The APEC Viet Nam International Commercial Arbitration (VICA) Centre has introduced its branch centre in the central city to promote commercial arbitration and mediation support activities for businesses and investors with dispute settlement in central Viet Nam.
Director of the city’s Department of Science and Technology Nguyen Thanh Hong said the establishment of the centre plays an important role in fulfilling the city’s legal ecological system and leading to the founding of an International Finance Centre (IFC) in Da Nang.
Chairman and General Director of the APEC VICA Da Nang branch Do Van Chuoc said the centre will boost cooperation with the on-building IFC and expand activities in Da Nang and neighbouring provinces and cities in central Viet Nam.
It is a positive step in providing legal settlement for trade and intellectual property disputes as well as improving transparency and publicity, and building trust among global investors, he said.
Da Nang has been seeking cooperation from partners in Europe, the UK, Switzerland, the UAE and the US in building the first ever IFC, including international finance human resources education and training.
The city, which has been designed as a hub for green finance, financial technology and digital services, is planning a 9.7ha site to develop 33 fintech services and an additional land fund of 62ha for the IFC's infrastructure development to attract investors.
A series of Memorandums of Understanding were signed on educational cooperation and developing Da Nang's IFC between partners including Makara Capital, Newtechco Group, Deutsche Bank Viet Nam, United Oversea Bank, JP Morgan Chase, Terne Holdings, TMC Academy Singapore, Yuan Ze University in Taiwan, the Institute of Chartered Accountants in England and Wales and the Viet Nam Blockchain Association.
