On the afternoon of August 28, the People's Committee of Da Nang held its first meeting with the Advisory Council for Vietnam’s International Financial Center (IFC).

Luong Nguyen Minh Triet, Chairman of the Da Nang People's Committee, stated that the meeting aimed to gather expert feedback to refine the Government’s draft Decree on establishing an international financial center. The goal is to clearly distinguish the development directions of the centers in Da Nang and Ho Chi Minh City, avoiding overlap and resource inefficiency.

The city’s leadership highlighted areas that still require expert consultation, especially concerning the legal model of the managing body.

According to Mr. Triet, the current draft Decree proposes establishing management and supervisory bodies under the city’s People's Committee, operating similarly to public service units. These bodies would utilize partial staffing and function as professional, transparent, and autonomous entities. They would be responsible for internal regulatory frameworks, attracting investment, and developing infrastructure.

Some experts recommended forming an independent governing body. However, such a body should function under a corporate model while being granted special authority to regulate activities within the financial center.

Additional issues requiring expert input include organizational structure, the authority of leadership positions, and compensation policies.

Dr. Can Van Luc, a member of the Government’s Economic Advisory Council, suggested that the draft should clarify how the center will compete with other regional markets. He also advised Da Nang to study successful international models.

Regarding development orientation, Dr. Luc proposed focusing on emerging sectors such as full digital banking, digital assets, and green finance to identify breakthrough solutions.

Do Van Su, Deputy Director General of the Foreign Investment Agency under the Ministry of Finance, shared that the ministry is drafting two separate decrees for the financial centers in Da Nang and Ho Chi Minh City. He emphasized the significant responsibility placed on the leaders of both cities to implement these policies.

“Our officials and leaders must be bold, willing to take risks, and accept responsibility,” Mr. Su said. “We expect Da Nang to take the lead in implementing the most ambitious and liberal policies.”

High-quality human resources are key

At the meeting, Nguyen Van Quang, Party Secretary of Da Nang, expressed appreciation for the expert contributions and hoped members of the council would support Da Nang in connecting with investors and financial institutions, and attracting top talent to work at the center.

“Developing an international financial center demands a highly skilled workforce. Therefore, we hope the council will recommend qualified professionals, especially those capable of managing and operating the center,” Mr. Quang emphasized. “Mechanisms can be created, but talent cannot.”

In addition to incorporating expert input for implementation planning, Mr. Quang urged the Advisory Council to work closely with the Ministry of Finance and the Ministry of Justice to finalize and present the decree on establishing the financial center.

One critical issue in the decree is to clearly delineate the functions and development orientations of the financial centers in Da Nang and Ho Chi Minh City to avoid duplication.

Mr. Quang affirmed that Da Nang is willing to undertake pioneering and complex initiatives, including piloting digital assets and carbon credit trading mechanisms. He stressed that Da Nang’s financial center must be tied to the Da Nang Free Trade Zone, which would serve as its competitive advantage and a key differentiator from Ho Chi Minh City’s financial center.

“We must build a flexible operational framework for the financial center’s governing body - one that strategic investors can trust,” he concluded.

Nguyen Hien