HCMC – Financial institutions and investment funds from the U.S., the Middle East, and Switzerland have shown interest in transforming Danang City into a regional financial center.
At a conference on establishment of an international financial hub in Vietnam, the Danang People’s Committee signed agreements with Makara Capital, Terne Holdings, and the Vietnam Blockchain Association. These agreements aim to create specialized policies, attract investors, and develop a skilled workforce to support the city’s vision.
Ali Ijaz Ahmad, chairman of Makara Capital, highlighted Danang’s potential to become an “Asian Silicon Valley.” Having spent two years studying Vietnam’s sectors, Ahmad committed to significant investments in the city’s startups and innovation, emphasizing the importance of robust policies to protect businesses and intellectual property.
The financial hub will prioritize financial innovation, green finance, and technology. Ho Ky Minh, vice chairman of the Danang People’s Committee, pointed to the city’s strategic location within the Indo-Pacific corridor, urban infrastructure, and tourism resources as ideal for integrating traditional financial services with technology and entertainment.
Planned developments include a financial and entertainment zone spanning six hectares on Vo Van Kiet and Vo Nguyen Giap streets, and a fintech innovation park covering 9.7 hectares near Thuan Phuoc Bridge. These zones aim to foster a multi-dimensional ecosystem combining international payments, green finance, and fintech services.
Focus areas will include blockchain, artificial intelligence, and cloud computing. The initiative will also provide incubation spaces for fintech startups and offer support services such as legal, tax, and accounting consultations.
Deputy Minister of Planning and Investment Do Thanh Trung emphasized the need for a tailored legal framework and phased implementation to ensure the success of the financial center.
This initiative aligns with Vietnam’s broader strategy to boost financial competitiveness. Similar plans are underway in HCMC to establish a comprehensive international financial hub. Danang’s location and infrastructure position it as a key gateway for trade, finance, and technology in the region, Minh added.
