Da Nang to becomes the financial center of Central Vietnam

At the end of 2020, the representative of the Ministry of Planning and Investment proposed to build Da Nang city into a regional financial center with an investment of VND 47,000 billion according to Document 8919/BKHDT-KTĐPLT dated December 31st, 2020 by the Minister of Planning and Investment Nguyen Chi Dung.

Da Nang set the goal to “build a regional administrative center” in attracting and transmitting capital to the economy. In addition, Da Nang also proposes a number of fields that should have policies and incentives to attract set up business in Da Nang, Vietnam in the financial sector, creative startups, human resource training, and attract high-quality human resources.

The People’s Committee of Da Nang city also proposed to develop a project that includes many investment projects in many fields, focusing on the project of the complex of commercial financial centers with entertainment areas, casino and luxury apartment (under the list of key projects to attract investment in the period of 2021 – 2025) to be established and built on a total area of about 8.4 ha on Vo Van Kiet street with an investment of about VND 47,000 billion mobilized by investors.

Da Nang has the goal of building to become one of the major socio-economic centers of the country and Southeast Asia, as a center of entrepreneurship, innovation, tourism, commerce, finance, logistics, high-tech industry, IT, supporting industries to be established. Besides being located in central Vietnam and being a city directly under the Central Government for 24 years, Da Nang is the place that has high-quality human resources in the Central and Central Highlands.

In addition, the Ministry of Planning and Investment stated that “Vietnam has a different time zone from the 21 largest global financial centers. This is a unique and special advantage in attracting idle capital flows during the transaction break from these centers”.

In addition, Da Nang is the city with the largest economic scale in the Central Region, with the highest growth rate and GDP scale in the top of the country, ranking 8/63 provinces city in terms of economic density, ranking 9/63 in budget revenues.

Da Nang is oriented to develop into a modern, smart ecological city, a worthy city to live with the advantage of asynchronous infrastructure system of sea, road, and airway. There is a 3-hour flight distance with dynamic economies such as Bangkok, Malaysia, Singapore, Manila, Taiwan, Guangzhou, and Hong Kong.

Under normal conditions, Da Nang International Airport operates with nearly 500 international flights per week, operated with 25 airlines, connecting to 35 cities of 9 countries and territories; The number of international passengers passing through Da Nang International Airport increased at the fastest speed in the region. It is expected that by 2030, Da Nang international airport will be expanded with a capacity of about 30 million passengers/year.

With the above advantages, Da Nang hopes to soon become the financial center of Central, Vietnam, and Southeast Asia, expecting foreign investors to set up company and obtain investment certificate in Vietnam.