Central hub calls for international investment in finance, hi-tech industries

Da Nang — Casting a wide net for global capital, the central city is calling on international partners to invest in the development of an International Finance Centre, fintech, semiconductor and artificial intelligence (AI), hi-tech industries, innovation and digital transformation, as it seeks to position Da Nang as a preferred rendezvous for green finance, fintech, innovation and hi-tech industries in the Asia-Pacific region.

Vice Chairman of the city’s People’s Committee Hồ Quang Buu made the remarks during discussions and sharing sessions at the investment promotion exchange event titled Da Nang – A New Hub for Green Capital and Digital Finance, held with participation from the city’s leadership and partners in Switzerland. He said Da Nang aims to build long-term strategic partnerships with international financial organisations and investors.

He added that the city will focus on establishing strong ties with key partners to meet sustainable development goals and to work hand in hand on innovation-driven cooperation under a long-term vision.
 

“Da Nang has been designed as a national centre of hi-tech industries, innovation, luxury services and a destination for international green finance, hosting green capital flows and the carbon credit market,” Buu said.

“The city has offered clear investment opportunities in key transport infrastructure projects, including urban rail routes, Chu Lai Airport, quantum technology and fintech. Da Nang has launched the Vietnam International Financial Centre, the first financial centre model in Vietnam, and the city urges more site visits by international financial institutions and hi-tech investors to Da Nang in seeking deeper cooperation.”

Alexander De Croo, former Prime Minister of Belgium and Director-General of the United Nations Development Programme, highly appreciated Vietnam’s decision to establish an International Financial Centre, saying it would create an effective channel for mobilising capital for green growth and sustainable infrastructure development plans.

He also confirmed the UNDP’s partnership with Vietnam and Da Nang City in boosting sustainable finance, innovation and inclusive growth.
 

An International Finance Centre is launched at Da Nang City's Software Park No 2. It's the first ever IFC model in Vietnam in making Da Nang a favourite rendezvous of ‘green’ finance, FinTech, innovations and hi-tech industries in Asia-Pacific region. VNS Photo Cong Thanh.

The Governor of the Japan Bank for International Cooperation, Nobumitsu Hayashi, applauded Vietnam’s achievements in growth and reform and the launch of an International Financial Centre in Da Nang City.

He also stressed Da Nang’s role as a key urban centre in Vietnam for the establishment of an International Financial Centre and reaffirmed JBIC’s support programmes for Vietnam and Da Nang in infrastructure projects, green transformation, digitalisation and green finance as the country works towards its 2050 carbon neutrality target.

Luca Tagliaretti, Executive Director of the EU Cybersecurity Competence Centre, raised concerns over building a laboratory for research and development in electronic technology in Da Nang.

Zhang Ying, President of Singularity Academy, said she expected Da Nang to become an attractive destination for investment, education and innovation and that the academy would seek closer cooperation with the city in the coming period.

Representatives of Citi Group, Vauban Infrastructure Partner, SwissCham Asia, Cambridge Ventures, Swiss FinTech Association and Tether, a blockchain-enabled platform, also expressed interest in the development of International Financial Centres in Vietnam, as well as start-up and fintech projects in Da Nang City, alongside support and cooperation programmes for the city.
 

An engineer works at an electronic manufacture factory in Da Nang City Hi-tech Park. The city has called for investment from international partners in hi-tech industries, finance, semiconductor&AI. Photo courtesy of Quang Huy
 

The city’s leadership also held working sessions with Yubico, a global cybersecurity company, the Lithuanian Cryptocurrency Economic Organization, which represents Lithuania’s fintech and blockchain ecosystem, and Coinbase of the United States, one of the world’s largest digital asset exchanges, to build and monitor the digital asset market and provide consultancy on developing an International Financial Centre in Da Nang.

Da Nang has extended invitations to partners to attend the Economic, Financial and Technology Forum in the city in July.

Vice Chairman Buu said that 40 organisations and partners have registered to participate in the development of an International Financial Centre in Da Nang City.

Last year, Da Nang signed a trilateral memorandum of understanding on the development of the Da Nang International Financial Centre with Consessor AG, a Swiss strategic advisory firm focusing on internationalisation and market entry, and VinaCapital Group during the World Economic Forum in Switzerland.

The city introduced 12 key organisations and financial institutions as members of the Da Nang International Financial Centre, including Makara Capital Vietnam Holding, Bybit Technology Vietnam, Da Nang Fintech Lab, Siglaw IFC, DTC Pay Vietnam, APEX Vietnam IFC Services, Valverde Investment Partners, Misa Novafinx and Remi Tech.

It has set a target of having at least five financial technology businesses with annual revenues of more than VNĐ1 trillion, equivalent to US$40 million, and at least two or three of them employing 1,000 people by the end of 2030.