On August 28th, Da Nang City, in collaboration with the Central Policy and Strategy Committee and the Ministry of Finance, hosted the annual Vietnam Finance Forum 2025.
The forum was part of the Da Nang Finance and Technology Week 2025, held from August 28th to 30th.
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Developing Da Nang into a New International Financial Center
In his opening speech, Mr. Nguyen Thanh Nghi, Head of the Central Policy and Strategy Committee, emphasized that establishing an International Financial Center in Vietnam is a significant political decision and a strategic move by the Party and the State. Ho Chi Minh City and Da Nang are expediting the realization of this policy.
According to Mr. Nghi, the combination of three pillars: finance technology, blockchain, and semiconductors, during the Da Nang Finance and Technology Week 2025, aims to develop Da Nang into a new international financial center, fostering innovation and promoting the development of core technologies in Vietnam and the region.
As per the Central Committee’s strategic orientation, these fields are considered spearheads capable of bringing about breakthroughs. They will not only enhance Vietnam’s position on the international financial map but also contribute to building a modern knowledge-based economy for Da Nang and the country.
“With the synchronized and determined efforts of the entire political system, the support of the people, and the companionship of the business community and international friends, I believe Da Nang will excellently fulfill its economic and social development mission for the term 2025–2030,” said Mr. Nghi.
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Mr. Nguyen Van Quang, Secretary of the Da Nang Party Committee, shared that the city is actively coordinating with central ministries and agencies to finalize the draft decrees guiding the implementation of the National Assembly’s Resolution 222.
This includes the establishment of a decree on the formation of an International Financial Center in Da Nang, in conjunction with the realization of Resolution 57 of the Politburo on breakthrough strategies for science and technology development, innovation, and digital transformation.
These efforts aim to create a favorable legal framework to attract high-quality projects and resources for the International Financial Center.
“With a spirit of strong innovation for breakthroughs, Da Nang will be an ideal and reliable destination for organizations, businesses, and corporations, both domestic and foreign, to explore investment and business opportunities in the city,” affirmed Mr. Quang.
Positioning the International Financial Center in Da Nang
Ms. Nguyen Thi Bich Ngoc, Vice Minister of Finance, shared that the National Assembly’s Resolution on the International Financial Center established a two-destination center. Ho Chi Minh City serves as the hub for scale, while Da Nang has a specialized role. The core principle is to distribute roles, create synergy, and avoid replication.
Ms. Nguyen Thi Bich Ngoc, Vice Minister of Finance. Photo: TAN VIET
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According to Ms. Ngoc, Ho Chi Minh City will emphasize its role in broad and deep capital markets, including stocks, bonds, banking, investment, asset management, and listing services. Meanwhile, Da Nang will focus on niche markets and leverage its advantages as a coastal city with a port, airport, and the East-West Economic Corridor.
This positioning will enable Vietnam to operate a multi-center International Financial Center with Ho Chi Minh City providing depth in liquidity and Da Nang serving as a flexible and creative extension, closely linked to commerce, industry, and the Da Nang Free Trade Zone.
The International Financial Center in Da Nang will be deeply rooted in the region’s maritime industrial and service chain. Alongside the Free Trade Zone, Da Nang needs to offer a distinct product and service portfolio, differentiating itself from Ho Chi Minh City to fill the gaps in Vietnam’s market.
Ms. Ngoc suggested four pillars for the International Financial Center in Da Nang. The first is maritime finance, logistics, and insurance. The second is serving as a foundation for derivatives trading related to agricultural and aquatic products, metals, and ores in the Central and Central Highlands regions.
The third pillar is green finance, green bonds, carbon credits, and climate risk insurance for agricultural cultivation, turning the challenge of climate change into an opportunity to attract long-term capital.
The fourth is cross-border financial services for trade along the East-West Economic Corridor, such as electronic identification, green bills of lading, and cross-border payments within the framework of a controlled trial mechanism supervised according to international practices.
“These four focuses are not only economically significant for Da Nang but will also complement each other, forming a harmonious flow of goods, data, capital, and insurance, interconnected in a dynamic chain. This is the core of establishing and developing the Financial Center,” Ms. Ngoc analyzed.
Ms. Ngoc emphasized that building and developing the Financial Center requires three key elements: Trust, Standards, and Speed. Trust arises from independent adjudication, swift and transparent data execution.
Standards are achieved by applying and adhering to international rules and regulations intelligently. Speed results from political determination and disciplined implementation. “With these three elements, I believe Da Nang will undoubtedly succeed in developing the Financial Center,” Ms. Ngoc stated.
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Inauguration of the Advisory Council for the International Financial Center in Vietnam, Da Nang During the plenary session of the Vietnam Finance Forum 2025, Da Nang City introduced the Advisory Council for the development of the International Financial Center in Da Nang. The Council is chaired by Mr. Tran Dinh Thien, former President of the Vietnam Economics Institute. The Vice-Chair is Mr. Richard Dean McClellan, former Country Director of the Tony Blair Institute in Vietnam. The Council’s primary tasks include researching and advising the Chairman of the Da Nang People’s Committee on strategies and plans for the Financial Center’s development. They will also provide input on legal documents and the city’s planning related to the establishment of the International Financial Center, as well as offer suggestions on training programs for high-quality human resources and mechanisms to attract international experts and overseas Vietnamese intellectuals to work in the city. |
Tan Viet
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