Da Nang ready to operate International Financial Centre by the end of this year

Mr. Can Van Luc, a member of the Advisory Council for the Establishment of the Da Nang International Financial Centre, speaks at the council’s first meeting – Photo: B.D.

Speaking with Tuoi Tre Online, leaders of the Da Nang People’s Committee said that a city delegation had recently visited several countries in Europe, Singapore, Dubai and others to study the operations of existing financial centres.

The city is currently developing a financial mechanism to recruit talent from Europe, Singapore, Dubai, the United States and other markets to work in Da Nang.

Attracting top talent to work in Da Nang

According to the Da Nang People’s Committee, immediately after the National Assembly adopted Resolution No. 222 on the financial centre, Da Nang developed and issued a comprehensive implementation plan, clearly setting out the roadmap, assigning specific tasks to each agency, and defining implementation timelines.

To date, many important tasks have been completed within a short time frame, such as consolidating the Steering Committee for the Establishment and Development of Da Nang Financial Centre and announcing the advisory council.

At the end of September, Chairman of the Da Nang People’s Committee Pham Duc An signed a plan on secondment and personnel assignment to pilot the operation of agencies under the Viet Nam International Financial Centre in Da Nang.

In addition to key government leaders, the pilot operating apparatus also consists of experienced experts from entities such as banks, financial institutions and the courts.

In recent months, delegations from leadership level down to specialised departments of various municipal agencies have travelled to multiple countries around the world to conduct on-site studies of financial centres.
 

A working delegation from the Ministry of Science and Technology and the Da Nang People’s Committee inspects Software Park No. 2 – Photo: B.D.

Most recently, an investment promotion conference for Viet Nam’s Financial Centre was organised by the Ministry of Finance in coordination with the Da Nang People’s Committee and the Embassy of Viet Nam in Germany. Earlier, a Da Nang leadership delegation also visited Dubai, Singapore, the UAE and other locations.

In Da Nang itself, many of the world’s leading financial groups and global banks have registered to work, meet and express their interest in investing in the financial centre.

According to a leader of the Da Nang People’s Committee, human resources for key positions at the financial centre are currently the most critical concern. At a recent meeting, former Da Nang Party Secretary Nguyen Van Quang noted that the number of people in Viet Nam who are truly capable of working in an international financial centre is still limited.

Therefore, Da Nang is developing mechanisms to recruit personnel from major financial institutions in Europe, Singapore, Dubai, the United States and other markets to work in the city.

Da Nang International Financial Centre to be operational by late 2025

The Da Nang People’s Committee is now focusing on accelerating progress on the financial centre, with the target of launching it by the end of this year.

According to the People’s Committee, Da Nang has zoned and reserved prime land plots right in the city centre to receive strategic investors.

In the immediate term, a 22–storey building in Software Park No. 2, with a total floor area of more than 27,000 m², is ready to welcome investors and organisations.

In the longer term, Da Nang will develop a proposal for the Da Nang Bay Urban Area project of nearly 1,500 hectares, of which more than 280 hectares are expected to be allocated for the development and provision of commercial financial services and digital financial services.
 

Da Nang allocates multiple coastal land plots for projects serving the Da Nang International Financial Centre – Photo: B.D.

Notably, in early October, the Ministry of Science and Technology issued a plan to develop digital infrastructure to support the operation of Viet Nam’s International Financial Centres in Da Nang and Ho Chi Minh City. Both centres will be fully covered by 5G networks and will be ready to deploy 6G according to actual demand.

Da Nang is also allocating substantial resources to develop major projects in data centres, telecommunications infrastructure, ground satellite infrastructure, as well as semiconductor and artificial intelligence projects, with the participation of many large global corporations.

“As of now, in addition to the six memoranda of understanding signed before Resolution No. 222 of the National Assembly was adopted, Da Nang has cooperated with 16 international strategic partners, including global financial institutions, banks, technology companies and investment funds, to invest in the financial centre,” a leader of the Da Nang People’s Committee said.

Who will be the key personnel of the Da Nang International Financial Centre?

At meetings on the progress of the international financial centre, leaders of the Da Nang People’s Committee have repeatedly emphasised that the city is relying on major international partners to help recruit top talent.

“We have worked with the Association of Vietnamese Intellectuals in the UK and Ireland and the Association of Young Vietnamese Entrepreneurs in Europe to seek their support in connecting and inviting Vietnamese professionals abroad to return and work, taking on management and executive roles at the financial centre.

The city is also contacting and negotiating to attract foreign experts with strong capabilities and experience to assume positions such as Chief Operating Officer at the Centre’s management body and Director of the dispute resolution agency,” a Da Nang leader shared.