Da Nang consults on financial centre model in Singapore

As part of his ongoing business trip to Singapore, Secretary of the Da Nang Party Committee Nguyen Van Quang visited Portcullis Group on Wednesday.

The delegation of Da Nang officials (right) in a working session with Portcullis Group on experience in building a financial centre. Photo: WORKING DELEGATION

He informed that Da Nang is chosen to build an international financial centre, one of Viet Nam’s new development strategies, because the central coastal city has the advantage of connecting with economic centres of the country, the region and the world.

He, however, pointed out some challenges facing the city in building a legal framework and preferential policies, supporting appropriate investment, and meeting the needs of investors.

Secretary Quang, therefore, asked for a helping hand from Portcullis Group to provide consultation on a suitable model for the soon-to-be-developed Da Nang International Financial Centre.

Secretary of the Da Nang Party Committee Nguyen Van Quang (right) and a representative of Portcullis Group. Photo: WORKING DELEGATION

For his part, Mr. David Chong, Founder and President of Portcullis Group, commented that Viet Nam and Da Nang have great potential to become one of the major economic and financial centres in the region.

He recommended that Da Nang study the application of English common laws to activities in the International Financial Centre, and at the same time refer to the dispute resolution mechanism being implemented at the similar models in Hong Kong (China), Singapore, and Dubai.

The one-stop mechanism and the provision of investment support services are also among the issues that many investors are interested in when making investment decisions in international financial centres. In addition, Viet Nam in general and Da Nang in particular need to promote international cooperation with monetary management agencies and international judicial agencies, Mr. David Chong added.

Also, the two sides discussed the mechanism of capital flow, profit transfer to the host country, and experience in managing business operations in international financial centres and domestic markets.

Moreover, President of Portcullis Group David Chong suggested Da Nang continue to promote the development of the semiconductor industry and data centres, and, at the same time, call for investment in developing high-quality healthcare and tourism services based on its strength of abundant and skilled IT human resources.

Portcullis Group was established in 1984 and is one of the most established and trusted independent institutions for providing trustee services in Asia.

DA NANG Today