On November 15, 2024, the Politburo issued Notice No. 47-TB/TW on the implementation of a project to develop a comprehensive international financial hub in Ho Chi Minh City and a regional financial centre in Da Nang.

Accordingly, the government's Party Civil Affairs Committee, the Standing Board of the Ho Chi Minh City Party Committee, and the Standing Board of the Da Nang Party Committee will be responsible for overseeing the study and release of specific plans, preparing resources to execute the project, as well as ensuring close cooperation and the clear assignment of tasks for central and local agencies.

The Politburo required relevant agencies, as well as the entire political system, to prioritise the project and asked that it be implemented in a drastic, comprehensive, and consistent manner in a strong, innovative spirit.

The Politburo’s Notice No.47 once again affirms the Central Government's interest in potential urban areas and facilitating some localities to make development breakthroughs, thereby creating a premise for the whole nation to reach out in the era of comprehensive integration with countries in the region and the world.

Particularly for Da Nang, the Notice once again proves that the directions, tasks and goals stated in the 12^th Politburo's Resolution No 43-NQ/TW regarding the city’s progress by 2030 with a vision toward 2045, issued 5 years ago, are still showing their vitality and strong spread in the political, economic and social life of the city, and in the central region and the country as a whole.

The directions, goals, tasks and solutions of the resolution are always closely followed by the Party Committee, government and people of the city in order to propose appropriate action programmes for implementation at each stage. The important thing to affirm is the consistency and continuity in the direction and support of specific policies and guidelines from the central ministries and branches, especially the Central Executive Committee and the Politburo of each term, to create conditions for Da Nang to effectively implement Resolution No. 43.

In 2024 alone, a series of important directives have been issued, including the Politburo’s Conclusion No. 79-KL/TW on continuing to implement Resolution No. 43, in which, the most prominent is the pilot construction of a free trade zone; a regional-scale international financial centre; developing Da Nang into an innovation start-up, and a high-tech centre of the whole country, and a regional centre for logistics, tourism, services, and high-quality human resource training in semiconductors and artificial intelligence; Resolution No. 136 of the National Assembly on the organisation of urban government and piloting a number of specific mechanisms and policies for the development of Da Nang to replace Resolution No. 119 of the 14^th National Assembly; and Resolution No. 169 of the Government on the Government's action programme to implement Conclusion No. 79-KL/TW.

These important documents have a special position and significance in the current and future development process of Da Nang; as well as are important political and legal basis, and a solid foundation to open up many new opportunities, motivations and specific policies to attract resources and effectively promote the city's potential and advantages. This, thereby, creates breakthroughs for the city’s sustainable development while contributing significantly to the rapid development of the country's economy.

Along with the abovementioned important documents, the Politburo’s Notice completes the appearance of a large-scale Da Nang in the near future in the spirit of Resolution No. 43-NQ/TW.

To become a regional financial centre, Da Nang must create a favourable business environment, connecting people, financial infrastructure and law. This is a very new and unprecedented issue, requiring careful research and multi-dimensional approach, taking full advantage of the experience of localities and countries that have gone before, and learning from experience while doing to promptly meet the requirements.

The immediate issue is to solve problems facing the city related to small economic scale, limited financial market, multi-faceted infrastructure and human resources.

However with its existing potential, Da Nang has its own advantages that are suitable for the investment needs of the international community.

Aside from its important geopolitical and economic position, high connectivity, modern living environment, and improved urban infrastructure, Da Nang is also recognised by international financial investors as a place with favourable conditions for infrastructure development and the construction of financial and entertainment centres similar to some successful models in the world.

On the path to becoming a regional financial centre, the Da Nang brand will also be on the international financial map, so the city will have the opportunity to attract corporations, financial institutions and global investors, contributing to enhancing the position of a developed city.

Reporting by NAI HIEN - Translating by M.DUNG