The Draft Project for Building a Regional Financial Center in Da Nang shows that, in addition to political and legal foundations, favorable conditions in terms of geo-economic location, international connectivity, economic and technical infrastructure, and available planned land fund... Da Nang also relies on a series of convincing practical foundations.
In particular, the regional and international context is undergoing profound changes in the geopolitical situation, as well as competition between major economies. The development of science and technology, innovation in various fields is affecting investment trends, production and consumption. In addition, the impact of climate change, natural disasters, and epidemics in the past decade has also affected the investment and business strategies of international investors.
In that context, the global financial system is gradually reshaping. According to Da Nang's analysis, although "competition between countries to become financial and innovation centers is increasingly growing", the world is in need of a new financial center, different from existing financial centers to receive financial resources shifting from major financial centers such as London, Hong Kong (China), Singapore... The possibility of forming a new financial center in Asia - Pacific - which is considered the most dynamic economic center in the world today is increasingly evident.
Meanwhile, Vietnam is a bright spot in attracting investment and economic growth, while possessing many natural advantages and gradually converging the necessary factors to develop a modern financial market. Vietnam is located at the international crossroads between maritime routes from North to South, from East to West, the center of Southeast Asia; among the leading markets in the rate of application of future financial technologies, such as crypto assets, cryptocurrencies, fintech solutions, etc. Vietnam has a different time zone from the 21 largest financial centers in the world. This is a "unique and special" advantage in attracting idle capital during trading breaks from these centers.
Da Nang is a locality with its own advantages that are suitable for the investment needs of the international community. In terms of important geopolitical and economic position, it has high connectivity in international transportation. Da Nang not only has an international airport ranked as the best in the world located right in the city center, but also owns a living environment, urban infrastructure, tourism and resort services that are among the best in Vietnam, receiving the attention and appreciation of international financial investors to develop infrastructure and build world financial and entertainment centers similar to the models of Singapore, Dubai, etc.
The National Assembly has also just issued a Resolution (No. 136/2024/QH15 dated June 26, 2024) on organizing an urban government model and piloting a number of specific mechanisms and policies for the development of Da Nang City, opening up the prospect of developing Da Nang into a center for trading not only goods but also international services and technology.
Investors and international consulting organizations believe that Da Nang has the potential to develop and cooperate with other financial centers to take advantage of the current time zone, political stability, institutions, and macroeconomic conditions of Vietnam in general and Da Nang in particular, especially when combined with the Da Nang free trade zone, it will open up opportunities to develop international financial - trade and high-tech links to make Da Nang an investment - trade - financial - technological gateway of the country and region.
