Central Vietnam hub Danang partners with foreign, local entities to develop International Financial Center

Danang has signed MoUs with many international and domestic partners to advance joint programs and projects aimed at developing Vietnam’s International Financial Center (IFC) in the central city.

The MoUs were signed and exchanged at the Vietnam Finance Forum 2025 on Thursday, according to the city’s news portal.

Danang will team up with Vietcombank, one of the Big 4 Vietnamese banks, to lure investment into the IFC, support enterprises in scoping out the local investment environment, and promote the business climate.

Vietcombank will help connect Danang with investment funds, financial institutions, and potential investors to support the development of the center.

Leading broker Saigon Securities (SSI) will work with Danang to develop and refine regulatory frameworks on digital assets and blockchain, while helping attract financial institutions, investment funds, and technology firms to the IFC.

VNPAY – a leading Fintech in electronic payment in Vietnam - will partner with the city to provide digital payment solutions, products, and services for businesses, merchants and individuals in Danang.

It will support communication, promotion, and training to guide businesses and consumers in using digital payment solutions in the city.

Danang also signed an MoU with El Salvador-based Tether Operations S.A. de C.V - part of Tether Group that issues USDT, the world’s largest stablecoin.

Under the document, the two sides will work on mechanisms and policies on Bitcoin, blockchain and peer-to-peer technologies, drawing on international knowledge transfer and global best practices.

The partnership includes working with universities and research centers in Vietnam on education initiatives focused on Bitcoin and blockchain, and developing resilient, independent digital governance infrastructure based on blockchain and peer-to-peer technologies.

Danang has partnered with Bermuda-based Apex Group - a single-source financial solutions provider - to connect the IFC with global capital markets and leading asset management hubs, and to host annual events that convene industry executives, investors and regulators.

The city and U.S.-based ARK Global – a global leader in financial services business development - will jointly develop a handbook on digital finance and assets, providing guidance for fintech firms, particularly foreign companies, on procedures, contacts, and key considerations when investing, opening offices, or doing business in Danang.

The partnership will also create a project appraisal mechanism, including criteria for evaluating digital finance and asset projects and investors, while connecting financial institutions, tech firms, and investment funds with Dannag.

The city also inked MoUs with the Global Green Growth Institute, the Swiss FinTech Association, and the Vietnam Young Entrepreneurs Association in Europe to serve the development of the IFC.

On this occasion, Danang launched a 17-member advisory council for the IFC in the city. Tran Dinh Thien, a member of the Prime Minister’s Policy Advisory Council and the National Financial and Monetary Policy Advisory Council, is chairman. Richard Dean McClellan, former country director of the Tony Blair Institute in Vietnam, is vice chairman.

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 Danang is the heart of the central region in terms of economic and tourism aspects.

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 section 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.