Danang’s Vision: A Leap Towards an International Financial Center

By Chau Anh
Sat, August 30, 2025 | 12:10 PM GMT+7

Danang is strategically positioning itself as a key player in Vietnam’s financial landscape by signing multiple Memoranda of Understanding (MoUs) with both international and domestic partners. These partnerships aim to propel the development of Vietnam’s International Financial Center (IFC) in the central city, marking a significant milestone in the country’s financial evolution.

Partnerships for Growth

The MoUs were formally exchanged during the Vietnam Finance Forum 2025, which took place on August 28, showcasing the city’s commitment to harnessing financial partnerships for sustainable economic growth. A notable collaboration has been established with Vietcombank, one of the “Big 4” banks in Vietnam. This partnership aims to attract investments into the IFC, bolster enterprise support for navigating the local investment environment, and enhance the overall business climate.

Vietcombank’s role extends beyond merely facilitating investments; it will also connect Danang with various financial institutions, investment funds, and prospective investors. This is critical in establishing a vibrant financial ecosystem that fosters innovation and engagement in the region.

Pioneering Digital Finance

The journey toward a cutting-edge financial center will also be fortified through collaboration with Saigon Securities Inc. (SSI). SSI will assist Danang in developing regulatory frameworks for digital assets and blockchain technologies. By attracting not just financial institutions but also tech firms and investment funds, this partnership will significantly shape the city’s financial landscape.

Additionally, VNPAY, a prominent player in Vietnam’s fintech landscape, has stepped in to enhance Danang’s digital payment infrastructure. Their focus will be on providing comprehensive digital payment solutions to businesses and consumers alike, coupled with support in communication, promotion, and training. This initiative will pave the way for businesses to adopt modern payment solutions, aligning with global standards.

Ushering in Blockchain Innovations

Another noteworthy collaboration involves Tether Operations S.A. de C.V., known for issuing USDT, the world’s leading stablecoin. Under this MoU, both entities will explore mechanisms and policies regarding Bitcoin, blockchain, and peer-to-peer technologies. They will also work on educational initiatives in collaboration with Vietnamese universities and research centers, aiming to establish a robust framework for digital governance based on blockchain technology.

Global Connections and Expertise

Additionally, Danang has formed a partnership with Apex Group, a Bermuda-based financial solutions provider, to link the IFC with global capital markets and asset management hubs. This collaboration includes hosting annual industry events that will gather executives, investors, and regulators, thereby enhancing the city’s profile on the international stage.

Moreover, in collaboration with ARK Global, a U.S.-based expert in financial services business development, Danang will develop a comprehensive handbook on digital finance and assets. This resource aims to guide fintech firms, especially foreign entities, in their endeavors to invest or establish a presence in the city.

Collaborative Efforts for Sustainable Development

The city’s ambitions are further supported by new alliances with the Global Green Growth Institute, the Swiss FinTech Association, and the Vietnam Young Entrepreneurs Association in Europe. These partnerships are geared towards fostering sustainable practices as part of the development of the IFC.

Furthermore, on the occasion of the finance forum, Danang launched an advisory council comprising 17 experts, aiming to steer the development of the IFC. With Tran Dinh Thien, member of the Prime Minister’s Policy Advisory Council, leading the council and Richard Dean McClellan, former director of the Tony Blair Institute in Vietnam, as vice chairman, the council brings together extensive experience and knowledge.

Legislative Backing

The establishment of the IFC is supported by a resolution from Vietnam’s National Assembly, passed on June 27, marking a new era for the country’s financial sector. As per the resolution, both Ho Chi Minh City and Danang will develop their own segments of the IFC, tailored to leverage their unique strengths. While Ho Chi Minh City focuses on capital markets and fintech innovation, Danang’s segment will emphasize green finance, digital services, and the promotion of digital assets.

In conclusion, Danang is charting a bold course towards becoming a prominent international financial center, driven by strategic partnerships and a clear vision. With its focus on sustainable growth, digital innovation, and global collaboration, the city is well on its way to redefining the financial landscape in Vietnam and beyond.