The Ministry of Planning and Investment is currently seeking feedback on the proposal to amend and supplement certain provisions of Resolution No. 119/2020 of the XIV National Assembly on the pilot implementation of the urban government and some specific mechanisms and policies for the development of Da Nang city.
Accordingly, the draft proposes to pilot the establishment of an International Financial Center in Da Nang city. This center operates based on the offshore financial center model. It is a separate financial area with open and highly competitive tax regulations and supervision, and all investors are treated as foreign enterprises. The People’s Council of Da Nang city has also decided to allow the city to experiment with the control of technology in the financial sector.
Leaders of Da Nang city working with the delegation from TheCityUK, United Kingdom
The pilot establishment of the International Financial Center in Da Nang city according to this model can be applied immediately to take advantage of Vietnam’s strengths, develop and research to limit potential risks from the development of international financial centers. Thereby, gradually moving towards the formation of a complete international financial center, creating opportunities to stimulate economic and social development for Vietnam in general and Da Nang city in particular if successfully built in the near future. In addition, the draft also proposes to pilot the establishment of a Free Trade Zone in Da Nang city associated with Lien Chieu Port, along with some specific mechanisms and policies, creating breakthrough development motivation for Da Nang city.
Mr. Ho Ky Minh, Vice Chairman of the People’s Committee of Da Nang city
At the working session, Mr. Andrew Oldland, Head of TheCityUK delegation on the International Financial Center, shared experiences in preparing for the establishment of the International Financial Center; recommended Da Nang city to focus on attracting and coordinating with strategic investors to develop the International Financial Center to achieve the goal of developing an international financial center in Da Nang as well as connecting well with the international financial center in Ho Chi Minh City in the future. Da Nang city needs to focus on infrastructure planning, urban modernization to support the development of the International Financial Center.
TheCityUK representative online exchange from Hanoi and London, United Kingdom
Mr. Ho Ky Minh, Vice Chairman of the People’s Committee of the city, requested TheCityUK’s support and connection with strategic investment corporations to invest in the construction of the International Financial Center in Da Nang city: “To be able to choose a appropriate model for the International Financial Center, operate effectively, we must study and consider many different perspectives. I hope that in the coming time, TheCityUK will coordinate with Da Nang. In addition to the funding from the UK Foreign Office, we need to continue to seek additional sources of funding, including international and Vietnamese sources, to have independent research reports proposing independent international financial center models for Vietnam as well as for Da Nang city”.
Ms. Abbie Cornish – International Operations Director and member of the IFC Vietnam Working Group
Da Nang will build an International Financial Center operating under the offshore financial center model
TheCityUK is an organization designated by the UK Government to implement a project supporting Vietnam in realizing the vision of developing Ho Chi Minh City into a regional financial and business center. TheCityUK will provide technical support to create an attractive business and legal environment in Vietnam for global investors and further enhance the bilateral relationship between the United Kingdom and Vietnam.
