Da Nang to look for breakthrough growth by boosting an IFC

Dang Dinh Duc, standing vice chairman of the Executive Agency of the Viet Nam International Financial Centre (VIFC) Da Nang (centre) introduces new office of the IFC to Deputy Prime Minister Nguyen Hoa Binh (left) at the opening ceremony of the centre in Da Nang City. Photo courtesy of Dang Dinh Du
 

The Viet Nam International Financial Centre (VIFC) Da Nang has been launched in the central city of Da Nang, marking the first centre of its kind in Viet Nam. Deputy Director of the Department of Finance Dang Dinh Duc, who is the standing vice chairman of the Executive Agency of VIFC Da Nang, shared with Viet Nam News his views on the future development of the centre.

How do you view the vision of the Viet Nam International Financial Centre (VIFC) Da Nang?

The establishment of an international financial centre in Da Nang City will help design the first-ever model for a new decade of development in the country’s rising era. The centre was launched in line with a series of potential development programmes after Da Nang successfully merged with the former Quang Nam Province, making it one of the largest urban areas in Viet Nam with a total area of 12,000sq.km and a population of 3 million.

It would create a major resource for infrastructure projects, including an urban railway system linked with satellite cities and future expansion needs.

Da Nang’s information technology industries, with six consecutive national annual smart city awards, provide a strong foundation for an international financial centre, supported by a 14-year track record reflected in its IT Readiness Index.

Newly built Da Nang Software Park No 2 offers a working space for the Viet Nam International Financial Centre (VIFC) Da Nang. The centre will be expanded to a land-cleared coastal area in 2026-27. VNS Photo - Cong Thanh

The beach city has been chosen as the first locality in Viet Nam to build the country’s first-ever Free Trade Zone, located at the centre of already developed IT centralised zones, industrial parks, hi-tech parks, an open economic zone and a luxury residential ecological system, serving the long-term vision of an international financial centre.

What is the city preparing for the operation of the VIFC Da Nang?

Da Nang City’s authorities have allocated infrastructure items and future development space for a standard international financial centre, while building links with partners and manpower training programmes. The Executive Agency has been set up at the newly built Da Nang Software Park No 2 in the city’s downtown area. It will offer a one-stop service for all procedures related to investment, finance, immigration, and residential registration for investors, experts and customers. All services will be implemented transparently at one time and in one place, creating the best conditions for businesses and investors.

A standing vice chairman of the city’s People’s Committee has been assigned to lead the VIFC Da Nang Executive Agency, demonstrating a strong commitment to supporting investors throughout the process, from initial ideas to setting up operations.

We will do all we can to make VIFC Da Nang a trusted and safe destination for investors in the finance sector, offering an environmentally friendly living space in the Asia-Pacific region.

What are the benefits of Da Nang after the introduction of the VIFC Da Nang?

The opening of the VIFC Da Nang will play one of the most important roles in serving the city’s sustainable development and act as a strategic breakthrough plan for the coming decades.

It would attract mainstream capital and substantial investment resources for the development of key strategic projects, including the FTZ, the urban railway system and a national model of a key urban area, with an estimated double-digit economic growth rate.

The establishment of the VIFC Da Nang would also ignite innovation through the emergence of venture capital funds, digital platforms, blockchain, data centres and a digital financial transaction centre, among others. It would provide a strong driving force for start-up ecosystems by enabling access to global capital sources, know-how and technology through linkages based in the city.

The VIFC Da Nang has been designed in conjunction with the development of the first-ever Da Nang FTZ under National Assembly Resolution No. 259/2025/QH15, creating a multi-sector ecosystem that includes trade, logistics, manufacturing and financial services. This means capital flows will not only circulate within the financial system but will also be channelled directly into manufacturing industries, import-export activities and innovation investment.

Can you share the location of the VIFC Da Nang?

The centre has been designed on a total area of 300ha, with smooth transport connections to the seaport and airport system, national key transport routes and already developed digital and IT infrastructure, alongside high-quality facilities and luxury residential services, offering favourable living and working conditions for international experts, investors and their families.

Currently, the centre’s main office is located on a 4,000sq.m site at Da Nang Software Park No. 2, before expanding to a cleared coastal area of 18ha in 2026–27. In the long term, the VIFC Da Nang will expand its space to include the FTZ, functional zones and industrial park areas.

The city will call for infrastructure investment from domestic and international groups, as well as from the private and public sectors, to develop an international financial complex with full infrastructure and services.

Any commitments or agreements signed with key strategic partners for the VIFC Da Nang?

The city has signed 20 memorandums of understanding with international financial institutions covering training, consultancy, communication, investment promotion, marketing and product development.

The VIFC Da Nang will focus on fintech, ‘green’ finance, supply chain financing and digital financial services backed by real assets. Its operations will be linked with innovation, ‘green’ transformation and infrastructure project development. Links have been established with international financial institutions such as Binance, Tether, Bybit, DTCpay and APEX Group.