The idea of Vietnam establishing a world-class IFC is no longer just a vision; it is now a nationally endorsed initiative with the full support of the Politburo. This ambitious project, with Da Nang and Ho Chi Minh City at the helm, was officially launched in January and is well on its way to gaining National Assembly approval.
At a hybrid conference on May 20, chaired by Permanent Deputy Prime Minister Nguyen Hoa Binh, Mr. Rich McClellan, Global Ambassador of Terne Holdings and former Founding Country Director of the Tony Blair Institute for Global Change in Vietnam, posed a critical question: What is our vision for the IFC we are building?
Over the past decade, the most successful IFCs have not been limited to a single location. Instead, they have evolved as multi-node ecosystems, with different cities working together, each contributing their unique strengths and advantages.
Learning from Global Success Stories
Mr. McClellan encouraged policymakers and investors to think beyond a single-city model and look at global precedents for inspiration. He highlighted the UAE, China, and the UK as successful examples of this multi-hub approach. Dubai and Abu Dhabi, Shanghai and Shenzhen, each bring something unique to the table, and Vietnam can apply the same logic to its financial centers.
“It’s about reducing risks, spreading economic opportunities, and creating an environment that fosters innovation,” Mr. McClellan emphasized, stressing that this strategy also aligns with Vietnam’s ambitions for emerging market reclassification, attracting billions of dollars in institutional funding.
A multi-node financial system also ensures resilience, safeguarding against geographic, demographic, and infrastructure constraints.
Da Nang: A Natural Choice
Mr. McClellan highlighted Da Nang as a city with the natural strengths and advantages to play a crucial role in Vietnam’s IFC strategy. Its geographical position at the heart of the East-West Economic Corridor connects Vietnam to Laos, Thailand, and Myanmar, making it a unique gateway for logistics and finance in the Greater Mekong Subregion.
Da Nang already boasts impressive infrastructure, including the Lien Chieu deep-sea port, an international airport, a hi-tech park, and a planned Free Trade Zone, offering a platform for trade, finance, and innovation rarely seen outside Hanoi or Ho Chi Minh City.
The city produces over 22,000 university graduates annually, including in technology, international business, and finance, ensuring a talented and skilled workforce for financial services. Lower operating costs further enhance Da Nang’s competitiveness.
Da Nang also offers the space and flexibility that larger cities may lack, with zoning flexibility, room for development, and a proactive local government experienced in implementing reforms quickly. This makes it ideal for hosting pilot programs and special financial regimes.
“Da Nang provides access to 14 provinces in central Vietnam,” Mr. McClellan noted, underscoring the city’s strategic location and its potential for national impact.
Complementing Ho Chi Minh City
Da Nang’s role is not to mirror Ho Chi Minh City’s financial functions but to complement them. Mr. McClellan highlighted several areas where Da Nang can make a distinct and high-impact contribution.
He envisioned Da Nang as a regulatory and innovation testbed, a center for green finance, and a clearing and financing hub for key commodities. With its vibrant startup ecosystem, Da Nang could also become a financial hub for tech and digital services, providing accelerators, early-stage capital, and cross-border investment channels.
A System of Complementary Strengths
In conclusion, Mr. McClellan emphasized that Vietnam’s IFC should be viewed as a system, not just a zone, with Da Nang and Ho Chi Minh City working together, each bringing their unique strengths. Da Nang is not a competitor but a complementary enabler, offering balance, specialization, and a platform for bold ideas.
Mr. McClellan highlighted the city’s readiness, with investor interest, engaged local leadership, and developing infrastructure. He urged support for a model that leverages both cities, each playing a distinct role in shaping Vietnam’s financial future.
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