Central Vietnam hub Danang lures strategic investors for int’l financial center

More than 10 investors have expressed interest in the development of an international financial center in the central city of Danang.

Financial services firm Makara Capital, multi-sector investment group Terne Holding (both based in Singapore), and The Trump Organization (owned by U.S. President Donald Trump) are among those seeking to become strategic investors of the national project.

A resolution on the development of an international financial center in Vietnam was passed by the National Assembly, the country’s legislature, on June 27 and will take effect on September 1.

Accordingly, Vietnam will build one international financial center located in both Ho Chi Minh City and Danang, with unified management and development of separate products based their own strengths.

HCMC in the south is the country's biggest economic hub, while Da Nang is the heart of the central region in terms of economic and tourism aspects.

According to the Danang People’s Committee, the city has proactively engaged with investors, financial institutions, and investment funds to discuss opportunities in the development of the international financial center's Danang component.

Businesses are expected to channel investment into areas tied to innovation, green finance, fintech, and trade finance, while engaging in sandbox programs for digital assets and currencies.

The approach is designed to capitalize on Danang’s strategic geopolitical-economic position along the Indo-Pacific corridor, as well as its livable environment, digital infrastructure, and tourism strengths.

Nguyen Van Quang, Party chief of Danang, said the city holds strong potential and advantages for developing green finance, digital finance, and sandbox, and that it is leveraging such strengths.

He added that the city has attracted significant investor interest thanks in part to its appealing urban landscape.

“The international financial center shouldn’t merely be an office for financial transactions - it must be a living ecosystem where investors can experience a vibrant environment that’s both livable and investment-worthy,” Quang stressed.

Danang eyes land reclamation for financial center

The Danang People’s Committee said the city has earmarked central urban land for the project. In 2025, part of the Da Nang Software Park No. 2 will be used to temporarily accommodate the center.

By the end of 2025, Danang plans to complete the construction of a 22-story building at the park, offering more than 27,000 square meters of floor space to meet the operational needs of the center.

The facility is expected to attract investment funds, remittance funds, and small- to mid-sized asset management firms, while hosting sandbox programs for emerging models such as digital assets and currencies, as well as digital payments and money transfers.

Between 2025 and 2027, Danang will ramp up efforts to attract investments in the center’s infrastructure and ecosystem on nearly 18 hectares of cleared coastal land, aiming to establish an international-standard section of the financial center.

By 2030, it plans to convert Danang Industrial Park into An Don Financial Zone covering 62 hectares. The area will feature clusters of mixed-use buildings that can serve as office space for multinational corporations, banks, and international financial institutions.

Notably, Danang is also moving forward with a nearly 1,500-hectare sea encroachment project in Danang Bay. The ambitious plan features artificial islands and extended coastlines, adding roughly 48 kilometers of new shoreline.

The reclaimed area is set to become a new urban zone combining a free trade area, an international financial center, and high-end tourism, resort, and luxury retail offerings.

Of the total 1,500 hectares, the city will allocate around 350 hectares for the development of high-end residential areas for professionals, office complexes for banks and insurance firms, and regional headquarters of international corporations.

The area will provide commercial financial services and be integrated with the Danang Free Trade Zone, the first of its kind in Vietnam, established under Prime Minister Pham Minh Chinh’s June 22 decision.

The Government Office recently announced a notice on Permanent Deputy Prime Minister Nguyen Hoa Binh's conclusion. Accordingly, the Deputy PM asked Danang to promptly carry out tasks under its jurisdiction, particularly those related to planning, infrastructure, human resources, and investment promotion.

Danang should proactively propose solutions to the government and the Prime Minister for matters beyond its authority, ensuring the most favorable conditions for the rollout of the international financial center project, he added.

Under the parliament resolution, which will come into force on September 1, the country will develop one international financial center in both HCMC and Danang, with unified management and development of separate products based their own strengths.

The international financial center section in HCMC will house capital markets, banks, currency markets, testing mechanisms (sandboxes) on fintech, innovation in the financial sector, specialized trading floors, and new trading platforms.

The Danang component will develop green finance, apply financial technology, and promote digital services. The city will also test digital assets and digital currencies under control; promote payments; and attract investment funds, remittance funds, and small and medium-sized fund management companies.