HCMC – Danang has proposed a series of policies and mechanisms to accelerate the development of a free trade zone and establish itself as one of Vietnam’s key international financial centers.
The proposals were presented during a working session on May 31 between National Assembly vice chairmen Nguyen Duc Hai and Tran Quang Phuong, along with the National Assembly Standing Committee’s delegation, and leaders from Danang and neighboring Quang Nam Province, Vietnam News Agency reported.
Vice chairman Nguyen Duc Hai urged Danang to quickly submit detailed proposals to the Government before seeking National Assembly approval. He also emphasized the need to create synergies between the proposed free trade zone and financial center, positioning them as unique competitive advantages for the city.
In the long term, he called for the development of a dedicated law governing free trade zones in Vietnam to ensure consistency across provinces.
Danang has already identified initial infrastructure for the financial center, including a 22-story building in the city’s Software Park No. 2 with a floor area of over 27,000 square meters, and 18 hectares of cleared land near the coast for future development.
The city also plans to expand its data infrastructure, with six operational Tier III-standard data centers and another under construction.
To develop talent, Danang has selected 26 civil servants and professionals from various sectors for training and internship at leading global financial centers. Over 300 officials have also completed their local training programs.
Danang has signed memoranda of understanding (MOU) with six international partners to support human resources development and investment attraction for the financial center.
The city is seeking National Assembly backing for a resolution officially recognizing HCMC and Danang as hosts of Vietnam’s future international financial centers. It also proposes that each city be guided by clear development priorities tailored to their respective strengths.
In addition, Danang is requesting exemptions from liability for public officials involved in the policy-making and implementation process, provided they act in good faith and without personal gain.
The city also wants to offer the highest level of investment incentives—proposing to extend corporate income tax exemptions from four to ten years and personal income tax breaks through 2035—to compete with global hubs like Dubai and Singapore.
