Location-finished, priority is given to soft infrastructure
The official announcement of the International Financial Center (IFC) in Vietnam (on the morning of December 21) not only opens up a new development space for the economy, but also puts Da Nang at the center of the substantive implementation phase. With this coastal city, IFC is not stopping at a strategic vision, but is being promoted by specific steps, from Location clearance, infrastructure investment to perfecting the apparatus and opening the door to attract strategic investors.
After the National Assembly issued a resolution on IFC, the city's leaders clearly identified the key requirement as speed and quality of implementation. Financial centers must soon have an operating apparatus, have transaction activities and have accompanying investors. This viewpoint was thoroughly grasped in the working sessions of the Standing Committee of the City Party Committee, with the requirement for departments and branches to shift from "preparation" to "implementation", closely following the progress of each specific task.
According to the orientation, IFC Da Nang has a scale of about 300 hectares, closely linked with the Free Trade Zone to form an inter-regional financial - service - logistics - technology ecosystem. The initial operating headquarters is located at Software Park No. 2 (Hai Chau Ward), where the 20-storey building is being renovated and upgraded to meet the working requirements of management agencies, financial institutions and central members.
Notably, Da Nang does not focus on the construction of massive projects, but prioritizes investment in "soft infrastructure". The city focuses on developing digital infrastructure such as 5G network, server system, data storage, monitoring platform and integrated "one-stop" public service portal. According to the city's leaders, a modern financial center is not measured by the number of screening floors, but by the time for handling procedures, the level of convenience for investors and the ability to ensure information security in the digital financial era.
Enhancing the entire apparatus, attracting strategic investors
In parallel with the infrastructure, Da Nang has completed the IFC operating apparatus, with Mr. Ho Ky Minh - Permanent Vice Chairman of the City People's Committee concurrently holding the position of Chairman of the International Financial Center Executive Agency.
On the front of investment promotion, Da Nang proactively works with financial institutions, investment funds and international consulting organizations. The goal is to attract core partners - investors with financial potential, operational experience and global reputation - to participate in building IFCs infrastructure and ecosystem.
In addition, the city also actively approaches major financial centers around the world to learn about governance models, seek cooperation opportunities and position Da Nang's unique role in the financial network of the Asia-Pacific region. This approach shows that Da Nang does not expect to become a "copy" of major financial centers, but aims for a flexible model, suitable for Vietnam's conditions.
IFC means large capital flows, cross-border transactions and high liquidity. This also leads to risks of money laundering, cybersecurity and data protection. Da Nang has identified this as a "prestigious inspection certificate" right from the initial stage of operation.
The city is studying and implementing sandbox testing mechanisms for a number of new areas such as fintech, digital assets, and cross-border payments. The goal is to create space for innovation, while still ensuring system safety and compliance with international standards. The consistent principle is set out as "open the door but not loose", developing flexibly but closely with supervision.
