Da Nang promotes cooperation with Maybank, Malaysia

During his working session on Tuesday with Maybank – the largest bank in Malaysia and one of the leading development banks in the ASEAN region, Secretary of the Da Nang Party Committee Nguyen Van Quang emphasized the goal of building Da Nang into an international financial centre based on innovation and a diverse and integrated business ecosystem with high-quality services.

Secretary of the Da Nang Party Committee Nguyen Van Quang (right) and a leader of Maybank

He added that Da Nang aimed to create a favourable environment for businesses operating in financial technology (fintech) as well as develop digital infrastructure and an innovation ecosystem.

Developing an international financial centre is a new model in Viet Nam, so the work requires careful research to develop a suitable project. The successful implementation of this model poses many challenges, especially when compared to international financial centrrs such as Dubai or Hong Kong – places that have a complete financial ecosystem and many years of experience.

However, Mr. Quang informed Da Nang’s favourable living environment, and developed infrastructure, so the city can become a new investment destination for businesses and investors.

The city expected to develop an international financial centre associated with a free trade zone that will create a flexible capital flow mechanism, form commodity exchanges, and promote international trade activities, he stated.

Mr. Quang noted that Da Nang is researching, building and proposing specific legal frameworks for the development of an international financial centre on the basis of maximising its advantages. One of the potential directions that Da Nang is researching is to focus on attracting small and medium-sized investment funds instead of just targeting large funds, thereby supporting the development of small and medium-sized enterprises – an important driving force of the economy.

The city leader also wished to attract investment in the fields of startups, innovation and modern infrastructure such as data centres and high-tech industrial projects. Therefore, he expressed his desire to receive advice from Maybank to build a suitable legal framework, ensuring benefits for both the city and investors, and creating momentum for the city’s sustainable development.

Secretary Quang took the opportunity to invite representatives of Maybank to visit Da Nang in the coming time to directly learn about the city’s development potential and investment opportunities.

Da Nang’s officials and Maybank representatives

In reply, Mr. Alvin Lee, Maybank Singapore’s Country Chief Executive, expressed his impression of Da Nang’s rapid growth in recent times, especially in urban infrastructure construction, economic development and investment attraction.

Da Nang is emerging as an important economic centre in Central Viet Nam, and boasts great potential for turning itself into a financial – technology centre of the region.

Maybank leaders highly appreciated Da Nang’s labour market advantage when possessing a young, abundant human resource and not depending on foreign labour. This is a strength compared to many other economic centres in the region.

The information technology sector is considered one of the city’s spearhead industries. Therefore, Maybank leaders stressed the need for the city to complete the technology ecosystem, train human resources, and develop digital infrastructure in order to maximise its available advantages.

Maybank pledged to assist the city in giving opinions on the project to build the Da Nang International Financial Centre, accompanying Da Nang in its development process, and providing financial support for technology and innovation projects, hereby helping the city realise its vision of becoming a leading financial and technological centre in the region.

DA NANG Today