The working sessions with Raffles Family Office Singapore and KPMG Singapore provided valuable information on the legal framework, operating model and factors to attract investment.
Raffles Family Office emphasizes that a transparent, complete and attractive legal framework is a key factor to attract investors. A diverse and synchronous financial ecosystem is also very important for Da Nang to compete with other financial centers in the world.
Raffles Family Office highly appreciates the development potential of Vietnam and the ASEAN region, but also noted that Vietnam needs to improve the licensing system, tax mechanism and coordination between banks to take advantage of this opportunity. Raffles Family Office also discussed the ability to connect investors in its network with suitable projects in Da Nang.
Next, the working group worked with KPMG Singapore (one of the world's leading auditing and consulting companies) to learn about the legal requirements, tax policies, auditing mechanisms and accounting necessary to build an effective financial center.
KPMG Singapore suggests that Da Nang can refer to the model of a financial center using a legal system based on English Common Law, English as the official language and the "one-stop" mechanism to simplify administrative procedures. Tax exemption for some specific financial sectors is also an important factor to attract international enterprises.
The two sides also discussed training human resources for experts in the field of financial management. Da Nang needs to prepare high-quality human resources and build soft infrastructure to meet market demand. Intensive training programs on finance and governance, intellectual property protection systems, high technology and artificial intelligence also need to be focused on.
The working sessions in Singapore opened up many cooperation opportunities, helping Da Nang access advanced models in the world. This is an important foundation for the city to build a modern, attractive and internationally competitive financial center.
The delegation also worked with the Bank of Singapore, a leading financial institution in the field of asset management. The Bank of Singapore highly appreciates the idea of making Da Nang a regional gateway for global financial services and emphasizes that attracting businesses to invest will attract the attention of financial institutions.
Da Nang has the advantage of hard and soft infrastructure, including transportation systems, airports, seaports, data centers, artificial intelligence and fiber optic cables. Da Nang is being ranked as one of the smart cities in Asia, which will help attract the attention of major financial institutions.
The Bank of Singapore also emphasized the importance of green finance and suggested that Vietnam should have a roadmap for modernization, greening of infrastructure and support policies for sustainable financial development. Da Nang has also demonstrated its commitment to a sustainable growth model by breaking ground on a green industrial park.
The Bank of Singapore assessed Vietnam as a potential market, but also noted that it is necessary to remove some challenges to attract international banks to open offices in Da Nang, Vietnam as well as access to domestic investment funds and more flexible foreign currency lending policies.
