International financial hub to be established in Da Nang

The programme, which is part of the ministry's efforts to revise Resolution No.119/2020/QH14 on Piloting the Urban Government Model and Certain Development Policies in Da Nang city, aims to leverage Vietnam's advantages, especially those in Da Nang, to attract the capital flows from other traditional financial markets.

The hub will serve as a separate offshore financial centre with a highly competitive system of tax and oversight and will be linked with domestic financial markets that are on track for capital account liberalisation.

The scheme also proposes a Free Trade Zone in the city, which will be designated for manufacturing, logistics, and trade activities.

It will be linked with Lien Chieu Port and granted investment incentives and some other special policies that will give Da Nang a significant boost in development.

The People's Committee of Da Nang city will be the body in charge of modifying and approving the Master Plan for the Free Trade Zone to ensure it goes in line with the Grand Master Plan of the city.

It will also be tasked with preparatory work, including land clearance and resident resettlement, to ensure everything will be ready for construction.

Investors qualified to build facilities in the Free Trade Zone will be able to lease and re-lease land as they did in other economic and industrial zones.

Meanwhile, the authority to formulate rules and regulations for the Free Trade Zone will fall to the Government.

The Free Trade Zone is expected to bring big opportunities for socio-economic growth in the central region, including Da Nang, and facilitate foreign direct investment in the city.