The project on building a regional and international financial center in Vietnam was submitted by the Party Committee - Ministry of Planning and Investment, and has just been approved in principle by the Politburo. Thus, the comprehensive international financial center will be located in Ho Chi Minh City and the regional financial center in Da Nang City.
In the project of the Ministry of Planning and Investment, Da Nang has proposed to implement a multi-component ecosystem in the core area including lots A12, A13, A14, A15 on Vo Van Kiet Street and lot A* adjacent to Vo Nguyen Giap and Vo Van Kiet Streets with an area of over 6 hectares. In addition, it is possible to expand into a financial district, a geographical area located in Da Nang Industrial Park with an area of about 62 hectares. At the same time, develop a Financial Technology Center in the land northwest of the road leading to Thuan Phuoc Bridge with an area of 9.7 hectares. The above areas are identified as core spaces, focusing resources on developing financial centers, and can be adjusted and expanded in each phase.
However, a regional or international financial center is not simply infrastructure, but most importantly, the mechanism and institutional framework suitable for operations.
In the world, there are many cities that build beautiful financial centers with high-rise buildings, but without institutional frameworks and financial activities that attract companies, they will not make a difference in the international financial market. Therefore, in building a Regional Financial Center, Da Nang will study and learn from existing international and regional financial center models in the world such as financial centers following the natural model of London, New York... The reform and modernization model, based on a systematic strategy and going through each level from low to high of the financial center (Singapore, Shanghai, Hong Kong (China)...) and an independent and specialized model, immediately applying highly open policies, separate and specific breakthrough mechanisms, in separate geographical areas, according to a new, modern model (Dubai, Abu Dhabi of the UAE, Astana of Kazakhstan)...
It is known that the Financial Center in Da Nang will operate under the model of an offshore financial center. This model can be applied immediately to take advantage of Vietnam's current advantages. This is a separate financial area with open and highly competitive regulations on taxes, supervision and regulation. Investors are all considered foreign enterprises.
This model aims to establish a separate financial sector with open and competitive tax and regulatory regulations, weakly linked to domestic financial markets that are still in the process of capital account liberalization.
According to the People's Committee of Da Nang City, the construction and operation of the Regional Financial Center requires a long time, at least 5 years. In order to choose a suitable model and operate effectively, it is necessary to study from many different perspectives in the process of building the model as well as institutions, policies...
General goal of building a regional and international financial center in Vietnam:
Developing the financial market to effectively mobilize resources and financial services to serve the socio-economic development of localities with financial markets in particular and Vietnam in general in the direction of ensuring transparency, efficiency, modernity, advancement, and keeping up with international standards; promoting Vietnam's deep participation in the world economy.
