What is a Specialized International Financial Centre in Da Nang Vietnam?

The Da Nang IFC is envisioned as a specialized financial hub established to complement the comprehensive international financial centre in Ho Chi Minh City. Situated in one of Vietnam’s most dynamic coastal cities, Da Nang combines its world-class tourism appeal with a rapidly expanding digital economy, where the digital economy contributed over 20% of the city’s GRDP in 2024, surpassing its 2025 target⁽¹⁾.

The initiative aligns with the national strategy to establish international financial centres in both Da Nang and Ho Chi Minh City, each addressing distinct strengths: green finance and innovation for Da Nang, comprehensive banking for Ho Chi Minh.

In today’s article, we will look into the International Financial Centre in Da Nang Vietnam, targeted focus areas, competitive advantages, and the key steps it is taking to realize this vision.

An overview of the specialized financial center 

Let’s explore what a specialized financial center is, how it works, and why it has become an increasingly attractive model for cities like Da Nang.

What is a specialized financial center?

A specialized financial center is a financial hub that deliberately focuses on a few high-value sectors, rather than attempting to cover the entire spectrum of financial services. This model allows a city to channel resources into areas where it holds natural advantages, build concentrated expertise, and attract investment and talent aligned with those niches.

In contrast, a comprehensive financial center, such as Hong Kong or Singapore, offers a wide range of services from global banking and insurance to securities, asset management, and capital markets. Both models play important roles in the global financial landscape, but specialization creates a path for emerging hubs to differentiate themselves and compete effectively.

Examples of global specialized financial centers

The strength of this approach is well illustrated by several global examples. Dublin is a prime case. Through its International Financial Services Centre (IFSC), it has become a European leader in fund administration, custodial services, and aircraft leasing, industries where it developed a distinct regulatory framework and skilled workforce⁽²⁾. Dublin has succeeded in carving out a significant role in global finance without trying to replicate London or Frankfurt.

Zurich provides another example of specialization. While Switzerland hosts multiple financial activities, Zurich’s reputation and success largely stem from its private banking and asset management industries. These are supported by the country’s political neutrality, strict standards, and longstanding tradition of financial discretion⁽³⁾. Rather than spreading itself across all services, Zurich leveraged depth in these sectors to maintain its global influence.

A more recent case is the Astana International Financial Centre (AIFC) in Kazakhstan. Established in 2018, AIFC positions itself as a hub for Central Asia through a unique legal framework based on English common law, arbitration facilities, and a focus on fintech and Islamic finance⁽⁴⁾. Despite being located in an emerging market, it has gained visibility and credibility through these specific niches.

The competitive edge of Da Nang financial hub

Beyond infrastructure and incentives, Da Nang delivers various advantages that strengthen its appeal to global investors and professionals.

Quality of life for international investors

Frequently described as a “liveable city,” Da Nang has developed a green, safe, smart, and sustainable urban environment, positioning itself alongside regional hubs such as Singapore and Dubai in lifestyle quality and work environment⁽⁵⁾.

The city’s rapid development supports this status: from 2010 to 2020, Da Nang’s Gross Regional Domestic Product expanded eightfold, and it has consistently ranked among the top performers in Vietnam’s Provincial Competitiveness Index and Public Administration Performance Index⁽¹³⁾.

Digital resilience and innovation

Equally important is Da Nang’s digital resilience. The city has led Vietnam’s Digital Transformation Index for multiple years, excelling in categories such as e-government, infrastructure, and cybersecurity. With over 90% of households enjoying broadband access and almost all public services digitized, Da Nang demonstrates how digital innovation can directly enhance both governance efficiency and business competitiveness⁽⁶⁾.

Free Trade Zone and regional connectivity

The new Da Nang Free Trade Zone (FTZ) adds another layer of opportunity. Positioned next to Lien Chieu Port, the FTZ operates as a policy laboratory for reforms in investment, finance, taxation, customs, tourism, and digital services⁽⁷⁾. In addition, Da Nang is strategically located along the East–West Economic Corridor, connecting Vietnam with Laos, Thailand, and Myanmar, boosting its role as a logistics and innovation hub.

The vision for specialized financial hubs in Da Nang

Da Nang’s ambition to become a specialized international financial centre in Da Nang, Vietnam, is supported by a foundation of robust infrastructure, strategic governance, and investor-friendly policies. Together, these elements form a compelling vision for the city’s emergence as a high-value financial gateway.

Location and infrastructure

The planned IFC will be headquartered within Software Park 2’s ICT building, positioned to leverage existing and future physical and logistical infrastructure⁽⁸⁾. This includes proximity to Lien Chieu Port, which is evolving into a major deep-sea logistics hub linked by new six-lane arterial roads, designed to handle heavy container and trade flows⁽⁹⁾.

The location also benefits from Da Nang International Airport, which is slated to handle up to 25 million passengers annually by 2030 and over 30 million thereafter, supporting both business travel and cargo throughput⁽¹⁰⁾.

Digital backbone of the city

To support a high-tech financial ecosystem, Da Nang is strengthening its digital infrastructure. The city hosts a submarine cable landing station and an international fiber-optic terminal, significantly expanding bandwidth capacity. In tandem, the city upgraded its local network with approximately 450 km of underground optical cable, connecting nearly 200 government agencies and public institutions. A modernized Data Centre now features cloud-computing enhancements, including 17 additional servers and ~300 TB of storage, backed by security systems like IDS/IPS and load balancing⁽¹¹⁾.

Further, Viettel is constructing a state-of-the-art technology complex, with an international submarine cable landing station with 18,000 Gbps capacity and a Tier-III data center project of 14 MW capacity, to be operational by 2026. Along with grand update, the globally oriented AIDC DeCenter will span 10,000 m², support 1,000 racks, and adhere to top-tier redundancy and international compliance⁽¹²⁾.

Government commitment through the Advisory Council

Da Nang’s proactive governance is evidenced by its establishment of a dedicated Advisory Council and preparatory mechanisms to guide IFC development⁽¹³⁾. Politburo resolutions and city leadership have clearly defined Da Nang’s specialization in green finance, fintech, and investment fund services, reflecting a consultative and proactive approach.

Supporting policy and incentives

To attract targeted investment, the national framework extends special incentives for IFC development. These include up to 70-year land leases, income tax exemptions for expatriate professionals, and favorable corporate tax rates (10% for priority sectors, with multi-year exemptions and reductions)⁽¹⁴⁾.

Regulatory sandboxes for fintech, such as digital currency, blockchain, and payment innovations, are planned to stimulate financial technology solutions⁽¹⁵⁾. The IFC will also promote green financial instruments, cross-border payment methods, and fund management services, aligning with Da Nang’s niche focus.

The city’s role in Vietnam’s dual financial strategy

While Da Nang’s vision highlights its unique strengths as a specialized financial hub, its future is inseparable from Vietnam’s broader strategy of building an international financial centre.

The government has adopted a “one centre, two destinations” model, ensuring that Ho Chi Minh City (HCMC) and Da Nang grow in tandem. Each city shall play a complementary role rather than competing directly. In particular, HCMC International Financial Centers will focus on capital markets, banking, and large-scale financial services. Meanwhile, Da Nang aims to concentrate on green finance, fintech, and investment funds⁽¹⁶⁾.

By sharing a unified legal and regulatory framework, both centers provide investors with a seamless environment to operate across cities. A business could raise capital in HCMC and also deploy innovation-driven services in Da Nang, benefiting from each city’s comparative advantages. The ecosystem thus expands the diversity of financial opportunities in Vietnam, enhancing both efficiency and investor confidence⁽¹⁷⁾.

National leaders have shown a strong commitment to this dual approach. The National Assembly’s resolution in June 2025 confirmed the framework for the International Financial Centre and outlined the ambition to have both hubs operational by the end of 2025⁽¹⁸⁾.  A dedicated steering committee has also been established to coordinate resources and expertise, demonstrating how seriously the government views these initiatives.

Instead of relying solely on its traditional hubs, the country is deliberately spreading high-value financial activities across regions. Together, HCMC and Da Nang represent a new chapter in Vietnam’s economic development.

Conclusion from our perspective

The Da Nang financial center represents Vietnam’s deliberate move toward specialization, with a focus on green finance, fintech, and investment funds. This strategy is reinforced by modern infrastructure, a resilient digital backbone, and strong government support, all designed to attract global investors.

Although challenges of execution remain, Da Nang’s clear direction and complementary role alongside Ho Chi Minh City provide a strong foundation for success. With its unique strengths and national backing, the city is well placed to become a distinctive and influential international financial centre in Da Nang Vietnam, advancing both regional and national ambitions.

For timely updates and expert guidance on Vietnam’s evolving landscape, don’t hesitate to visit BBCIncorp’s resource site or contact us at service@bbcincorp.com.

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