On September 24, during his working trip to the UAE, Permanent Deputy Prime Minister Nguyen Hoa Binh met with the CEO of Binance—the world’s leading digital asset trading platform. The Deputy Prime Minister invited Binance to establish an office in Da Nang and to cooperate with Vietnam’s International Financial Center in launching a digital asset exchange; at the same time, he invited Binance CEO Richard Teng to serve as a senior advisor for the construction and development of Vietnam’s international financial centers. Mr. Teng agreed to share his experience and collaborate to develop the digital asset market and international financial centers in Vietnam.
The International Financial Center (IFC) project in Da Nang is a major initiative supported by the Politburo and currently under implementation. It is expected to become a specialized national financial hub, complementing—not competing with—Ho Chi Minh City. Da Nang will serve as a driver of financial development for the Central and Central Highlands regions, while focusing on distinct niches to create differentiation. Between 2027 and 2030, the reclaimed coastal area of Da Nang Bay covering 1,500 hectares with five islands) will be developed into a new urban area with the functions of a free trade zone and an international financial center. In addition, a 1.4-hectare satellite zone adjacent to Software Park No. 2 will serve training and fintech testing needs. The An Don Financial District (about 62 hectares) has also been designated for development in this same period. The Da Nang IFC will focus on areas such as green finance, trade finance, offshore financial services (for non-resident organizations and individuals), and the promotion of cross-border trade linked to high-tech zones and open economic zones. The city will pilot new models such as digital asset trading, cryptocurrency, and digital payments, while applying advanced technologies like blockchain, artificial intelligence, cloud computing, and even quantum research to enhance capability and security. Establishing the IFC will not only strengthen Da Nang’s economic position but also create thousands of high-quality jobs, attract foreign investment, foster innovation, and improve Vietnam’s regional competitiveness. Legal services will be one of the most important components in this broader IFC landscape, opening significant opportunities for lawyers both within and beyond Da Nang.
1. Demand for Specialized Legal Advisory
a. Finance & Banking
Lawyers will play a pivotal role in advising financial institutions and banks on a wide range of credit transactions, from conventional corporate loans to complex, internationally scaled project finance contracts. This includes drafting and negotiating syndicated loan agreements, bank guarantees, and cross-border financial arrangements. Moreover, the rise of new financial products such as digital banking, mobile payments, and derivatives will require lawyers to have deep knowledge of both technology and relevant legal frameworks. Ensuring compliance, particularly with anti-money laundering (AML), counter-terrorism financing (CFT), and international risk management standards, will also be an indispensable part of lawyers’ services.
b. Capital Markets & Securities
When Da Nang becomes a financial center, capital-raising activities through the stock market will be more vibrant than ever. Lawyers will accompany businesses throughout the processes of capital contribution, fundraising, and securities issuance—from shares and bonds (including green bonds to finance sustainable projects) to fund certificates. Lawyers will ensure that every procedure strictly complies with the regulations on listing, information disclosure, and corporate governance of the State Securities Commission. In particular, with digital assets and cryptocurrencies, lawyers will need to take the lead in researching and building the legal framework for the issuance, trading, and management of various types of digital assets such as: digital content (ebooks, videos, podcasts, music, and digital images); NFTs (Non-Fungible Tokens—digital artworks, video clips, or in-game items); tokens (issued on an existing blockchain and capable of representing many things, from ownership of a physical asset such as real estate to voting rights in a decentralized autonomous organization—DAO); and stablecoins (such as USDT or USDC, a type of cryptocurrency designed to maintain a stable value relative to another asset, such as the U.S. dollar or gold).
c. Foreign Investment
The Da Nang IFC has a clear goal of attracting international investors. This creates high demand for foreign investment advisory. Lawyers will assist foreign investors from the earliest stages—selecting appropriate legal structures, designing capital frameworks—to executing complex mergers and acquisitions (M&A), which require rigorous legal due diligence. They will also support investors in obtaining necessary licenses from government authorities for large-scale projects, especially within IFC’s designated functional zones.
d. Fintech & Intellectual Property (IP)
Da Nang is positioning itself as a technology hub, which will strongly influence the financial sector. Lawyers must develop expertise in fintech law, advising on regulations related to electronic payments, peer-to-peer lending, electronic identification (eKYC), and emerging fintech business models. At the same time, ensuring data protection and privacy compliance under the Cybersecurity Law and related regulations will be critical. Regarding intellectual property, lawyers will advise on registering and protecting patents, trademarks, and copyrights for innovative technology products and solutions, particularly in areas such as blockchain, AI, and specialized financial software.
e. Taxation & Dispute Resolution
Given the international scale of the IFC, tax law will become a highly specialized field. Lawyers will advise financial institutions and corporations on tax policies, incentives available within the IFC, and international tax issues such as double tax treaties and transfer pricing. Finally, dispute resolution will remain essential. Complex financial transactions inevitably carry risks of conflict. Lawyers will represent clients before international arbitration centers or courts, as well as conduct negotiations and mediations to seek optimal outcomes for all parties.
2. Development of New Legal Fields
a. Green Finance Law
With the strong orientation of the Da Nang IFC toward sustainable development and carbon emission reduction, Green Finance law will not only be a trend but will become an essential legal pillar. Lawyers will no longer be limited to advising on traditional financial transactions but must specialize in “green” capital-raising instruments such as green bonds, social bonds, and sustainability bonds. This requires knowledge not only of securities law but also of strict international standards such as the Green Bond Principles and environmental and social impact assessment frameworks. Lawyers will guide businesses in establishing the legal framework for renewable energy projects, advise on carbon credit mechanisms, and ensure compliance with regulations on investment in solar power, wind power, and other emission-reducing technologies. Furthermore, integrating ESG (Environmental, Social, and Governance) factors into business operations and reporting is becoming a mandatory requirement for many international investors; lawyers will play a key role in supporting financial institutions and enterprises in implementing this, ensuring transparency and accountability. This is a highly promising field, offering not only business opportunities but also contributing to the sustainable development of Da Nang in particular and Vietnam as a whole. More importantly, it significantly elevates the standing of Da Nang’s lawyers—and Vietnamese lawyers more broadly—in the borderless global legal services market of the new era.
b. International Trade & Free Trade Zones
Da Nang’s strategic location as a gateway to the sea, combined with its vision of transforming the reclaimed Da Nang Bay into a free trade zone, will elevate International Trade Law and Free Trade Zone Law to new heights. Lawyers will need not only to understand conventional goods sale contracts but also to master the complex rules of the World Trade Organization (WTO) and the Free Trade Agreements (FTAs) Vietnam has signed. This includes advising on rules of origin, non-tariff trade barriers, and ways to maximize preferential tariffs. Operating within a Free Trade Zone (FTZ) will demand in-depth knowledge of specialized legal regimes that are more flexible than those outside—covering taxation, customs, investment, and labor management. Lawyers will advise businesses on streamlined customs procedures, warehouse management, international logistics, and resolving disputes arising from global supply chains. The complexity of cross-border transactions and FTZ-specific regulations will make this an attractive specialty, requiring lawyers to constantly upgrade their skills to meet global market demands.
c. Offshore Legal Services
One of the Da Nang IFC’s ambitious goals is to develop offshore financial services, creating an entirely new and complex legal field for Vietnam. This does not mean building a “tax haven,” but rather creating a transparent and effective legal environment to attract and manage international capital flows. Lawyers will need to develop deep expertise in advising non-resident financial institutions and individuals on account opening and management, establishing international investment funds, and structuring specialized financial vehicles. This requires understanding international regulations on foreign exchange control, cross-border capital transactions, and, above all, stringent global AML and CFT standards. Lawyers must ensure that all offshore activities comply fully with these regulations, avoiding compliance and reputational risks. This field demands legal sophistication, international financial acumen, and the ability to work across multiple legal systems—opening up a challenging yet highly promising frontier for the legal profession.
3. Strengthening Partnerships and International Cooperation
Building the Da Nang International Financial Center (IFC) is not only an economic development project but also a gateway to greater partnership and international cooperation for the legal profession. It will enhance the standing of law firms and individual lawyers, enabling them to go beyond national boundaries and integrate into the global legal community.
Once operational, the IFC will attract financial institutions, multinational corporations, and investment funds from around the world. This will directly create unprecedented demand for collaboration among Vietnamese lawyers. First, opportunities to partner with international law firms will become more common. These firms, with extensive experience in cross-border financial transactions and international law, will seek local partners deeply familiar with Vietnam’s legal system to jointly handle projects. This may take the form of joint ventures, alliances, or co-handling complex cases with foreign elements—from large-scale M&A deals to international arbitration disputes. Such collaborations not only generate new revenue streams but also provide valuable opportunities for Vietnamese lawyers to learn, access advanced professional standards, and broaden their knowledge of international law.
Second, lawyers will have greater opportunities to expand their international networks. With conferences, forums, and international financial events held regularly in Da Nang, lawyers will be able to directly meet, exchange, and work with top financial experts, leading investors, and especially fellow lawyers from various countries. Building these relationships opens doors to future consulting engagements and helps lawyers quickly update themselves on emerging legal trends, new regulations, and international financial practices. This is a key factor enabling Da Nang’s lawyers not only to compete effectively domestically but also to participate in regional and global projects, step by step elevating their profile internationally.
Establishing the Da Nang International Financial Center (IFC) is not merely an economic development initiative—it marks a new and promising chapter for the city’s legal community. It opens the door to unprecedented career opportunities: engaging in complex financial transactions, pioneering digital asset law, leading international investment deals, and supporting the growth of green finance.
Lawyers in Da Nang will be challenged and empowered to develop deep expertise in emerging legal fields such as Green Finance Law, International Trade Law in Free Trade Zones, and Offshore Legal Services—requiring not only solid knowledge of Vietnamese law but also a profound understanding of international norms and regulations. At the same time, the IFC will create favorable conditions for lawyers to strengthen partnerships and collaborate with international law firms and financial experts, raising their standing on the global stage.
To seize these golden opportunities, continuous capacity-building, specialized knowledge updates, and strong foreign language skills will be key to success for Da Nang’s legal professionals. The future financial center will transform Da Nang into a magnet for legal talent, creating a dynamic and competitive working environment where every lawyer can contribute to the prosperity of the city and the nation.
