Da Nang – Vietnam’s Open Hub for Global Financial Innovation: Experts
Strategic vision, flexible execution, and open cooperation will be crucial to shaping a sustainable monetary future for Vietnam in this age of transformation. New international monetary center to assist turn Vietnam into a crucial monetary gateway: Deputy PM. Da Nang proposes a pilot program for Tether transactions. Da Nang improves competent workforce advancement for international financial hub aspirations.
Vietnam is on the ideal track with its method to develop an International Financial Centre (IFC). Specialists both domestically and internationally have praised the choice to avoid focusing the initiative in a single location, choosing rather to develop a collaborated financial ecosystem anchored by Ho Chi Minh City – the country’s financial powerhouse – and Da Nang – the innovation-driven center of the central area. This functional zoning model aims to capitalize on the unique strengths of each area, promoting mutual assistance and balanced regional development. Vietnam has discussed the establishment of an IFC as part of its broader economic and monetary development strategies. Under Choice No. 2097/QD-TTg issued in 2021, the Prime Minister approved a roadmap for developing Vietnam’s monetary market through 2030, which included studying the establishment of an IFC in Ho Chi Minh City, ultimately expanding into an inter-regional model. In 2022, Ho Chi Minh City submitted a proposal to the Government, setting a target of becoming a leading financial center in ASEAN by 2030. Simultaneously, Da Nang launched its own initiatives focused on institutional experimentation, digital financial services, and regulatory sandbox models. In early 2024, Da Nang proposed its own IFC strategy, and on January 4, 2025, the Government issued Resolution No. 259/NQ-CP, officially designating Da Nang and Ho Chi Minh City as the two locations for developing and operating the global monetary center starting in 2025. The Ministry of Finance and the State Bank of Vietnam have since issued guidance to ensure local coordination and avoid overlapping efforts. According to Le Trung Chinh, Chairman of the Da Nang People’s Committee, after years of preparation, the Politburo has backed the dual-center model. Da Nang has already allocated land for the center, and if all goes smoothly, the National Assembly is expected to approve the legal framework for Vietnam’s IFC during its June session. Richard Dean McClellan, founder and CEO of RMAC Advisory, LLC, said Vietnam’s strategy of diversifying financial development across three metropolitan hubs – Hanoi, Ho Chi Minh City, and Da Nang – reflects a global trend towards decentralized financial environments. Under this model, Hanoi remains the seat of policymaking and governance, Ho Chi Minh City maintains its role as a financial and investment magnet, and Da Nang is positioned as a testbed for novel financial initiatives, strategically located in central Vietnam. Da Nang has become a key player in Vietnam’s financial innovation strategy. Its strategic location near major Asian financial centers, modern infrastructure, dynamic business environment, and high quality of life position it well to become a regional financial node. According to Associate Professor Dr. Dang Tung Lam from the Da Nang University of Economics under the University of Da Nang, plans to establish a free trade zone in Da Nang are a strategic step towards deeper industrial and financial integration.
