Viet Nam (EY) on supporting the establishment of a financial centre in Da Nang, Da Nang People's Committee Vice Chairman Ho Ky Minh informed that the financial centre is one of the three main components identified in the project to build Da Nang into a regional financial centre.

Da Nang People's Committee Vice Chairman Ho Ky Minh (middle) meets with the working delegation on supporting the establishment of a financial centre in Da Nang, August, 6, 2024. Photo: M.Q

The Da Nang People’s Committee is assigning relevant departments and agencies to focus on completing the project based on the structure and content of the national government's Steering Committee for the development of the regional and international financial centre project.

Till date, Da Nang has yet to have any reference model in building a financial centre, so the city is appealing for consulting units to provide some models of international financial centres linked with model characteristics, key areas, basic development policies and strategies.

Da Nang, in coordination with the Vietnamese Ministry of Planning and Investment continue, is completing the group of policies for developing financial technology in particular and policies to build Da Nang into a regional financial centre.

The National Assembly has issued Resolution No. 136/2024/QH15 on the organisation of urban government and piloting a number of specific mechanisms and policies for the development of Da Nang, thereby allowing the piloting of mechanisms to support innovative startup activities and the controlled testing of new technology solutions.

According to Ms. Nguyen Hong Giang, senior national programme officer of the SECO in Viet Nam, the financial centre model is a new concept, not yet in practice in Viet Nam. The immediate difficulty is that there is no reference model in building a financial technology centre.

In fact, preferential and specific policies depend largely on the institutional framework of the country, so it is necessary to discuss what level of piloting is appropriate. Based on the exchange and field survey in two days, the working group gave appropriate recommendations for Da Nang in building a financial centre.

Reporting by MAI QUE - Translating by A.THU