Investments

Establishing an Advisory Board: Danang’s Hasty Preparations for the International Finance Center’s Operation

The Danang People's Committee has announced the formation of an advisory board to establish a Vietnamese International Finance Center in the city.

Administrator

24 August, 2025

The Da Nang People’s Committee has established a consulting council for the development of a Vietnamese International Financial Center, appointing prominent figures in finance and technology to key positions. This initiative aims to create a favorable environment for investors with simplified administrative procedures and a focus on innovative fields like AI, cloud computing, and blockchain technology.

The People’s Committee of Da Nang City has recently established a consulting council for the development of a Vietnamese International Financial Center, marking a significant step forward. This decision underscores the city’s commitment to creating a thriving financial hub, attracting top talent, and fostering economic growth.

Leading this endeavor is Mr. Tran Dinh Thien, a prominent figure in Vietnam’s economic landscape. As a member of the Prime Minister’s Policy Advisory Council and the National Monetary and Financial Policy Advisory Council, along with his former role as Director of the Vietnam Institute of Economics, Mr. Thien brings a wealth of experience and expertise to the table.

The vice-chairman of this council is Mr. Richard Dean McClellan, formerly the Country Director of the Tony Blair Institute in Vietnam. Mr. McClellan’s international perspective and expertise will be invaluable in shaping the financial center’s global appeal and connectivity.

Da Nang takes strides towards establishing a Vietnamese International Financial Center with a dedicated consulting council.

The council also comprises 15 other distinguished members, including prominent figures such as Mr. Truong Gia Binh, Chairman of FPT Corporation, Mr. Nguyen Trung Chinh, Chairman of CMC Corporation, Mr. Nguyen Tu Quang, CEO of BKAV, and Mr. Nguyen Duy Hung, Chairman of SSI Securities Corporation. This diverse group of individuals brings a wealth of knowledge and experience in finance and technology, ensuring a robust foundation for the financial center’s development.

The consulting council is tasked with providing research, advice, and recommendations to the Chairman of the Da Nang People’s Committee and the preparatory committee for the management and operation of the Vietnamese International Financial Center. They will offer insights on strategies, plans, governance models, and organizational structures, ensuring the center’s success and alignment with the city’s vision.

Additionally, the council will contribute to the legal framework by providing feedback and suggestions on relevant documents. This collaborative effort aims to establish a robust legal basis for the establishment and operation of the financial center in Da Nang…

At a conference held on August 2, 2025, to announce Resolution No. 222/2025/QH15 of the National Assembly on the International Financial Center in Vietnam, Mr. Nguyen Van Quang, Secretary of the Da Nang Party Committee, emphasized the city’s commitment to this initiative. He highlighted the comprehensive plan (Plan No. 671) that Da Nang has put in place to implement the resolution effectively. This plan outlines clear tasks, timelines, and responsibilities for various agencies and units involved in the process, demonstrating the city’s determination to establish a thriving international financial center.

Mr. Nguyen Van Quang, Secretary of the Da Nang Party Committee, expresses the city’s commitment to the International Financial Center project.

As part of their proactive approach, the city has reorganized the Steering Committee for the Development of the Da Nang Financial Center and initiated discussions to establish the International Financial Center Consulting Council. This council comprises 18 members representing key central agencies, including the Ministry of Finance, the Ministry of Science and Technology, the Ministry of Public Security, and the State Bank of Vietnam. This collaborative effort ensures a holistic approach to the center’s development.

Da Nang recognizes the critical role of a highly skilled and experienced international workforce in the success of the financial center. To that end, the city has been developing policies to attract and nurture top talent, including recent study trips to Singapore to learn from their renowned international financial center and financial institutions.

The city leadership is committed to establishing a competitive financial hub, as evidenced by their efforts to create an attractive employment package to draw talent from leading financial institutions in Europe, Singapore, Dubai, and the United States. By investing in a professional and internationally experienced team, Da Nang lays the foundation for the success of the Vietnamese International Financial Center.

Currently, the Ministry of Finance is seeking feedback on a draft decree for the establishment of the International Financial Center (IFC). The proposed decree outlines distinct functions and tasks for the IFCs in Ho Chi Minh City and Da Nang. According to the draft, the IFC in Da Nang will focus on developing green finance, commercial finance for small and medium-sized enterprises, innovative startups, and offshore financial services for non-resident organizations and individuals. It will also facilitate cross-border trade and services associated with free trade zones, high-tech parks, open economic zones, and industrial parks.

The IFC in Da Nang will embrace innovation by experimenting with new models in digital assets, digital money, and digital payments. It will establish new trading platforms and foster the growth of startups offering financial solutions in consumer, tourism, trade, and logistics sectors, particularly those linked to the Free Trade Zone. Additionally, the center will focus on attracting investment funds, remittance funds, and small and medium-sized fund management companies, further enhancing Da Nang’s appeal as a financial hub.

A key aspect of the IFC in Da Nang is its emphasis on innovative applications of strategic technologies, including artificial intelligence, cloud computing, quantum computing, big data, and blockchain. By leveraging these technologies, the center aims to create a competitive advantage and offer unparalleled services.

One of the draft decree’s central focuses is streamlining administrative procedures within the IFC to create a conducive environment for investors. The registration process for IFC members has been simplified, allowing investors to register through an online portal, postal services, or in person. The reviewing process is swift, with temporary approval granted within one working day of receiving a complete application, and a final decision made within seven days.

The registration requirements are straightforward, including basic documents such as business registration certificates, financial reports for the last three years, and a business plan. Organizations ranked in the Fortune 500 list are exempt from the registration process and will be automatically recognized as members, as per the drafters’ intention to attract prominent financial groups.

Tâm An

– 12:53 23/08/2025