Why has Da Nang been chosen as the location for the International Financial Centre?

Following the directive of General Secretary To Lam on unlocking all resources for development and the determination of the Government led by Prime Minister Pham Minh Chinh, the entire political system is focusing its efforts on implementing this groundbreaking project.

In particular, the selection of Da Nang as the location for the International Financial Centre, alongside Ho Chi Minh City (following the “one centre, two destinations” model), stems from its superior advantages and the clear strategic direction of the Party and State.

Da Nang was chosen not by chance, but as a strategic decision based on its key geographical location in the central region, a hub connecting the north and south, and a gateway to the East–West Economic Corridor.

It boasts the Lien Chieu deep-water seaport and an international airport directly connecting to 35 cities in 11 countries and territories. This young, modern city is highly regarded by international investors for its business environment and quality of life; it is also a renowned tourist centre, attracting millions of international visitors annually.

Unlike Ho Chi Minh City, which focuses on being a comprehensive financial centre, Da Nang is positioned as a specialised centre for innovation, green and sustainable finance, fintech, and a sandbox for testing new financial models (such as digital assets, asset tokenisation, and carbon trading).

This not only leverages the advantages of the existing digital technology ecosystem (software parks) but also creates complementarity and healthy competition, promoting economic development in the Central–Central Highlands region, contributing to balanced development between regions, and successfully implementing the Party’s Resolution on building Da Nang into a major economic and financial centre of the country.

Initial positive results of the Viet Nam International Finance Centre in Da Nang City

With the decisive direction of the Da Nang City Party Committee and People’s Committee, the implementation of the Viet Nam International Finance Centre (VIFC) in the city has achieved important initial results, creating a solid foundation for the centre to operate effectively soon, attract foreign investment, and promote socio-economic development of the city and the country.

From the very beginning, the People’s Committee of Da Nang City perfected the organisational structure and issued fundamental regulations on the functions, tasks, and working procedures of the VIFC–Da Nang (VIFC–DN) Executive Office.

The city promptly deployed and appointed key leadership personnel; seconded 21 civil servants and officials according to Plan 86/KH-UBND; and signed a contract with an experienced expert – the former CEO of an International Finance Centre – to serve as the Director of the Member Board. Operating funds for 2026 were allocated 275.8 billion VND from the local budget.

The opening ceremony of VIFC in Da Nang on January 9, 2026, at Software Park No. 2, with over 4,000m² of modern space, high-speed internet infrastructure, 5G network, and advanced data system, marked a turning point.

The 20-storey building (over 27,000m² of floor space) built to green and smart standards will be completed and put into operation in the second quarter of 2026. The integrated one-stop system is already operational and synchronously connected with the national system.

VIFC–DN’s external relations activities were highlighted by two delegations attending the WEF Davos 2026 and the Asian Financial Forum in Hong Kong (China).

To date, the centre has received 85 letters of interest, issued certificates to 12 investors, granted approvals to 11 investors, and supported nine other applications. VIFC–DN also connects three centrally-governed provinces, mobilising international capital for key projects.

Regarding the legal framework, VIFC–DN is closely coordinating with VIFC Ho Chi Minh City to finalise the operating regulations and issue temporary guidelines for the member registration process. The city is currently seeking opinions from ministries and agencies regarding banking licensing, fund management, sandboxes, and exchanges.

Recruitment efforts are being intensified through a special recruitment announcement and a collaboration with the School of Management and Economics – Chinese University of Hong Kong (China) to establish a Fintech and Sustainable Finance Academy.

In the coming period, the Da Nang City People’s Committee will focus on implementing the VIFC Steering Committee’s 2026 Action Plan, promoting the planning of a comprehensive infrastructure (technical, digital, and social) according to international standards; building a modern financial ecosystem with at least two to three specialised trading platforms (digital assets, tokenisation in a sandbox), a pilot carbon trading centre, and a commodity exchange. Recruitment and training of personnel will be accelerated, with deeper cooperation with Ho Chi Minh City on legal matters and shared data.

At the working session on February 28, 2026, Prime Minister Pham Minh Chinh directed: “High ideological understanding, strong determination, great effort, decisive action,” assigning the Ministry of Finance and the State Bank of Viet Nam to closely cooperate and research new, specialised financial products; the Ministry of Public Security and the Ministry of National Defence to ensure cybersecurity and national defence; and other ministries and agencies to support technical standards and streamline the organisational structure.

The Prime Minister emphasised that transparency and the rule of law are guarantees of international credibility, and also requested proactive proposals for unique and superior mechanisms to compete with Singapore and Hong Kong (China).

With the wise leadership of the Party, the decisive direction of the Government, and the efforts of the Da Nang authorities, along with the intelligence and experience of domestic and international experts, the International Finance Centre in Da Nang is expected to certainly soon become a reality, making a significant contribution to Viet Nam’s deep integration, creating new momentum for the sustainable development of the central region and the entire country in the new era – the era of the rising strength of the Vietnamese nation.