Da Nang’s international financial center makes global debut in GFCI

According to the latest GFCI ranking, VIFC-DN ranks 71st among 117 financial centers, out of 139 centers assessed worldwide. In the same edition, the Viet Nam International Financial Centre in Ho Chi Minh City (VIFC-HCMC) ranks 67th.

The GFCI, published twice a year by Z/Yen Partners of London and the China Development Institute of Shenzhen, is a widely recognized benchmark of the competitiveness of financial centers worldwide. It evaluates centers across five key areas: business environment, human capital, infrastructure, financial sector development, and reputation.

The simultaneous appearance of VIFC-DN and VIFC-HCMC in the global ranking marks a milestone in Viet Nam's efforts to develop international financial centers.

For Da Nang, the 71st position represents an initial milestone rather than a final destination, reflecting growing international recognition of the preparations and early steps taken to establish the financial centre.

Permanent Vice Chairman of the Executive Board of VIFC-DN Dang Dinh Duc said the center is being developed as a next-generation international financial hub, with a focus on fintech, green finance, trade finance, regulatory sandboxes for innovative financial models, specialized trading platforms, investment funds and asset management.

VIFC-DN aims to attract international capital to key sectors such as infrastructure, energy, technology, the green economy, trade and tourism.

Da Nang has already allocated cleared land for infrastructure serving the international financial center, free trade zone and open economic zone. The city is also working to create an internationally connected environment for experts, investors and businesses, supported by its transport, telecommunications and digital infrastructure, data centers, 5G network, technology ecosystem and young workforce.

According to Dang, VIFC-DN is not intended simply to establish a financial district, but to develop an ecosystem that connects international capital with investment opportunities in Da Nang, the central region and Viet Nam.

The center will focus on areas where Da Nang can develop distinctive strengths rather than seeking to compete with larger regional financial centers solely in terms of scale.

Duc stressed that the development of an international financial center is a long-term process requiring appropriate institutions, high-quality human resources, competitive financial products, market confidence and strong connections with international capital flows.

Following its debut in the GFCI, VIFC-DN will continue working with VIFC-HCMC to develop operating regulations and mechanisms for Viet Nam's international financial centers, attract reputable financial institutions, investment funds, asset management companies, banks and technology firms, and introduce priority financial products and services.

"The city does not aim to build a financial center merely to put its name on the map. The goal is to establish a substantive hub capable of connecting international capital with investment opportunities in Viet Nam, creating new channels for mobilizing capital for development, and gradually integrating more deeply into regional and global financial networks," Dang said.

He added that VIFC-DN's first appearance in the GFCI provides an important milestone and fresh momentum for the center to move forward more rapidly and firmly in the next stages of development./.