At a meeting with voters in Thanh Khe, Hai Chau, Lien Chieu, and Hai Van wards on 4/7, Nguyen Van Quang, Da Nang City Party Committee Secretary and Head of the National Assembly Delegation, described the 9th session of the 15th National Assembly as historic. This session saw the highest number of laws and resolutions passed (34 laws and 14 resolutions) and included decisions with far-reaching reforms, such as constitutional amendments and changes to the local government organizational model.
The National Assembly approved the merger of provincial and communal administrative units, eliminating the district level. The new Da Nang City will be formed by merging Quang Nam province and Da Nang, encompassing nearly 12,000 km2 and over 3 million people. This new centrally-administered city will be the largest of the six such cities and the 11th largest overall in Vietnam. Notably, Da Nang will include the special administrative unit of Hoang Sa district (Paracel Islands).
Mr. Quang stated that the entire new city will benefit from special mechanisms and policies under Resolution 136 of the National Assembly. "This is a rare advantage that not all localities achieve," he said.
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Da Nang City Party Committee Secretary Nguyen Van Quang at a meeting with voters on 4/7. Photo: Nguyen Dong |
Da Nang City Party Committee Secretary Nguyen Van Quang at a meeting with voters on 4/7. Photo: Nguyen Dong
The National Assembly approved the establishment of the Vietnam International Financial Center in both Ho Chi Minh City and Da Nang. "This is the first time in the world that an international financial center will operate in two cities," Mr. Quang said, adding that their functions will be clearly defined to avoid competition.
While hosting the International Financial Center presents significant opportunities, Mr. Quang acknowledged the "considerable" pressures. There are 119 financial centers globally, but only a few are truly successful.
"Da Nang needs to leverage its strengths in quality of life and investment environment to develop areas such as green finance, digital finance, and regulatory sandboxes," he said, emphasizing that the center should not just be a place for trading floors, but a complete ecosystem that is both livable and investable.
The resolution on developing an international financial center in Vietnam was passed by the National Assembly on the morning of 27/6, with over 93.5% of delegates voting in favor. The resolution will take effect on 1/9. Vietnam will develop this center in Ho Chi Minh City and Da Nang, with unified management, distinct product development, and leveraging each city's strengths.
The financial center in Ho Chi Minh City will focus on capital markets, banking, currency markets, fintech sandboxes, financial innovation, and the establishment of specialized exchanges and new trading platforms.
In Da Nang, the international financial center will specialize in green finance, fintech applications, and digital services. The city will also pilot digital assets, digital currencies, and payments under regulatory oversight, while attracting investment funds, remittance funds, and small and medium-sized fund management companies.
Nguyen Dong
