Consult on how the Danang Financial Center works

Standing Vice Chairman of the City People's Committee Ho Ky Minh (middle) discussed at the meeting. Photo: M.QUE

Standing Vice Chairman of the City People's Committee Ho Ky Minh said that in the draft resolution of the National Assembly, the Da Nang Financial Center will use Anglo-American Law (Common Law) and resolve disputes according to the judgment of the international court, the language used is English.

The Ministry of Finance - the agency in charge of the project to build a regional and international financial center in Vietnam - is coordinating with ministries, branches, and two localities, Da Nang City and Ho Chi Minh City, to complete the resolution and submit it to the National Assembly at the session next May.

The Da Nang Financial Center will be a specialized financial center, focusing on non-bank financial institutions, focusing on payment and financial leasing. The city is striving and coordinating with ministries, departments and branches so that the financial center will soon be operational.

The financial center will focus on two groups of services: international finance serving imports for automated commercial zones, industrial zones and green financial services, financial technology (fintech), banking innovation, and testing a sandbox institutional framework for digital assets.

Working session scene. Photo: M.QUE

Mr. Jinchang Lai, Head of Financial Infrastructure, Financial Institutions Advisory, Asia and Pacific (IFC) proposed Da Nang as a specialized financial center.

Among them, some requirements for the financial center: high-quality overall business environment and meeting international needs; ensuring the maintenance of information flow, human resources, finance, assets... meeting the needs of administrative procedures for the headquarters; having a modern, open legal framework and creating conditions for the market with regulations and legal agencies for financial services; a reliable judicial system; having a team of experts in financial services and related services; developing logistics in parallel, innovation; ensuring related conditions.

During the meeting, Mr. Jinchang Lai assessed that there has been much good progress in establishing an international financial center in Da Nang, and noted the need for back offices in the financial center.

CINNAMON

Source: https://baodanang.vn/kinhte/202504/tham-van-cach-thuc-hoat-dong-cua-trung-tam-tai-chinh-da-nang-4004683/