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Blossoming Da Nang draws financial buzz

HCM City (VNA) – The Da Nang City’s objective of becoming one of the country’s strong financial centres by 2010 is becoming more of a reality as a number of major foreign and domestic credit organisations has decided to open their offices in the city.

To date, major banks have 33 branches and more than 100 transactions offices in the city, said Tran Thi Kim Ngan, director of the Central Bank’s branch in Da Nang.

Many other non-banking organisations are opening branches, Ngan said.

She attributed the increasing number of credit organisations in Da Nang to several reasons, one of which is bankers expect to use the city as a spring-board for penetrating into the credit market in all of the central region.

Additionally, Da Nang has relatively rapid economic growth, a system of properly developed infrastructure facilities and an ideal location within reach of neighbouring provinces, Ngan said.

Because of these advantages, the Da Nang City has become attractive to many foreign and domestic investors, such as Indochina Capital, VinaCapital and Daewon.

In its capacity as a managing agency, the Central Bank will be ready to assists companies that have healthy operations built on cooperative relationships and will work for the sake of the city’s common interests, Ngan said.

“The bank will create favourable conditions for credit organisations and investors so they can operate effectively in the locality,” Ngan said. “However, banks and credit organisations should build up their own development strategies in conformity with Da Nang’s current development conditions.”

“At present, many banks operating in Da Nang are having plans to expand their market shares by launching programmes to encourage local people to deposit their savings. They also provide credit sponsorship for investment projects,” said Nguyen Thi Thanh Ha, director of the Bank for Foreign Trade of Viet Nam (Vietcombank)’s branch in Da Nang.

“In addition to demand stimulation programmes, Vietcombank is providing credit with soft interest rates for feasible projects such as construction of the 11 million USD Indochina Riverside Towers, the 200 billion VND Son Tra Resort & Spa, and the 100 billion VND Nam Hai Resorts,” Ha said.-Enditem

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