The city of Da Nang has announced the formation of a Preparatory Committee tasked with overseeing the development of the Vietnam International Financial Center and is beginning to send officials to receive training in global financial hubs, including Singapore.
On July 2, Nguyen Van Quang, a member of the Party Central Committee and the Secretary of the Da Nang Party, led a meeting with representatives from Terne Holdings and The One Destination. The purpose was to discuss investment strategies and sign a memorandum of understanding (MOU) regarding the establishment of the Vietnam International Financial Center in Da Nang.
This MOU specifies crucial cooperation areas, focusing on policy exploration and proposals for unique mechanisms to enhance the Vietnam International Financial Center in Da Nang. It emphasizes green finance, fintech, and trade finance and includes plans for training and internships for Da Nang officials at prominent global financial hubs.
The joint venture has committed to long-term investments and support for developing the financial center. They also aim to implement approved projects within the Da Nang International Financial Center and the Da Nang Free Trade Zone, promote the city to international investors, and collaborate with local authorities to attract global financial institutions.
During the meeting, the joint venture awarded ten scholarships to Da Nang officials for training at the National University of Singapore, as well as in Maybank’s commercial-investment division and the InvestStream capital market technology platform in Singapore, which is set to begin this August.
City officials highlighted the expanded opportunities and new development paths for Da Nang after its integration with Quang Nam Province. The administrative area now exceeds 6,200 km², and the population approaches 3 million, with the city extending from urban centers to coastal, midland, and mountainous areas bordering Laos and linking directly to the East-West Economic Corridor.
Significant growth has occurred in urban, industrial, service, and logistics sectors, creating an interconnected framework. From Da Nang’s contemporary coastal city center to the Chu Lai open economic zone, Ky Ha deep-water port, Chu Lai international airport, and substantial industrial zones, a cohesive value chain has developed, ready to attract both domestic and international investments.
Previously, on July 1, Da Nang officially established the Preparatory Committee to facilitate the development of the Vietnam International Financial Center, appointing Luong Nguyen Minh Triet, Vice Secretary of the Da Nang Party Committee and Chairman of the People’s Committee, as its leader.
This committee is responsible for advising the city chairman on preparing the necessary infrastructure, human resources, and services required for the center’s launch while also planning the management agency for the financial center in the future.
The Preparatory Committee will consult with a variety of domestic and international experts, scholars, overseas Vietnamese, current and former government officials, and educational institutions to effectively accomplish its goals.