(VOVWORLD) - Da Nang People’s Committee will cooperate with a joint venture of Singaporean group Terne Holdings to develop an International Financial Centre in Da Nang.
 Standing Vice Chairman of the Da Nang People's Committee Ho Ky Minh (right), and Andy Khoo, CEO of Terne Holdings Pte. Ltd (Singapore), exchange a memorandum of understanding on the development of Da Nang International Financial Centre. (Photo: VOV) |
According to the agreement announced on Wednesday, the joint venture and Da Nang will coordinate to implement strategic investment projects in finance and financial services, urban development, modern sports, and a free trade zone in the city.
The International Financial Centre in Da Nang is envisioned to become a financial hub of the region, operate under flexible management, with tax incentives, as well as favourable financial and legal incentives, to attract global financial institutions.
Legal procedures, planning, and special mechanisms for the project are being finalized. Construction is scheduled for 2025-2030.