Central Vietnam hub Danang eyes country's 'first urban complex on the sea'

The central city of Danang is studying an urban complex project on Da Nang Bay, with five floating islands - home to an international service, commercial and financial center complex.

The city's Party chief Nguyen Van Quang disclosed the information at a Friday meeting with voters of Hai Chau, Thanh Khe and Lien Chieu districts.

Danang will be the first locality in the country to build an urban complex on the sea, he said.

A highlight of the project is building five floating islands, creating about 48 km of new coastline and establishing a world-class service, commercial and financial center complex.

"This is a large-scale project with unique characteristics. Therefore, a careful research is underway to idenity a unique mechanism for its development," Quang told the voters.

"If the project is realized, it will be similar to the model that Dubai is developing. The project will not only promote Danang's socio-economic development for many decades to come, but also build an image and brand of a new Da Nang in the international and regional arenas," he added.

According to Quang, during his recent working trip to Danang, Party General Secretary To Lam said he highly values this plan and assigned the Government to soon have solutions to support the city in implementing it.

The National Assembly is set to discuss and give opinions on a resolution to build international financial centers in Ho Chi Minh City and Danang in May.

In November 2024, the Politburo, Vietnam’s highest decision-making body, greenlighted the establishment of an international financial center in Ho Chi Minh City and a regional financial center in the central city of Danang.

On April 17, the National Assembly Standing Committee gave opinions on the draft resolution of the National Assembly, the country's legislature, on establishing an international financial center in Vietnam.

In the Government's submission, Minister of Finance Nguyen Van Thang said that the Government proposed to establish only one international financial center, located in HCMC and Danang.

This proposal is different from the conclusion by the Politburo, the country's supreme decision-making body. Under the Politburo's conclusion, there will be two financial centers, one in HCMC and one in Danang.

Minister Thang explained that after surveys, the Government found that building two financial centers of different scales and statuses in the two cities may not be very efficient, especially in the context that this model is completely new in Vietnam.

The draft resolution will be submitted to the National Assembly for consideration at its session in May.