Da Nang has announced the establishment of a Preparatory Committee to oversee the management of the Vietnam International Financial Center in the city and has begun sending officials for training in financial hubs such as Singapore.

On the afternoon of July 2, Nguyen Van Quang, Member of the Party Central Committee and Secretary of the Da Nang Party Committee, chaired a working session with the joint venture of Terne Holdings and The One Destination to discuss strategic investment proposals and sign a memorandum of understanding (MOU) on the development of the Vietnam International Financial Center in Da Nang.

The MOU outlines key areas of cooperation, including policy research and proposals for special mechanisms to develop the Vietnam International Financial Center in Da Nang, with a focus on green finance, fintech, and trade finance. It also includes provisions for training and internships for Da Nang officials at major global financial centers.

The joint venture committed to long-term investment and support for the financial center’s development in Da Nang. They also pledged to actively implement licensed projects in the Da Nang International Financial Center and the Da Nang Free Trade Zone, promote Da Nang to global investors, and coordinate with authorities to attract multinational financial institutions to the city.

At the meeting, the joint venture awarded 10 scholarships to Da Nang officials for training at the National University of Singapore, Maybank’s commercial-investment division, and the InvestStream capital market technology platform in Singapore, expected to begin this August.

City leaders also presented the joint venture with an overview of Da Nang’s expanded potential and new development direction following its merger with Quang Nam Province. With a total administrative area now exceeding 6,200 km² and a population nearing 3 million, Da Nang stretches from central urban zones to coastal, midland, and mountainous regions, bordering Laos and directly linking to the East-West Economic Corridor.

The urban, industrial, services, and logistics spaces have been significantly expanded and interconnected. From Da Nang’s modern coastal city center to the Chu Lai open economic zone, Ky Ha deep-water port, Chu Lai international airport, and major industrial parks, a connected value chain has emerged - ready to attract both domestic and foreign investment.

Earlier, on July 1, Da Nang officially established the Preparatory Committee to manage the development of the Vietnam International Financial Center. Vice Secretary of the Da Nang Party Committee and Chairman of the People’s Committee, Luong Nguyen Minh Triet, was appointed as its head.

The committee is tasked with advising the city chairman on preparing infrastructure, human resources, and essential services for the center’s launch. It will also help plan and establish the future management agency of the financial center.

The Preparatory Committee will consult with both domestic and international experts, scholars, overseas Vietnamese, current and retired government officials, and educational institutions to fulfill its mandate effectively.

Hanh Nguyen