Will a financial center help Da Nang become the 'Singapore, Hong Kong' of Asia?

Da Nang Free Trade Zone is being connected to Da Nang Financial Center – Photo: BD

Speaking to Tuoi Tre Online , Vice Chairman of the Da Nang People's Committee Tran Chi Cuong said the direction for the Da Nang Financial Center is being discussed.

Danang is surrounded by 500km radius of international financial centers.

Danang Financial Center will focus on three groups of subjects and service entities.

Specifically: Infrastructure investors and global international units operating in production, business and trade in Da Nang Free Trade Zone.

The second group is organizations and enterprises in concentrated information technology parks, high-tech parks, and national innovation centers.

Strategic investors, strategic partners; technology companies, large corporations in the fields of information technology, semiconductor industry and venture capital funds.

The final group is other international and domestic organizations and businesses.

Talking about the advantages of Da Nang to form a financial center, Mr. Tran Chi Cuong said that the geographical and geopolitical location are the highlights of Da Nang in the context of a small urban area.

“Compared to other localities, Da Nang’s land area and population are not large. That does not mean it cannot develop a financial center,” said Mr. Cuong.

Vice Chairman of Da Nang People's Committee Tran Chi Cuong spoke to the press about Da Nang Financial Center - Photo: BD

According to Mr. Tran Chi Cuong, within a radius of 500km, Da Nang is almost at the forefront, surrounded by major centers in Asia - Pacific. The flight and seaport systems are very convenient.

On the other hand, the international fiber optic cable system also has a shore cable station in Da Nang, similar to Hong Kong, Singapore... The completion of Da Nang's technical infrastructure, transportation, and technology is also quite good.

How is Danang different from other financial centers?

A financial center is a financial services ecosystem that concentrates many institutions such as finance, banks, investment funds, financial services companies and has stock, currency, and commodity exchanges. There are currently 121 financial centers in the world.

Ho Chi Minh City proposes to build a financial center in District 1 and the new urban area of ​​Thu Thiem.

Lien Chieu Port – the connection point to Da Nang Financial Center – Photo: BD

Meanwhile, Da Nang proposed to implement a multi-component ecosystem in the core area including lots A12, A13, A14, A15 (Vo Van Kiet Street) and the lot adjacent to Vo Nguyen Giap - Vo Van Kiet Street with an area of ​​over 6 hectares.

Da Nang has arranged a clean land fund of more than 15 hectares, one of the best locations in Vietnam, to establish a complex, office, high-class resort and financial technology service area.

In the long term, Da Nang will also study creating a new land fund to expand by 62 hectares to increase attractiveness to strategic investors, attracting other investors to the Da Nang Financial Center.

What services will Da Nang Financial Center develop?

According to the People's Committee of Da Nang City, the Da Nang Financial Center is a multi-component ecosystem consisting of development centers focusing on three service groups.

The first is international financial services such as payments, international trade, risk management and foreign exchange trading services, green financial services.

Second , fintech and techfin services provide software and application platforms to perform payment services; crypto asset transactions, innovative solutions in the financial sector based on artificial intelligence, big data, cloud computing, blockchain, etc.

The last group is investment support services, business development and utility services such as auditing, accounting, legal services, tax consulting, customs, resort services, conferences, high-end entertainment, rental, real estate valuation and related assets...

Source: https://tuoitre.vn/trung-tam-tai-chinh-lieu-co-giup-da-nang-thanh-nhung-singapore-hong-kong-cua-chau-a-20250118102628382.htm