Within the framework of their business trip in Singapore, the delegation of Da Nang officials, led by municipal Party Committee Secretary Nguyen Van Quang, recently visited the Monetary Authority of Singapore (MAS).

The city delegation (right) worked with representatives of the Monetary Authority of Singapore (MAS). Photo: WORKING DELEGATION

Sharing new drivers of the city’s economic growth, including the establishment of international financial centre and free trade zone, with MAS leaders, Secretary Quang asked for help from the MAS Board of Directors to share experiences in developing, operating and supervising the activities of the Singaporean international financial centre.

Currently, Da Nang is researching and building a legal framework in line with the practices of international financial centres, thereby ensuring the goal of attracting effective investment while stabilising the macro economy, he added.

Secretary of the Da Nang Party Committee Nguyen Van Quang (right) and a representative of the Monetary Authority of Singapore (MAS). Photo: WORKING DELEGATION

Mr. Leong Sing Chiong, Deputy Managing Director at MAS, assessed that with the leading economic growth rate in ASEAN, Viet Nam possessed great potential to become a financial centre of the region and the world.

Based on the recent achievements, the bilateral cooperation relationship between Viet Nam and Singapore, especially in the financial field, will continue to be strengthened.

The MAS representative said that the financial sector was one of the pillars of the Singapore economy, contributing 14% of Singapore's GDP, and accounting for 5% of the total workforce of the entire economy.

Secretary of the Da Nang Party Committee Nguyen Van Quang (right) and a representative of the Monetary Authority of Singapore (MAS). Photo: WORKING DELEGATION

In order to promote the development of the financial market, Singapore maximises five strengths: the advantage of its geographical location as a gateway to the Asian region, with high connectivity; a transparent, clear, and fair legal framework; a complete financial ecosystem and ancillary services; abundant high-quality human resources; and regularly updated management regulations to adapt to market changes.

Regarding the development of the Da Nang Financial Centre, Mr. Leong Sing Chiong recommended that Da Nang should focus on defining specific goals; developing high-quality human resources; improving the expertise and skills of workers; and at the same time issuing policies to attract foreign experts; and increasing the application of advanced technology solutions in financial activities.

Representatives of Da Nang and the Monetary Authority of Singapore (MAS) posing for a group photo. Photo: WORKING DELEGATION

He also stressed the necessity for Da Nang to set up a close cooperative relationship between the management agency and members of the international financial centre.

Also at the meeting, the two sides discussed in detail the contents related to the cross-border data management mechanism, and capital flow management. The visit opened up many opportunities for more comprehensive cooperation between Da Nang and MAS in the coming time.

Reporting by Working delegation - Translating by M.DUNG, PTRA