As part of their ongoing working trip in the United Arab Emirates (UAE), the delegation of Da Nang’s officials, led by municipal Party Committee Secretary Nguyen Van Quang, had working sessions with leaders of Dubai CommerCity and the Habib Al Mulla & Partners on Friday.

A working session between Da Nang's officials and Dubai CommerCity leaders in progress

During his meeting with leaders of the Dubai CommerCity, Secretary Quang said that Da Nang is the first locality in Viet Nam to pilot the construction of a Free Trade Zone. Along with Ho Chi Minh City, Da Nang is chosen as the location to develop the International Financial Center model.

He added that the experiences shared by Dubai CommerCity representatives were the basis for the city to develop a Free Trade Zone associated with exploiting relevant services at the International Financial Center.

He also asked for help from leaders of Dubai CommerCity to introduce more UAE businesses and investors to visit, study and expand business and investment activities in Viet Nam.

Secretary of the Da Nang Party Committee Nguyen Van Quang and a representative of the Board of Directors of the Dubai CommerCity

Dubai CommerCity is the first and leading free zone dedicated exclusively to digital commerce in the Middle East Africa and South Asia (MEASA) region. The free zone is perfectly placed to benefit from the expected digital commerce growth in the region that is outpacing the global growth average.

Dubai CommerCity provides a unique digital commerce ecosystem and a comprehensive turnkey digital commerce solution for businesses to run effectively and seamlessly. 

The Da Nang delegation took a souvenir photo with the Dubai CommerCity leaders.

During their working trip to Dubai, Secretary Quang and the city delegation paid a visit to the Habib Al Mulla & Partners to learn about the legal system, jurisdictional mechanisms and business support policies at the Dubai International Financial Center (DIFC).

The Da Nang delegation took a souvenir photo with representatives of Habib Al Mulla & Partners.

The Da Nang delegation learned about the strict legal framework of DIFC, ensuring transparency and compliance with international law. One of the important factors that helps DIFC attract businesses is the tax exemption and reduction mechanism, creating a favorable environment for business and investment activities. The independent court system at DIFC operates under Common Law, with a team of international judges from many countries. The judgments of DIFC courts are recognized and enforced throughout Dubai and the UAE, ensuring strong and consistent legality.

Secretary of the Da Nang Party Committee Nguyen Van Quang and a representative of Habib Al Mulla & Partners. Photo: Working Group

To implement this model, in 2004, the UAE reformed the Constitution and changed federal law. Habib Al Mulla, a distinguished legal luminary who played a pivotal role in modernizing the UAE's legal framework to align with international best practices, said that the special feature of the UAE legal system is the combination of Civil Law and Common Law, which requires close cooperation between domestic and international courts. The UAE has established a mechanism for DIFC court judgments to be recognized throughout the UAE, helping to increase stability and investor confidence.

Currently, DIFC is focusing on developing a digital asset management system with clear legal regulations, ensuring investors' ownership and inheritance of assets. DIFC is also at the forefront of updating and publicizing legal information on online platforms, and consulting law firms before making any changes.

Since 2017, DIFC has been moving towards a paperless government, digitizing all administrative processes. In addition, DIFC has a mechanism for quick procedure settlement, helping businesses save time when conducting legal and commercial transactions. During the working session, the delegation discussed in depth the dispute resolution system, the judicial mechanism and the operation of DIFC.

These experiences are an important basis for Da Nang to research and apply in building a Free Trade and Finance Center in Da Nang in the near future. The working trip opened up many opportunities for Da Nang to access advanced models and expand cooperation with partners, thereby creating a foundation for the city to develop an attractive, transparent and effective investment environment.

Reporting by Working Delegation – Translating by M.DUNG