Da Nang signs strategic MOU with Terne Holdings and The One Destination, aiming to position itself as Vietnam’s next financial hub.

The National Assembly (NA) on June 27 adopted the resolution on the International Financial Centre (IFC) in Vietnam, with 438 out of 447 legislators voting in favour, representing 91.63% of all NA deputies.

The National Assembly debated a bold plan to establish financial hubs in HCMC and Da Nang with advanced regulatory frameworks.

Vietnam’s upcoming international financial center will follow a “one center, two destinations” model, operating jointly from Ho Chi Minh City and Da Nang.

HCM City is stepping up efforts to fulfill key conditions for the establishment of an international financial centre, seen as a strategic move to deepen Vietnam’s integration with global financial markets.

Vietnam could redefine its international financial center by positioning Ho Chi Minh City and Da Nang as complementary nodes in a shared financial ecosystem.

Prime Minister Pham Minh Chinh emphasized that establishing an international financial center in Vietnam is crucial and must be pursued with determination to support rapid and sustainable national development.

The establishment of an international financial centre is expected to serve as a catalyst to accelerate the city’s transformation and position it for breakthrough growth in the coming years.

Inspired by DIFC, Vietnam plans a 9.2ha international financial center in Thu Thiem to elevate its global economic role.

Vietnam will establish a single international financial center spanning Ho Chi Minh City and Da Nang, under one unified policy framework.

Rather than competing with Singapore or Hong Kong, Vietnam’s new IFCs will focus on green finance, fintech, offshore services, and regional fund management.

A proposal to create a business-friendly, globally connected financial district sparks new dialogue on economic reform.

VN does not need to choose between a specialised or a comprehensive regional financial centre but can instead adopt a flexible approach to seize opportunities, said Dr. Ho Quoc Tuan, Senior Lecturer in Finance-Accounting at the University of Bristol.

Vietnam is planning financial centers with special real estate policies, including longer land leases and relaxed foreign ownership rules. The proposals aim to attract global investors but face scrutiny over potential risks of market instability.

The Politburo has given the green light for a project to develop a regional financial centre in Da Nang and assigned relevant agencies to develop a special policy framework.

Da Nang is laying the groundwork to establish a financial hub that integrates green finance, fintech, and trade finance to attract global investors.

Nguyen Van Nen, Party Secretary of Ho Chi Minh City, has been assigned to lead the development of a regional and international financial center, aiming to position the city as a global economic hub.