Central hub seeks key partners from Singapore, UAE

Central hub seeks key partners from Singapore, UAE

The central city’s leadership group have been calling for investment and cooperation from partners, businesses and investors from Singapore and Dubai, to support the building of a Free Trade Zone (FTZ) and an International Finance Centre (IFC).

Party secretary of Đà Nẵng City, Nguyễn Văn Quảng (left) during a working session with Alya Al Zarouni, CEO of the Dubai International Financial Centre in UAE.  Photo courtesy of Đà Nẵng City

The group, led by the city’s party secretary, Nguyễn Văn Quảng, spent a working session with the Dubai International Financial Centre (DIFC) to consider what is needed to establish the country’s first ever international finance centre.

Quảng urged DIFC to help them in making Đà Nẵng a unique financial hub, offering DIFC the opportunity to share their management and operation experience in IFC operations and help with workforce training and education.

The CEO of DIFC, Alya Al Zarouni, suggested that Đà Nẵng should identify its unique advantages in building and operating the future IFC building effectively. 

She offered support to Đà Nẵng in establishing an IFC, in training manpower, and in developing operational skills. 

Party secretary of Đà Nẵng City, Nguyễn Văn Quảng (left) during a working session with Alya Al Zarouni, CEO of the Dubai International Financial Centre in UAE.  Photo courtesy of Đà Nẵng City

The city’s working group also spent a session with Al Tamimi & Co, a leading corporate law firm, in how to build the legal framework for an IFC and FTZ in Đà Nẵng. 

The Đà Nẵng Investment Forum was jointly organised by the Singapore-based Terne Holdings and Đà Nẵng to call for investment in the IFC and FTZ projects and involved more than one hundred businesses from Singapore. 

The city’s working group had discussions with the Lobb Heng company, a leading business operating in logistics, warehousing, global industrial resources, trading and supply chain management, in designing the future growth model for Đà Nẵng. 

The two sides also talked about commodities transaction, material supply for hi-tech industries, aviation and crafts spare parts and accessories manufacture.

Đà Nẵng and the Intellectual Property Office of Singapore agreed to cooperate in dealing with conflicts and disputes concerning intellectual property during the building and operating process.

Andy Khoo from Terne Holdings said that Đà Nẵng was an open opportunity in terms of the sea and airports, an international maritime system and its access to economies in the region. They include access to the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

He added that the city's regional IFC would be an important financial service, with the region needing around $200 billion per year in investments.

Đà Nẵng has allocated a 6.2ha land area for an IFC, a 9.7ha site to develop 33 fintech services close to the newly launched Software Park No 2, and an additional area of 62ha for the IFC's infrastructure development to attract investors.

A series of Memorandums of Understanding (MoUs) have already been signed on educational cooperation and developing Đà Nẵng's IFC between partners including Makara Capital, Newtechco Group, Deutsche Bank Vietnam, United Oversea Bank, JP Morgan Chase, Terne Holdings, TMC Academy Singapore, Yuan Ze University in Taiwan, the Institute of Chartered Accountants in England and Wales and the Việt Nam Blockchain Association at the IFC Conference in January.

The beach city also inked a trilateral MoU on the development of the Đà Nẵng International Financial Centre (Đà Nẵng IFC) with Consessor AG company, a Swiss strategic advisory firm focusing on internationalisation and market entry, and VinaCapital Group during the World Economic Forum (WEF), Switzerland. 

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