VOV Online Newspaper: International Financial Center in Da Nang: Small but Green and Smart

According to Associate Professor Dr. Đặng Tùng Lâm, the most suitable path for the International Financial Center in Da Nang is to become a small but smart financial center, with technology, innovation, and sustainable development as its foundation.

On January 9, 2026, the International Financial Center in Da Nang was officially inaugurated. So what development direction should this still nascent International Financial Center pursue? A VOV reporter interviewed Associate Professor Dr. Đặng Tùng Lâm, Editor-in-Chief of the Journal of Economic Science, University of Economics – The University of Danang, on this issue.

Permanent Deputy Prime Minister Nguyễn Hòa Bình (left) and Mr. Nguyễn Văn Quảng, Chief Justice of the Supreme People’s Court, attend the inauguration ceremony.

Reporter: Sir, in the context that the region has already formed many financial centers with strong positions and high levels of development, in your opinion, what core competitive advantages should Da Nang identify and focus on in order to position itself as a destination of Vietnam’s International Financial Center, thereby creating attractiveness for international investors and financial institutions?

Assoc. Prof. Dr. Đặng Tùng Lâm: In my view, Da Nang should not set the goal of directly competing with long-established financial centers such as Singapore, Hong Kong, or Ho Chi Minh City. Da Nang’s advantages lie elsewhere, and they are quite clear.

First, science, technology, innovation, and digital transformation. These should not merely be supporting factors, but must be regarded as core pillars for Da Nang to position itself on the international financial map.

Second, Da Nang needs to choose a leapfrogging approach by adopting new financial models, rather than chasing scale. This is a way to expand access to international capital, especially for medium- and small-scale projects.

Third, technology can only be effective when accompanied by a transparent, flexible, and predictable institutional framework. International investors care greatly about simplified procedures, clear legal frameworks, and effective dispute resolution mechanisms. Therefore, linking the International Financial Center with the Free Trade Zone and a special legal mechanism will be a very important advantage.

In addition, I believe green finance should be considered a separate pillar of Da Nang. If the city can soon establish standards, appraisal mechanisms, and apply technology to ensure transparency, Da Nang can absolutely become a new destination for green finance in the region.

In summary, in my opinion, the most suitable path for Da Nang is to become a small but smart financial center, with technology, innovation, and sustainable development as its foundation.

Assoc. Prof. Dr. Đặng Tùng Lâm

Reporter: Sir, in the strategic orientation for developing the International Financial Center, Da Nang has chosen several specialized priority areas, such as green finance and trade finance serving innovative enterprises and small and medium-sized enterprises; at the same time, it is implementing controlled pilot programs for new financial models such as digital assets, digital currencies, and digital payments. In your opinion, what opportunities does this selective and in-depth approach open up?

Assoc. Prof. Dr. Đặng Tùng Lâm: Da Nang’s choice of specialized fields such as green finance, trade finance for small and medium-sized enterprises, along with a sandbox for digital assets and digital payments, is a differentiated and strategic direction.

First is green finance. This is a major trend of the global financial system. The demand for capital for renewable energy, sustainable infrastructure, and climate change adaptation in Vietnam and the region is enormous. With its orientation toward developing as a green city, Da Nang has the conditions to become a destination that attracts international green capital flows.

Second is trade finance for small and medium-sized enterprises and finance for innovative enterprises. These businesses account for a large proportion of the economy but face the greatest difficulties in accessing capital. If Da Nang can build a trade finance ecosystem linked to the Free Trade Zone, including supply chain financing, import–export credit, and digital financial platforms, the city can fill the trade finance gap for small and medium-sized enterprises, while avoiding direct competition with financial centers that mainly focus on large corporations and traditional institutions.

Third is the sandbox for digital assets, asset tokenization, and digital payments. If done well, Da Nang can become a controlled laboratory for new financial models in the region, helping to test more transparent ways of mobilizing capital and conducting transactions, especially for green projects, infrastructure, and cross-border trade.

Delegates cut the ribbon to inaugurate the Vietnam International Financial Center in Da Nang.

Reporter: However, what policy challenges does this approach pose to the process of building and operating the Vietnam International Financial Center in Da Nang?

Assoc. Prof. Dr. Đặng Tùng Lâm: The challenges are also very clear. The biggest difficulty is that the domestic legal framework is still being completed. If institutions are not sufficiently clear and transparent, risks such as greenwashing, fraud, or money laundering could undermine investor confidence.

In addition, there are challenges related to technological infrastructure, cybersecurity, and high-quality human resources, especially personnel who understand both finance and technology.

Of course, this path is not easy, but with a special institutional framework, appropriate infrastructure, and a well-designed human resource strategy, Da Nang can absolutely become a green, innovative, and digital financial center of the region.

Reporter: Sir, in the orientation for building the International Financial Center, Da Nang identifies innovation as a key pillar, with priority areas such as green finance, the carbon market, fintech, and digital assets. To realize this vision, in your opinion, what key market mechanisms does Da Nang need to design and operate in order to attract capital flows, promote innovation, and ensure transparency and safety of the financial system?

Assoc. Prof. Dr. Đặng Tùng Lâm: In my opinion, to turn vision into reality, the most important thing is that Da Nang must build specific market mechanisms, rather than stopping at general orientations.

First is green finance, which must be regarded as a pillar. International experience shows that if the government proactively participates in the market, for example by issuing green bonds for infrastructure projects, it will create benchmarks that attract the private sector and international ESG funds. At the same time, Da Nang needs to build transparent mechanisms for appraising and certifying green projects, so that investors can be confident that their capital truly serves sustainable development.

Office of the operating authority of the International Financial Center

Second is the carbon market. This is precisely the gateway for Da Nang to assert its role as a regional green financial center. To achieve this, the city needs to prioritize building transparent mechanisms for measuring, reporting, and verifying emissions. Digital technology, especially blockchain, can support traceability and contribute to enhancing market trust.

Third is digital assets and fintech, which are the components that create differentiation. Da Nang should not develop them in a massive manner, but instead needs controlled pilot mechanisms that allow experimentation with models such as asset tokenization, digital payments, or the application of blockchain in finance and trade. It is important to have a clear legal framework, defined pilot scope, and strict supervision mechanisms to both encourage innovation and control risks.

In addition, the sandbox should be considered a foundational tool. If well designed, the sandbox will nurture a dynamic fintech ecosystem, consistent with the orientation of leapfrogging development.

Finally, for these market mechanisms to operate effectively, a legal and governance framework in line with international standards is indispensable.

Reporter: Thank you very much, Associate Professor Dr. Đặng Tùng Lâm!

Read the article “International Financial Center in Da Nang: Small but Green and Smart” (Vietnamese) on VOV Online Newspaper.