Danang Prepares to Establish an International Financial Hub

The People’s Committee of Da Nang City has established a preparatory committee for the governing body of the Vietnam International Financial Center (IFC) with 27 members, led by Mr. Luong Nguyen Minh Triet, Chairman of the Da Nang People’s Committee.

In 2025, Da Nang will utilize a portion of the eight-story building in Software Park No. 2 as a temporary headquarters for the preparatory committee for the establishment of the IFC and related agencies and organizations. Also within this software park, by the end of 2025, a 22-story building with a total floor area of more than 27,000 m2 is expected to be completed. The project will serve as the initial technical infrastructure for the IFC, as well as a testing ground for advanced financial models such as digital assets and digital currencies, while also attracting investment funds and remittance funds.

Da Nang has also planned a 9.7-hectare site in the northwest of Thuan Phuoc Bridge (in the new Hai Chau Ward) to establish a Financial Technology Center, an important part of the digital finance ecosystem. In addition, another site covering 1.9 hectares in the southeast of Software Park No. 2 will be used for training and testing financial technologies.

Building the Core in Prime Coastal Location

During the period of 2025-2027, Da Nang will focus on attracting investments to build the core of the financial center and a complete financial ecosystem on cleared land along the coast.

According to the plan, there will be a landmark tower on the coastal tourist route of Vo Nguyen Giap Street at Lot A* (intersecting with Vo Van Kiet Street). With its seaside orientation, this tower will become an architectural symbol of the Vietnam IFC in Da Nang, integrating resort, conference, entertainment, and premium utilities for investors and international guests. Meanwhile, Lots A12, A13, A14, and A15 on Vo Van Kiet Street will be developed into a modern complex comprising offices, commercial spaces, and international-standard luxury apartments to serve financial experts and entrepreneurs.

From 2027 to 2030, Da Nang will continue to expand the scale of the IFC by planning the An Don Financial Street in the new An Hai Ward, covering an area of about 62 hectares. This area currently houses the An Don Industrial Park, but in the future, it will be transformed into a high-end financial and commercial complex, featuring integrated support services, international offices, five-star hotels, luxury apartments, and modern living spaces for specialists and businessmen.

Notably, in the long-term vision, a large-scale project involving land reclamation in Da Nang Bay with a total area of 1,500 hectares is taking shape. This project will create a system of artificial islands, adding approximately 48 kilometers of new coastline, offering the opportunity to develop a modern coastal city that combines the functions of a free trade area, an international financial center, and high-end resort, shopping, and entertainment services.

Human Resources for the International Finance Strategy

Da Nang has established a task force for researching and developing policies for the development of the IFC with 26 members. They have also selected 10 civil servants and officials who are graduates of foreign educational institutions with majors in finance, banking, and law to be sent for further studies and internships at major international financial centers such as Singapore, London, and Hong Kong.

Three training courses on international financial centers have been organized, with the participation of more than 300 officials and public employees from agencies, units, and localities in the area.

Da Nang has also assigned the University of Da Nang and other educational institutions to research and develop a comprehensive training program for high-quality human resources to serve the IFC. Member universities of the University of Da Nang have taken the lead in offering training programs to meet the demand for human resources for the center, including Fintech and International Business.

According to Associate Professor Dr. Doan Ngoc Phi Anh, Vice Rector of the University of Economics – University of Da Nang, which is in charge of developing the human resource proposal for the IFC, the university has added two new training majors this year to prepare human resources for the center: International Trade Law and International Transport Logistics. “In addition, we have also converted a number of majors to be taught entirely in English. Previously, the university had also enrolled students in related specialties such as Fintech, International Business, Digital Marketing, and E-commerce… and the first batch of students will soon graduate,” said Associate Professor Dr. Phi Anh.

According to Mr. Ho Quang Buu, Vice Chairman of the Da Nang People’s Committee, the city is also proposing to expand the scope and visa policies for international experts and investors.