The People's Committee of Da Nang and the Joint Stock Commercial Bank for Investment and Development of Viet Nam (BIDV), on Friday, entered into a Memorandum of Understanding on developing financial technology solutions for the Da Nang Free Trade Zone.
Secretary of the Da Nang Party Committee Nguyen Van Quang (5th, right) and Chairman of the municipal People's Council Ngo Xuan Thang (6th, right) witnessed the signing ceremony of the Memorandum of Understanding between the city and BIDV. Photo: TRONG HUNG
The signing ceremony was witnessed by Da Nang Party Committee Secretary cum Head of the city's National Assembly Deputies' Delegation Nguyen Van Quang, Chairman of the municipal People's Council Ngo Xuan Thang, Permanent Vice Chairman of the municipal People's Committee Ho Ky Minh, Chairman of the Board of Directors of BIDV Phan Duc Tu, General Director of BIDV Le Ngoc Lam, and representatives of many domestic and foreign agencies, enterprises and investors.
Under the agreement, BIDV will accompany Da Nang in developing technology solutions for management and operation of the Free Trade Zone, proposing preferential policies to attract strategic investors, and promoting green finance and sustainable development.
Secretary of the Da Nang Party Committee Nguyen Van Quang (left) presented a souvenir to the leader of BIDV. Photo: TRONG HUNG
Speaking at the signing ceremony, Permanent Vice Chairman of the municipal People's Committee Ho Ky Minh said that Da Nang is one of the six centrally-governed cities in Viet Nam, playing a key role in the development of the Central Highlands and Central region. It also serves as a gateway to the sea for many countries within the East-West Economic Corridor. Thanks to its strategic location, modern infrastructure, and increasingly transparent policies, Da Nang is gradually positioning itself as an important socio-economic centre in the country.
In 2024, the city's economy continued its positive growth, with a gross regional domestic product (GRDP) of 7.51%. Da Nang is actively implementing strategic initiatives outlined in Resolution No. 136/2024/QH15, dated June 26, 2024, issued by the National Assembly. This resolution focuses on urban government organization and includes the pilot of specific mechanisms and policies to foster the city's development. The goal is for Da Nang to evolve into an ecological, smart city, a hub for startups and innovation, and a livable coastal city by 2045.
One of the key milestones in development is the establishment of the Da Nang Free Trade Zone, which represents a groundbreaking growth model associated with Lien Chieu Port. This zone will serve as an international development hub, attracting strategic investors and fostering innovation as well as deep integration.
The partnership with BIDV, a financial institution with significant potential and a leader in digital transformation and green finance, will be particularly crucial in this endeavor.
Standing Vice Chairman of the Da Nang People's Committee Ho Ky Minh (left) received a souvenir from BIDV. Photo: TRONG HUNG
"I am confident that, with the determination of the municipal government and BIDV's implementation capabilities, our collaborative efforts will soon be realized. This will help position the Da Nang Free Trade Zone as a pioneering model and an outstanding institution in accordance with international standards-a new driving force for economic growth not just for the city, but for the entire country" emphasized Ho Ky Minh, the Standing Vice Chairman of the municipal People's Committee.
BIDV Chairman of the Board of Directors Phan Duc Tu affirmed “Da Nang is facing a great opportunity to form a new symbol of development. BIDV is committed to long-term companionship in an effort to contribute to making the Free Trade Zone a centre connecting trade, finance and technology in the region”.
Mr. Tu informed that BIDV is currently the largest financial institution in Viet Nam, with total assets exceeding VND 2.7 million billion. The bank is a leader in digital transformation and green finance, and in providing advanced financial and technological solutions for logistics, seaports, and import-export activities. This strong foundation will support Da Nang in developing its Free Trade Zone into a pioneering model that meets international standards.
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