Da Nang delegation visits and works with US Financial Consulting Organization

DNO - On February 27 (local time), within the framework of a working trip to the United States, Standing Vice Chairman of the City People's Committee Ho Ky Minh and the Da Nang delegation visited and worked with the US financial consulting organization - Financial Services Volunteer Corps (FSVC) and the Permanent Mission of Vietnam to the United Nations in New York.

The city delegation led by Standing Vice Chairman of the City People's Committee Ho Ky Minh worked with the US financial consulting organization - Financial Services Volunteer Corps (FSVC). Photo: Provided by the delegation

Talking to FSVC, Standing Vice Chairman of the City People's Committee Ho Ky Minh introduced the city's potential and strengths in attracting investment in the international financial sector, quality human resources with English communication skills, favorable living environment and openness of the government...

The city has been participating with the Central Government in drafting a project to develop an international and regional financial center in Vietnam (expected to be in Ho Chi Minh City and Da Nang).

The model of Da Nang city's financial center focuses on 3 contents: forming an overseas financial service center (OFC - Oversea Financial Center) focusing on attracting international investors to establish financial institutions and organize markets to provide integrated offshore financial services in the domestic and regional currency and capital markets; developing Fintech financial technology; developing financial consulting services, ancillary activities serving financial activities in the financial center and other utility services.

Mr. Andrew Spindler, Chairman and CEO of FSVC, said that the three contents that Da Nang is focusing on are in the right direction and affirmed that this is a very important time to start implementing the construction of a financial center in Vietnam in general and Da Nang in particular.

The current trend is that financial centers are shifting towards Southeast Asia - a region with a population of nearly 700 million people and an economic scale of up to 3.64 trillion USD. This region is becoming a potential market for the development of the financial sector. In the region, besides Singapore, Vietnam is the country that has emerged as a place to attract investment.

FSVC also shared experiences in establishing and operating financial centers in Dubai, Moscow and Istanbul. On the Vietnamese side, FSVC recommended that there should be unification between the financial center models of Da Nang and Ho Chi Minh City to facilitate financial investors in Vietnam.

FSVC highly appreciates the development prospects of Da Nang and commits to cooperate to support the city in accessing financial institutions, financial resources, and appropriate solutions to realize the city's goals.

The Standing Vice Chairman of the City People's Committee acknowledged the valuable support of FSVC; at the same time, directed the city's professional agencies to organize an online meeting between the Da Nang City People's Committee, FSVC and important financial partners to specify the roadmap for implementing the financial center in Da Nang City right after this working trip to the United States.

Standing Vice Chairman of the City People's Committee Ho Ky Minh and the Da Nang delegation visited and worked with the Permanent Mission of Vietnam to the United Nations in New York. Photo: Provided by the delegation

* At the working session with the Permanent Delegation of Vietnam to the United Nations, Permanent Vice Chairman of the City People's Committee Ho Ky Minh introduced the socio-economic situation of Da Nang city in 2023 and the city's economic development orientations in the coming time.

The three main goals are to attract investment and promote cooperation in the fields of semiconductors and AI; to research and attract investment in the fields of financial centers and international seaports.

Ambassador Dang Hoa Giang, Head of the Permanent Mission of Vietnam to the United Nations, highly appreciated the efforts of the city government in recent times and introduced the main results of the delegation's activities and suggested proposals for cooperation and support for the city in attracting investment and cooperation between Da Nang and partners in the United States.

Standing Vice Chairman of the City People's Committee Ho Ky Minh (4th from left) takes a photo with the Permanent Delegation of Vietnam to the United Nations in New York. Photo: Provided by the delegation

In the context that semiconductor chips and clean energy are the two hottest fields today, Da Nang in particular and Vietnam in general can consider and research the integration of the two fields to attract investment, creating a premise for sustainable development in the future.

Regarding the construction of the Da Nang Financial Center, the delegation hopes to connect Da Nang city with management units and international financial centers in New York City.

Regarding the issue of attracting investment and developing international seaports, the delegation proposed to support the Da Nang city delegation to connect with major port management boards in New York and New Jersey to visit and exchange experiences in seaport operations.

The Vietnamese Mission to the United Nations also pledged to continue and increase support for Da Nang city in the development areas that the city needs, aiming to promote the comprehensive and sustainable development of the locality.

Source