Da Nang positioned as a new international financial hub

Nguyen Van Quang, Party Secretary of Da Nang

At a July 4 voter meeting, Mr. Nguyen Van Quang, Party Secretary of Da Nang, emphasised this groundbreaking move, calling it the first time in the world that an IFC will operate across two locations with clearly defined roles.

While Ho Chi Minh City will host traditional financial services, including stock exchanges and major banks, Da Nang will focus on next-generation finance: digital finance, green finance, and innovative sectors aligned with the global shift toward sustainability.

To support this vision, Da Nang has merged with Quang Nam province, forming the largest centrally governed city in Vietnam, covering nearly 12,000 km² and home to over 3 million people. The city has also adopted a new two-tier governance model, aimed at ensuring more responsive, democratic local leadership.

Scene of the voter meeting

Despite concerns over Da Nang’s current infrastructure, the city has gained growing interest from international investors. Leaders stress that seizing this opportunity requires clear understanding, decisive action, and strategic policy-making.

In addition, Da Nang is pioneering new economic models, including Vietnam’s first free trade zone, positioning itself as a driver of breakthrough reforms for Central Vietnam and the nation as a whole.

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