Da Nang has many great advantages for the establishment and development of a regional financial centre. The statement was made by Deputy Minister of Planning and Investment Do Thanh Trung at the seminar entitled ‘Developing International Financial Centres in Viet Nam’ co-organized by the People's Committee of the city and the Ministry of Planning and Investment on Thursday afternoon.

Deputy Minister of Planning and Investment Do Thanh Trung speaking at the seminar. Photo: M.QUE

Deputy Minister of Planning and Investment Do Thanh Trung said that the global financial system is gradually reshaping and the world is in need of developing new financial centres, providing specific and modern financial products and services such as financial technology (fintech), green finance, crypto assets, digital banking and digital financial transaction markets to serve niche markets and create a difference from traditional financial centres, thereby maximizing space and development opportunities.

He added Viet Nam has its own special advantages such as a rapidly growing economy, abundant human resources, and increasingly improved infrastructure. If taking advantage of this opportunity, the country will receive financial resources shifting from other major international financial centres in the region and the world as well to establish a new position. This will create a premise to bring the country into a new era - an era of wealth and prosperity.

The construction of regional and international financial centres has been identified by the Party, State, National Assembly and Government as one of the institutional breakthroughs and a policy to liberate resources in order to promote the transformation of the growth model associated with economic restructuring, and improve productivity, efficiency and competitiveness, thereby bringing Viet Nam to participate in a higher level in the global economic value chain.

It can be seen that Da Nang city is converging all factors in terms of opportunity,  time, place, and people when it has full advantages, potentials, development requirements and political determination for the construction of a regional financial centre.

Firstly, Da Nang has an important geopolitical and economic position, located in the centre of the central coastal region, with high connectivity in international traffic, including many large-scale projects and works, receiving attention and high appreciation from international financial investors such as the international airport ranked as the best in the world.

The Lien Chieu Port and Da Nang High-Tech Park projects, living environment, urban infrastructure, developed tourism services, especially when combined with the Da Nang Free Trade Zone, will open up opportunities to develop international financial – trade – hi-tech links to make Da Nang become the gateway for investment - trade - finance - technology of the country and the region.

Secondly, Da Nang has been on the list of the most livable cities in the world for many years with many policies with its own brands such as the city of '5 No's, 3 Yes's' and 4 Safe', thereby bringing a positive perspective and being highly appreciated by the international community.

Third, the participation, drastic direction and proactive coordination with relevant agencies of the Secretary of the municipal Party Committee have opened up development prospects, turning Da Nang into a centre for trading not only goods but also international services and technology.

From these factors, investors and international consulting organisations believe that Da Nang has great potential to develop and cooperate with other international financial centres to take current advantages in terms of time zones, political stability, institutions, and macroeconomic conditions of Viet Nam in general and Da Nang in particular.

Therefore, he stressed the need for the city to implement a roadmap to turn itself into a regional financial centre according to the policy of the Party and State.

He affirmed that the Da Nang Financial Centre is not only a symbol of Viet Nam's prosperity but also contributes positively to the stability and development of the global financial system.

To continue to effectively implement the orientation of developing regional and international financial centre in Viet Nam, Deputy Minister of Planning and Investment Nguyen Thanh Trung proposed a number of key tasks and solutions that need to be focused on immediately in 2025.

He asked ministries, branches and localities to research and learn from international experiences in the process of building and operating the financial centres, as well as mobilize investment resources to develop financial centres in Viet Nam.

For Da Nang, it is necessary to focus on allocating resources, preparing basic conditions and creating favourable conditions for the development of the financial centre, especially infrastructure resources (including hard infrastructure, soft infrastructure, digital infrastructure), human resources, institutions, business investment environment, and living environment, he noted.

Reporting by MAI QUE - Translating by M.DUNG