On Thursday, Standing Vice Chairman of the Da Nang People's Committee Ho Ky Minh worked with the Advisory Department of Financial Institutions in the Asia and Pacific region, International Finance Corporation (IFC).

Standing Vice Chairman of the Da Nang People's Committee Ho Ky Minh (middle) speaks at the meeting, April 17, 2025. Photo: M.QUE

Standing Vice Chairman Minh said that in the draft resolution of the National Assembly, the Da Nang Financial Centre will use Anglo-American Law (Common Law) and resolve disputes according to the judgment of the international court, the language used is English.

The Vietnamese Ministry of Finance, the agency in charge of the project to build regional and international financial centres in Viet Nam, is coordinating with ministries, Da Nang and Ho Chi Minh City to complete the resolution that will be submitted to the National Assembly in May.

The Da Nang Financial Centre will be a specialised one focusing on non-bank financial institutions, focusing on the fields of payment and financial leasing. The city is striving to coordinate with ministries, departments and related agencies so that the centre will soon come into operation.

The financial centre will focus on groups of services: international finance serving imports for automated commercial zones, industrial parks and green financial services, financial technology (fintech), banking innovation, testing a sandbox institutional framework for digital assets.

A working session scene. Photo: M.QUE

Mr. Jinchang Lai, Principal Operations Officer, Asia and Pacific, Financial Institutions Group at IFC proposed Da Nang as a specialised financial centre.

In particular, there were some requirements for the financial centre: a high-quality overall business environment that meets international needs; ensuring the maintenance of information flow, human resources, finance, assets to meet the needs of administrative procedures for the headquarters; have a modern, open and market-enabling legal framework and financial services regulations and legal authorities; a reliable judicial system; have a team of experts in financial services and related ones; develop logistics and innovation in parallel; ensure related conditions.

Through the meeting, Mr. Jinchang Lai assessed that there has been much good progress in establishing an international financial center in Da Nang, and noted the need for back offices in the financial centre.

Reporting by MAI QUE - Translating by ANH THU