Within the framework of their working trip in Singapore, a delegation of the Da Nang officials, led by Secretary of the municipal Party Committee Nguyen Van Quang, visited Raffles Family Office Singapore and KPMG Singapore on Monday to learn about experience in building a legal framework and operating financial centre model.

The city delegation had a working trip in Singapore to exchange experience in developing a financial centre.

Discussions about asset management and investment attraction

During their working session with Mr. Kendrick Lee who is CEO of Raffles Family Office Singapore, Da Nang guests discussed the mechanism to attract corporations and financial institutions, as well as the necessary factors to develop the family asset management industry in the city.

The Raffles Family Office Singapore, with many years of experience in private wealth management and specialized banking services, stressed the need for Da Nang to build a transparent, complete and attractive legal framework, along with a diverse and synchronous financial ecosystem. This will help Da Nang compete with other financial centres in the world.

The Raffles Family Office presented the possibility of Da Nang in connecting investors in its network with suitable projects in the coming time. It also highly appreciated the development potential of Viet Nam and the ASEAN region in the next 10 years. However, to take advantage of this opportunity, Viet Nam needs to be better prepared in terms of a simple licensing system, competitive tax mechanism, and close coordination between banks.

Da Nang Party Committee Secretary Nguyen Van Quang (right) and leader of Raffles Family Office. Photo: Working group

Working with KPMG Singapore on legal system and tax policy

When working with KPMG Singapore - a global organisation of independent professional services firms providing Audit, Tax and Advisory services, Secretary Quang shared about his city’s key projects and proposals, as well as learned about legal requirements, tax policies, and auditing and accounting mechanisms to build an effective financial centre model.

A representative from KPMG Singapore emphasised that Viet Nam could refer to ta number of financial centre models in the world, in which the legal system is applied based on "English Common Law" - using English as the official language and implementing a "one-stop" mechanism to simplify administrative procedures.

In addition, tax exemption for some specific financial sectors is also an important factor in attracting international businesses.

Da Nang Party Committee Secretary Nguyen Van Quang (right) and leader of KPMG Singapore. Photo: Working delegation.

Preparing human resources and soft infrastructure

One of the highlights of the meetings was training experts in financial management.

To develop the Da Nang Financial Centre, the city needs to prepare high-quality human resources, and at the same time build soft infrastructure to meet market demand.

Singaporean partners highly appreciated opportunities to develop Da Nang into a financial centre. Photo: Working group

The two sides also discussed the specialised training programme on finance and management to prepare human resources. In addition, the city needs to research the intellectual property protection system, as well as use high technology and artificial intelligence to develop the financial centre.

The meetings with leading Singaporean partners opened up many cooperation opportunities for Da Nang to access advanced models in the region and the world. These will be important foundations for the city to build a modern, attractive, and internationally competitive financial centre.

Reporting by Working delegation - Translating by M.DUNG