At an online working session with Andrew Oldland, head of TheCityUK’s IFC working group, Minh briefed the guest on the IFC project in Da Nang, where all investors will be considered foreign businesses.

At the online working session. (Photo: VNA)

The centre is expected to create momentum for socio-economic development of Vietnam and Da Nang city in particular, enabling them to join the global economic value chain at a higher level, and advancing their position in the international arena, he said.

The project also features the proposal to pilot a free trade zone in the city association with Lien Chieu Port, and some special mechanisms and policies for local development, the official continued.

He appealed to TheCityUK to coordinate with Da Nang in seeking more funding sources for IFC research in the city and Vietnam at large.

Minh suggested TheCityUK connect with corporations and strategic investors in building IFCs in Da Nang and HCM City, and with the world’s leading financial institutions in establishing economic organisations in the centres.

For his part, Oldland noted that Da Nang should focus on financial activities, and the building of mechanisms and institutional frameworks during project preparation to ensure the operational efficiency of the centre once it is formed.

The UK government has appointed TheCityUK to support Vietnam’s goal of developing a regional financial and business centre in HCM City, according to the British Embassy in Hanoi.

In partnership with the UK government, TheCityUK will provide technical support to help create a business and regulatory environment in Vietnam that is attractive to global investors and to further strengthen bilateral ties between the UK and Vietnam.