An opening ceremony for the APEC Việt Nam International Commercial Arbitration Centre office in Đà Nẵng. It's the first time an international Arbitration centre has been introduced in central Việt Nam. — Photo courtesy of Đà Nẵng City's Start-up Innovation Centre

ĐÀ NẴNG — Đà Nẵng has taken another step towards becoming a regional financial and legal hub with the launch of the APEC Việt Nam International Commercial Arbitration Centre’s branch in the city, aiming to give businesses and investors faster, more transparent options for resolving disputes.

The APEC Việt Nam International Commercial Arbitration Centre has introduced its branch centre in the central city to promote commercial arbitration and mediation support activities for businesses and investors with dispute settlement in central Việt Nam.

Director of the city’s Science and Technology Department Nguyễn Thanh Hồng said the establishment of the centre plays an important role in fulfilling the city’s legal ecological system and leading to the founding of an International Finance Centre (IFC) in Đà Nẵng.

Chairman and General Director of the APEC VICA Đà Nẵng branch Đỗ Văn Chước said the centre will boost co-operation with the on-building IFC and expand activities in Đà Nẵng and neighbouring provinces and cities in central Việt Nam.

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.

Đà Nẵng has been seeking co-operation from partners in Europe, the UK, Switzerland, the UAE and the US 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 Đà Nẵng'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 Việt Nam Blockchain Association. — VNS