Vietnam’s International Financial Center looks beyond tax incentives to compete

DNHN - What makes a city an international financial center? Is it skyscrapers, massive capital flows, or generous tax incentives?

Increasingly, global experience suggests otherwise: the world’s most attractive financial hubs are no longer built solely on money, but on intangible assets.

According to experts, in the next phase of development, the competitive advantage of Vietnam’s International Financial Center (VIFC) will no longer rest merely on tax incentives or low operating costs. Instead, it will increasingly depend on institutional quality, technological capability, global connectivity, and the strength of its innovation ecosystem. In particular, the ability to build competitive advantages through intangible assets is expected to become a key attraction for international investors considering VIFC. 

Historically, the strength of nations and businesses was measured by natural resources, capital, or physical infrastructure. Today, however, “invisible” factors such as reputation, brand value, data, talent quality, technological capability, innovation capacity, and interconnected ecosystems are increasingly determining the ability to attract international capital and sustain long-term competitiveness.

That is why the “VIFC Da Nang – Building competitive advantages through intangible assets” forum goes beyond traditional discussions about finance and investment. Instead, it seeks to explore a broader strategic question: how Da Nang can differentiate itself in the journey toward building Vietnam’s International Financial Center through “soft infrastructure.”

The event’s highlight will be a strategic panel discussion featuring leading voices in investment, strategy, legal affairs, and innovation, including Dr. Ana Le My Nga, Chairwoman of WeAngels Innovation Capital; Dr. Le Thi Dung, Vice Rector of Dong Do University and Director of SIGLAW Law Firm; and Dr. Nguyen Trung Kien, author of the book “The Value of the Invisible”
 

Dr. Nguyen Trung Kien,  Head of the Institute of Strategy for Technology and Innovation (STI) said international financial centers (IFCs) in the new era will no longer compete solely through capital flows, tax incentives, or physical infrastructure.

“The real competitive edge lies in intangible assets such as market trust, innovation ecosystems, technological capabilities, and global connectivity. Da Nang now has the opportunity to become a new-generation IFC model for the region, where value is created not only from money, but also from knowledge, reputation, and ecosystem strength,” he emphasized.

According to the organizers, as the world shifts toward competition driven by knowledge and innovation, international capital is no longer searching only for low-cost environments or preferential tax regimes. Investors are paying closer attention to stability, transparency, global connectivity, quality of life, and open ecosystems for innovation.
These are seen as factors that could create major opportunities for Da Nang, which is increasingly viewed as having the potential to become a next-generation financial center in the region.

Dr. Le Thi Dung, Vice Rector of Dong Do University and Director of SIGLAW Law Firm, argued that in the knowledge economy, the value of organizations can no longer be measured solely through tangible assets.
“The true value of an organization lies not in what can be physically touched, but in what can be protected and amplified. In the global arena, intangible assets are the ‘soft infrastructure’ that determines the ability to attract capital flows and establish leadership positions for every economic entity,” she said.

Beyond academic perspectives, speakers at the forum will address key issues of interest to businesses and investors, including: How can Vietnam’s International Financial Center compete beyond tax incentives? What role does “soft infrastructure” play in attracting international capital? And Which forms of “intangible capital” should Vietnam prioritize in the coming years? 
The program will also discuss financial sandbox mechanisms, regulatory frameworks allowing fintech solutions to be tested under supervision, aimed at opening opportunities for Da Nang’s fintech, blockchain, and innovation ecosystem.

Another notable perspective comes from Dr. Ana Le My Nga, who believes Vietnam is facing a historic opportunity to become a new destination for global knowledge, technology, and innovation-driven capital.

According to her, Da Nang possesses many advantages that could help it emerge as a regional focal point, thanks to its high quality of life, forward-looking leadership mindset, and willingness to experiment with pioneering financial models.

“International capital today is not only seeking profits. It also values stability, transparency, speed of innovation, quality of life, and open ecosystems that support growth acceleration. If Da Nang can seize this opportunity, it could shape a next-generation financial center model for Asia,” she said.

Meanwhile, Dr. Nguyen Trung Kien noted that the greatest value of enterprises today often lies not in immediately visible assets, but in brand equity, data, knowledge, relationship ecosystems, innovation capabilities, and intellectual property ownership.
“Tangible assets help businesses operate, but intangible assets determine how far they can go,” he said. This philosophy also serves as the core message of his book The Value of Invisible Things, which systematizes perspectives on intangible assets from the angles of corporate governance, investment, and innovation ecosystem development.

Unlike many traditional conferences, the event is designed to foster multidimensional interaction and networking among entrepreneurs, startups, investors, experts, and research and educational institutions.
Organizers expect the forum not only to deepen discussions on the development strategy for Vietnam’s International Financial Center in Da Nang, but also to help shape a broader network connecting knowledge, investment, and innovation within the DAVAS 2026 ecosystem.
A special highlight will be the book introduction ceremony themed “From Invisible to Visible,” symbolizing the transformation of abstract values such as trust, knowledge, data, and creativity into practical strategies and competitive capabilities.
Following the event, networking and book-signing activities will continue to connect speakers, guests, and the broader business community.

As the global economy rapidly shifts toward knowledge- and innovation-driven growth models, competition among cities and businesses will no longer be determined solely by tangible assets. Ultimately, it may be the “invisible” factors that decide who becomes the center of future capital flows, technology, and opportunity.

By Dr. Nguyễn Thúy Lan

Vietnamses version: https://doanhnghiephoinhap.vn/trung-tam-tai-chinh-quoc-te-viet-nam-vifc-muon-canh-tranh-gio-khong-chi-la-uu-dai-thue-135565.html