International financial center in Da Nang must be associated with Free Trade Zone

Da Nang is ready to pioneer with strong policies?

On the afternoon of August 28, the People's Committee of Da Nang City held the first meeting with the Advisory Council of the Vietnam International Financial Center.

Chairman of the Da Nang People's Committee, Mr. Luong Nguyen Minh Triet, said that the meeting aimed to listen to the opinions of experts and council members to complete the draft Decree of the Government on the establishment of the International Financial Center in the direction of clearly defining the development orientation of the Financial Center in Da Nang City and in Ho Chi Minh City, ensuring no overlap and avoiding waste of resources.

The leaders of the City People's Committee suggested issues with different opinions that need to be consulted with experts. Specifically, regarding the legal status model of the executive agency.

The first meeting of Da Nang City leaders with the Advisory Council. Photo: NH

According to Mr. Triet, the current draft Decree stipulates that agencies will be established to manage and supervise the Financial Center according to a model similar to the public service units under the City People's Committee, using a part of the operating staff as specialized organizations, ensuring professionalism and transparency, autonomy in issuing internal regulations, attracting investment and building infrastructure.

Some opinions say that the formation of an independent executive agency is appropriate. However, these agencies need to operate according to the business model and at the same time have special powers in state management of activities in the International Financial Center.

In addition, issues related to organizational structure, authority of executive agency leaders, salary and bonus mechanisms... also need expert advice.

Dr. Can Van Luc, a member of the Government's Policy Advisory Council, said the draft needs to clarify some contents, such as how to improve the center's competitiveness compared to other markets in the region. The city should also refer to the experience of previous models in some countries.

Regarding the development orientation of the International Financial Center in Da Nang City, according to Mr. Luc, the city can consider a number of areas of interest such as fully digital banking, digital assets, green finance, etc. to find breakthrough solutions.

According to Dr. Can Van Luc, the International Financial Center in Da Nang can target areas such as fully digital banking, digital assets, and green finance. Photo: NH

Mr. Do Van Su, Deputy Director in charge of the Foreign Investment Agency ( Ministry of Finance ), said that the Ministry of Finance is drafting two decrees on the establishment of financial centers in Da Nang and Ho Chi Minh City. To implement and complete these two documents, the responsibility of the leaders of the two localities is very heavy.

Therefore, "the team of cadres and leaders must be bold, dare to do, dare to take responsibility", Mr. Su said and expressed: "We expect the biggest, strongest, most open policies to be pioneered by Da Nang City to implement".

High quality human resources are the key factor

Speaking at the meeting, Secretary of the Da Nang City Party Committee Nguyen Van Quang expressed his appreciation for the experts' contributions and hoped that the experts and council members, with their prestige, would help Da Nang City connect with investors and financial institutions, and attract many talented people to work at the center.

"The development of the International Financial Center requires a high level of human resources. Therefore, the City hopes that the members of the Advisory Council will introduce qualified human resources, especially human resources for managing and operating the Financial Center. This is the decisive factor for the success or failure of the center, because the mechanism can be created, but the people cannot" - the Secretary of the Da Nang City Party Committee emphasized.

Secretary of the Da Nang City Party Committee Nguyen Van Quang: "Da Nang City is ready to do new and difficult things." Photo: NH

Along with receiving opinions to have an implementation roadmap, Mr. Nguyen Van Quang suggested that the Advisory Council focus on coordinating with the Ministry of Finance and the Ministry of Justice to complete and submit the Decree on the establishment of the Financial Center.

In this decree, the major issue that needs to be clarified is the division of functions and development orientation of the Financial Center in Da Nang City with the Financial Center in Ho Chi Minh City, to avoid overlap.

The Secretary of the City Party Committee pledged that Da Nang City is ready to do new and difficult things, such as piloting digital assets or carbon credit trading mechanisms... On the other hand, the Financial Center in Da Nang will have to be linked to the Da Nang Free Trade Zone. This is a competitive advantage and a difference that needs to be clarified when distinguishing it from the Financial Center in Ho Chi Minh City.

"It is necessary to build an operating mechanism for the model of the Financial Center's executive agency, ensuring flexibility, where strategic investors place their trust," Mr. Quang noted.

Source: https://vietnamnet.vn/trung-tam-tai-chinh-quoc-te-tai-da-nang-phai-gan-voi-khu-thuong-mai-tu-do-2437360.html