Da Nang, Frankfurt Main Finance ink MoU on international financial center development

The agreement was signed on Tuesday in Frankfurt, Germany during the Investment Promotion Conference for International Financial Centers in Vietnam.

The event was organized by the Vietnamese Ministry of Finance in partnership with the Da Nang People’s Committee and the Vietnamese Embassy in Germany.

Permanent Deputy Prime Minister Nguyen Hoa Binh chaired the conference, which drew representatives from international financial institutions.

Speaking at the event, chairman of the Da Nang administration Pham Duc An said the city has been preparing to take on the task of developing a financial hub, focusing on fintech, cross-border trade finance, and support for start-ups.

Under the MoU, Da Nang and Frankfurt Main Finance will seek German investors’ participation in the project, particularly in blockchain technology, green finance, and digital finance.

An noted that Da Nang has already implemented supportive policies, invested in infrastructure, created a sustainable financial ecosystem, established data centers, upgraded its airport and seaport, and developed a free trade zone.

The city has also prioritized training talent in international finance and launched a pilot financial center management agency.

“We are committed to partnering with investors to build a modern, innovative, and reliable financial hub in the Asia-Pacific region,” he said.

During the conference, delegates explored opportunities to collaborate with German partners in blockchain, digital finance, and green finance.

Discussions also touched on policy frameworks needed to attract investment and strengthen ties between international financial institutions and Vietnamese banks.

Deputy PM Binh praised the Ministry of Finance and Da Nang for co-hosting the event, calling it an important step toward establishing the city as an international financial center.

He also applauded the efforts of both Da Nang and Ho Chi Minh City in advancing plans for the financial centers, following a recent National Assembly resolution that authorized their development.

Binh expressed support for broader cooperation between Frankfurt and both Vietnamese cities, especially in areas where Germany excels, such as digital and green finance.