Vietnam’s Da Nang aims to become regional financial hub by 2050

Vietnam’s Da Nang city aims to develop at least five financial technology (FinTech) firms with annual revenues exceeding VND1tr (USD40m) and at least two employing 1,000 people by 2030, under its finance-banking industry development plan. The city seeks to become a regional financial hub by 2050, with an average annual growth rate of 8-8.5% in 2021-30, credit growth of 12-13%, and a credit-to-GRDP ratio of 2.2-2.5 times. Plans include attracting top Asian banks, boosting electronic payments to cover 80% of adults, and reducing cash transactions below 30%. Da Nang will establish FinTech innovation hubs, propose a regulatory sandbox, and incentivise global firms to invest. It will also allocate land for business centres, promote digital infrastructure, and implement pilot policies to fast-track its financial sector’s growth.