As part of their ongoing working trip to the US, a delegation of Da Nang’s officials, led by municipal People’s Committee Vice Chairman Ho Ky Minh, paid visits to the Financial Services Volunteer Corps (FSVC) and the Permanent Mission of Viet Nam to the United Nations in New York.

The Da Nang delegation, led by Vice Chairman of the Da Nang People's Committee Ho Ky Minh, works with the American financial consulting organisation - Financial Services Volunteer Corps (FSVC). Photo courtesy of the delegation

At FSVC, Vice Chairman Minh briefed the organisation’s leaders on his city's potential and strengths in attracting investment in the international financial sector, quality human resources, favourable living environment, and the open government.

He revealed that the city leaders has been participating with the central government in developing a draft of a project to develop international and regional financial centers in Viet Nam (expected in Ho Chi Minh City and Da Nang).

Accordingly, the Da Nang Financial Centre model will focus on forming an Oversea Financial Centre (OFC) specialising in attracting international investors to establish financial institutions and market organisations providing financial offshore services that integrate services in the domestic and regional currency and capital markets.

Also, the model will pay special attention to developing Fintech financial technology, financial consulting services, supporting activities serving financial activities in the financial centre, and other utility services.

For his part, Mr. Andrew Spindler, President and CEO of FSVC, affirmed that Da Nang’s abovementioned orientations are in the right direction. He also noted this is a very important time to start building a financial centre in Da Nang, and Viet Nam as a whole.

The current trend is a shift of financial centres towards Southeast Asia - a region with a population of nearly 700 million people and an economic scale of up to US$3.64 trillion. The region is becoming a potential market for the development of the financial sector. In the region, besides Singapore, Viet Nam has been emerging as a magnet for attracting foreign direct investment (FDI).

During the meeting with Da Nang’s leaders, FSVC also shared its valuable experience in establishing and operating financial centres in Dubai, Moscow and Istanbul. As for Viet Nam, FSVC recommended that there should be unification between the financial centre models of Da Nang and Ho Chi Minh City to facilitate financial investors operating in Viet Nam.

FSVC highly appreciated Da Nang's development prospects, pledging to cooperate and support the city in accessing financial institutions and resources, and appropriate solutions to realise its goals.

Mr. Minh acknowledged the valuable support of FSVC. At the same time, he directed the city's specialised agencies to organise an online meeting between the People's Committee of Da Nang, FSVC and important financial partners to concretise the roadmap for the establishment of the financial centre in the city right after the working trip to the US.

Vice Chairman of the Da Nang People's Committee Ho Ky Minh has a working session with the Permanent Mission of Viet Nam to the United Nations in New York. Photo courtesy of the delegation

During his meeting with the Permanent Delegation of Viet Nam to the United Nations, Vice Chairman Minh introduced the city’s economic development orientations in the near future, with concentration on promoting cooperation in semiconductor and AI, and attracting investment financial centres and international seaports.

Ambassador Dang Hoa Giang, Head of the Permanent Mission of Viet Nam to the United Nations introduced the main results of the delegation's activities to the Da Nang delegation. He also suggested proposals to support the city in attracting investment and boosting cooperation with US partners.

In the context that semiconductor chips and clean energy are the two "hottest" fields, Da Nang in particular and Viet Nam in general can consider and research the integration of the two fields to attract investment, thereby creating a premise for sustainable development in the future, Mr. Giang remarked.

Ambassador Giang said that the Permanent Mission of Viet Nam to the United Nations will connect Da Nang with management units and international financial centres in New York to support the establishment of a financial centre.

He also proposed to facilitate Da Nang to connect with management boards of major port in New York and New Jersey to visit and exchange experience in seaport operation in the time to come.

The Vietnamese delegation to the United Nations also pledged to give a helping hand to the central city in implementing its priority goals, aiming to promote the city's comprehensive and sustainable development.

​Reporting by PV - Translating by M.DUNG