The People’s Committee of Danang has issued a decision to establish an Advisory Council for the development of the Vietnam International Financial Center (VIFC) in the city.

According to the decision, Dr. Tran Dinh Thien – Member of the Prime Minister's Economic Advisory Council, Member of the National Financial and Monetary Policy Advisory Council, and former Director of the Vietnam Institute of Economics – will serve as Chairman of the Advisory Council for the VIFC in Danang.

Richard Dean McClellan, Global Ambassador of Terne Holdings and former Vietnam Country Director of the Tony Blair Institute, will assume the role of Vice Chairman of the Council.

In total, the Advisory Council will consist of 17 members. Among them are leading figures in the fields of finance and technology, such as Truong Gia Binh - Chairman of FPT Group, Nguyen Trung Chinh - Chairman of CMC Group, Nguyen Tu Quang - CEO of BKAV, and Nguyen Duy Hung - Chairman of SSI Securities Corporation.

The Council’s role will be to conduct research, provide consultation, and make recommendations to the Chairman of the Danang People’s Committee and the preparatory committee for the management and operation of the Vietnam International Financial Center. This includes strategy development, governance models, organizational structure, and operating mechanisms for the VIFC.

Additionally, the Advisory Council will contribute feedback on legal documents that form the foundation for the construction and operation of the VIFC in Danang.

At a conference on August 2 announcing Resolution No. 222/2025/QH15 of the National Assembly regarding the establishment of the VIFC, Secretary of the Danang Party Committee Nguyen Van Quang stated that the city has already issued Plan No. 671 to implement the resolution comprehensively. The plan outlines specific tasks, implementation timelines, and the responsibilities of each department and agency in advising and organizing tasks to establish the VIFC in Danang. The city is determined to launch the VIFC in line with directives from the Government and the Prime Minister.

Danang has also restructured the Steering Committee for the development of the city’s financial center and held meetings to set up the Advisory Council with 18 members, including representatives from central ministries and agencies such as the Ministry of Finance, Ministry of Science and Technology, Ministry of Public Security, and the State Bank of Vietnam.

The city has identified that the core of the VIFC's management and operational body must consist of high-quality human resources with deep expertise in international financial markets. Accordingly, Danang is developing financial mechanisms to recruit professionals from financial institutions in Europe, Singapore, Dubai, and the United States to work at the VIFC.

The city is committed to mobilizing all legal resources to establish a highly professional and internationally experienced team, laying the groundwork for the VIFC’s success.

Currently, the Ministry of Finance is gathering feedback on the draft decree for establishing the international financial centers (IFCs). According to the draft, IFCs will be located in both Ho Chi Minh City and Danang, with distinct functions and missions.

The Danang IFC will focus on green finance, commercial finance supporting small and medium-sized enterprises (SMEs), innovative startups, offshore financial services for non-residents, and cross-border trade activities connected to free trade zones, high-tech parks, open economic zones, and industrial parks.

The center will also pilot several regulated innovations including digital assets, cryptocurrencies, digital payments, and money transfers, along with the establishment of trading platforms and exchanges. It aims to attract investment funds, remittance funds, and small and medium-sized fund management companies. It will promote the development of startups offering financial solutions in consumer services, tourism, commerce, and logistics within the free trade zone.

The Danang IFC is set to become a hub of innovation, emphasizing the application of strategic technologies such as artificial intelligence, cloud computing, quantum computing, big data, and blockchain to create competitive advantages.

According to the drafting body, a key principle of the proposed decree is to drastically reduce and simplify administrative procedures within the IFCs to create a favorable environment for investors. For instance, the process of registering as an IFC member will be straightforward. Investors can apply online, via postal services, or in person. The governing body will complete the review process within one working day upon receiving complete and valid documents, issuing a provisional membership approval valid for up to one month. A final decision on membership will be made within seven days.

The required documents are minimal, including business registration, financial statements from the past three years, and an operational plan. Economic organizations listed in the Fortune 500 will automatically be granted membership without needing to apply.

This streamlined approach, according to the drafting committee, will be detailed in the official regulations of the IFCs and is expected to attract major global financial corporations.

Nguyen Van Quang