Da Nang 'lays a nest to welcome eagles' into international financial center

Da Nang has prepared clean land funds, proposed competitive tax incentives, built seaport and transportation infrastructure, etc. to attract the world's leading investors to the international financial center.

According to Mr. Andy Khoo - General Director of Terne Holdings Group, Da Nang International Financial Center needs to focus on green finance - Photo: Contributor

Maximize investment resources for financial centers

On the afternoon of January 16, Da Nang held a workshop on developing an international financial center in Vietnam.

Speaking at the conference, Mr. Ho Ky Minh - Vice Chairman of the Da Nang People's Committee - said that the Politburo has issued conclusion notice No. 47 agreeing to the policy of establishing a regional and international financial center in Vietnam, including Da Nang city.

Regarding the model of developing an international financial center, Da Nang proposes to develop a multi-component ecosystem, focusing on 3 service groups.

Firstly, providing international financial services such as payment services, international trade, risk management and foreign exchange trading services, green financial services, including financial services associated with the development of the Da Nang Free Trade Zone.

The second is Fintech and TechFin services such as providing software and application platforms to perform payment services, crypto asset transactions, innovative solutions in the financial field based on artificial intelligence, big data, cloud computing, etc.

Third are investment support services, business development and utility services such as auditing, accounting, legal services, tax consulting, customs, resort services, conferences, casinos to create a diverse ecosystem, developing Da Nang towards the direction of a world financial and entertainment center.

"Currently, investors and international financial investment funds from the United States, Singapore, the Middle East, and Switzerland are very interested in developing the Da Nang financial center in the direction of innovation, green finance, financial technology, and trade finance," Mr. Minh informed.

According to Mr. Minh, Da Nang plans to mobilize maximum private investment resources, foreign-invested enterprises and state budget capital to invest in developing information technology infrastructure, databases, energy supply systems and technical infrastructure, connecting traffic infrastructure, and modern social infrastructure according to the smart urban model.

On the other hand, Da Nang city will work with strategic investors to study the possibility of participating in investing in infrastructure construction and developing a financial center complex and accompanying services in Da Nang.

In preparation for the construction and development of an international financial center in Da Nang, speaking further with the press, Mr. Tran Chi Cuong - Vice Chairman of Da Nang People's Committee - said that the city has arranged clean land with favorable connectivity and infrastructure to establish a complex, office, high-class resort and financial technology service area.

In the long term, Da Nang will study creating a new land fund to expand by 62 hectares to increase attractiveness to strategic investors and attract other investors to the Da Nang financial center.

Tax incentives are not enough, the legal framework must be transparent and favorable.

Giving advice to the Vietnamese Government on building an international financial center, Mr. Andy Khoo - General Director of Terne Holdings Group - said that learning from successful models such as Singapore, Dubai financial center... in the world is extremely important.

By leveraging Vietnam’s strengths and regional opportunities, the Da Nang International Financial Center should focus on green finance, trade finance and digital innovation. This will help the Da Nang International Financial Center create a clear differentiation.

Suggesting policies for Vietnam on building policies to attract global investors to international financial centers in Ho Chi Minh City and Da Nang, Dr. Andreas Baumgartner EMBS - Metis Institute - said that there should be preferential mechanisms. He gave an example of Dubai financial center having a very attractive corporate income tax policy with a rate of 0%. This is an important factor attracting businesses that want to expand their investment activities.

To succeed as an international financial center, according to Dr. Andreas Baumgartner, Vietnam needs a strong, transparent and trustworthy governance and legal environment.

"Incentive mechanisms should only be considered as an initial attraction tool, but for an international financial center to develop, Vietnam needs to provide a foundation including transparent governance, a favorable legal framework, advanced infrastructure and a seamless ecosystem, thereby promoting innovation and growth.

In addition, each international financial center needs to clearly identify priority areas and priority levels for each area. This helps to build focused incentive mechanisms that directly support the growth and development of industries," Dr. Andreas Baumgartner recommended.

Concluding the conference, Deputy Prime Minister Nguyen Hoa Binh emphasized that the suggestions of the consultants are very valuable for Vietnam.

The construction of two international financial centers in Ho Chi Minh City and Da Nang shows that Vietnam expects to become an important part of the world's development.

If we want to promote sustainable development and want people to have a happy life, a financial center is a strategic choice for Vietnam.

According to the Deputy Prime Minister, for an international financial center to be successful, it must have infrastructure and laws that are open, transparent, trustworthy and meet international standards.

Regarding human resources, the two cities need to prepare a team of experts to send to international financial centers around the world to learn from experience, ensuring that international financial centers in Ho Chi Minh City and Da Nang can operate.

Source: https://tuoitre.vn/da-nang-lot-o-don-dai-bang-vao-trung-tam-tai-chinh-quoc-te-20250116181915887.htm