The APEC Vietnam International Commercial Arbitration (VICA) Center has introduced its branch center in the central city to promote commercial arbitration and mediation support activities for businesses and investors with dispute settlement in central Vietnam.
    |
 |
|
An opening ceremony for the APEC Viet Nam International Commercial Arbitration Center office in Da Nang (Photo courtesy of Da Nang City's Start-up Innovation Center) |
Director of the city’s Department of Science and Technology Nguyen Thanh Hong said the establishment of the center plays an important role in fulfilling the city’s legal ecological system and leading to the founding of an international financial center (IFC) in Da Nang.
Chairman and General Director of the APEC VICA Da Nang branch Do Van Chuoc said the center will boost cooperation with the on-building IFC and expand activities in Da Nang and neighboring provinces and cities in central Vietnam.
It is a positive step in providing legal settlement for trade and intellectual property disputes as well as improving transparency and publicity, and building trust among global investors, he said.
Da Nang has been seeking cooperation from partners in Europe, the U.K., Switzerland, the UAE and the U.S. in building the first ever IFC, including international finance human resources education and training.
The city, which has been designed as a hub for green finance, financial technology and digital services, is planning a 9.7ha site to develop 33 fintech services and an additional land fund of 62ha for the IFC's infrastructure development to attract investors.
A series of Memorandums of Understanding were signed on educational cooperation and developing Da Nang's IFC between partners including Makara Capital, Newtechco Group, Deutsche Bank Vietnam, United Oversea Bank, JP Morgan Chase, Terne Holdings, TMC Academy Singapore, Yuan Ze University in Taiwan, the Institute of Chartered Accountants in England and Wales and the Vietnam Blockchain Association.
Source: VNA