As Da Nang accelerates the development of its International Finance Center (IFC), Mr. Petr Krasnov, CEO of Verysell Group, had a meeting with Mr. Phan Duy Anh, Deputy Director of Da Nang’s Department of Finance. They discussed global IFC models, with Mr. Krasnov sharing insights from his experience at the Dubai International Financial Centre (DIFC), a leading financial hub.
With VeryPay Holding Ltd based at DIFC and a new branch in Da Nang, Petr offers a unique blend of international fintech expertise and hands-on investment experience in Vietnam. This perspective bridges global best practices with Vietnam’s rapidly evolving digital finance sector.
Vietnam’s national strategy includes developing two major IFCs: one in Da Nang and another in Ho Chi Minh City. This dual-IFC approach positions Vietnam as a top destination for global investors while enhancing Da Nang’s role as a hub for next-gen financial technology in Southeast Asia.
Da Nang’s Strategic Advantage in Building an IFC
Da Nang has several key strengths that make it ideal for hosting a new IFC:
- Strategic Location & Growth Momentum: Described as a “laboratory for new financial models,” Da Nang is rapidly evolving into a ground for innovation. The local government’s Resolution No. 29 (April 2025) sets the goal of a fully operational IFC by 2030.
- Talent, Infrastructure & Policy Tailwinds: A KPMG report identifies the need for a highly skilled workforce to support the IFC’s success. Additionally, tax incentives, such as a 10% corporate income tax rate for 30 years, offer significant advantages to businesses.
- Integration with National Financial Strategy: Da Nang’s IFC is positioned alongside Ho Chi Minh City’s, with distinct roles that will drive sustainable economic growth.
Together, these factors make Da Nang an attractive option for global fintech and green-finance companies seeking expansion in Southeast Asia.
Talent, Infrastructure & Policy Tailwinds
- Human resource development: One of the four pillars for success of the IFC in Da Nang is human resource development. Therefore, Vietnam urgently needs a high-quality workforce with global experience.
- Approved tax incentives: Under the IFC regime, companies may benefit from a 10% corporate income tax rate for 30 years, and personal income tax exemptions for certain experts up to 2030.
- The convergence of fintech & green finance policy push: Da Nang is designated by the government to “pioneer innovation in fintech, digital assets, green finance, and sandbox models”.
Integration with National Financial Strategy
The integration of the IFC model into both Da Nang and Ho Chi Minh City is emphasised in multiple analyses. By mentioning the role of an IFC as “a bridge between capital and businesses and a powerful engine driving sustainable economic growth”, the strategic rationality becomes clear.
For global fintech and green-finance players looking for a base in Southeast Asia, Da Nang offers a compelling mix of talent, regulatory evolution, and geographic positioning, with policy incentives that rarely align this cleanly.
Positioning the IFC in Da Nang for Innovation and Growth
The IFC in Da Nang is not designed to replicate traditional large financial centres. Instead, it aims to be nimble, innovation-driven, and inclusive of small and medium-sized enterprises (SMEs), all while maintaining a global perspective.
Focus Areas
The Da Nang IFC is being positioned as a hub for fintech, digital assets, SME finance, green finance, and trade/merchant finance, which are key components in fostering innovation ecosystems. As a result, it is envisioned to become a leader in green finance and sustainable investment within the Asia-Pacific region. Furthermore, economists from Singapore have advised that Da Nang must carve out a unique identity to succeed. They emphasize that focusing on fintech, SME finance, and green finance will help distinguish the IFC from other global financial hubs.
Distinct Role Relative to Ho Chi Minh City
While Ho Chi Minh City is expected to focus on large capital markets, banking, and global fund management, Da Nang will serve as the innovation-driven hub. The Da Nang IFC will specialize in promoting green finance, trade finance for start-ups and SMEs, offshore financial services for non-residents, and facilitating cross-border commerce, particularly with free trade zones.
Regulatory & Structural Framework
The success of Da Nang’s IFC depends on four key pillars:
- Entry regulations and governance
- Finance and accounting standards
- Tax and legal foundation
- Human resource development
Key incentives include: a 10% tax rate for priority sectors, personal income tax exemptions for foreign experts until 2030, and the option for companies to apply International Accounting Standards (IFRS). These tax incentives and legal reforms are aimed at fostering a strong business environment and attracting global investors.
Sandbox & Innovation Support
The IFC’s legal framework prioritizes sandbox programs for fintech, digital assets, advanced payments, and testing innovation. The IFC Executive Authority actively issues sandbox regulations, allowing fintech firms to test their products and services with fewer regulatory constraints. This approach ensures that Da Nang’s IFC fosters innovation while maintaining a forward-thinking, globally aware structure that meets the needs of emerging industries.
Verysell Group’s Experience: From DIFC to Da Nang
For Verysell Group, the development of the Da Nang IFC represents not just growth, but a true evolution. After successfully establishing and operating VeryPay Holding Ltd at the renowned Dubai International Financial Centre (DIFC), one of the world’s leading financial hubs, the Group now applies that global expertise to Vietnam’s central region. Mr. Petr Krasnov offers a practical viewpoint in direct operational success within an IFC setting and the strategic foresight of an investor focused on sustainable growth in a rapidly advancing market.
Key Takeaways from DIFC
During his discussions with local officials, Petr shared insights from his experience at DIFC, focusing on several critical advantages for companies operating within global financial centers:
- Double Tax Avoidance Agreements (DTAA): DIFC’s DTAAs simplify cross-border transactions and prevent double taxation, easing global expansion for fintech companies.
- Common Law Framework: The Common Law framework ensures transparency, investor protection, and efficient legal processes, creating a reliable business environment.
- Foreign Exchange / Capital Repatriation: DIFC’s liberal policies allow free capital movement, promoting growth without restrictions. Petr highlighted this flexibility as key to DIFC’s success.
The lessons learned from the Dubai International Financial Centre (DIFC) are highly relevant to Da Nang’s aspirations. DIFC’s rise to global prominence was driven by a combination of regulatory innovation, legal clarity, and international trust. Its adoption of a Common Law-based legal framework ensured transparency and investor protection, aligning it with leading financial hubs like London, New York, and Singapore.
The centre’s open policies on capital repatriation and double taxation avoidance ensured smooth cross-border capital flows. Meanwhile, liberal foreign exchange regulations allowed fintech firms to expand globally. These advantages helped DIFC become a hub for fintech and investment that Da Nang aims to replicate as it builds its financial ecosystem.
Verysell’s decision to establish a presence in Da Nang is a strategic one. The city embodies key traits for success: a focus on innovation, a skilled workforce, and a government open to experimentation. By establishing VeryPay Vietnam in Da Nang, Verysell bridges DIFC’s maturity with Vietnam’s emerging IFC potential. This move also highlights the Group’s long-term commitment to Vietnam, backed by SmartDev, its wholly-owned subsidiary in the city.
SmartDev’s Role in Shaping Da Nang’s Financial Future
SmartDev’s foundation is built on precision, compliance, and innovation. SmartDev engineers design fintech systems that meet global standards, including secure payment gateways, mobile banking apps, KYC/AML platforms, credit scoring, and digital asset management. With ISO-certified processes, GDPR-compliant data policies, and banking-grade security, the company is a trusted partner for clients seeking innovation and reliability.
As Da Nang transitions into Vietnam’s next-generation financial hub, SmartDev’s strategic role extends beyond software engineering. The company actively participates in the formation of a digital ecosystem that will underpin the city’s International Financial Center (IFC). With SmartDev’s long presence in Da Nang and its integration with Verysell Group’s international fintech initiatives, it provides both technological continuity and immediate execution capacity for IFC-related projects. In fact, SmartDev is not just preparing for the IFC era. The company is helping to build it with their strengths and contributions:
Local Depth, Global Reach
- SmartDev has been headquartered in Da Nang for more than a decade, building a strong engineering base in one of Vietnam’s premier tech hubs.
- With 80% of its workforce specializing in fintech, digital payments, e-wallets, onboarding, fraud detection, and secure data platforms, SmartDev offers full-stack capabilities.
- Global project experience: delivering to clients in Europe, Middle East, APAC — which matches the international demands of the IFC at a global standard.
Strategic Value to Verysell & IFC
- As Verysell’s in-house technology arm, SmartDev gives the group a local anchor. Da Nang, to us, is not only strategic but already home.
- SmartDev’s compliance-ready development (banking-grade security, ISO standards, data protection, fintech modules) aligns with the governance/foundation pillars of the IFC.
- SmartDev can help shape the fintech sandbox ecosystem: creating platforms, APIs, KYC modules, digital asset frameworks. These all components of the new IFC orientation.
Unique Selling Proposition in the IFC Era
- For global fintech firms entering Vietnam through the Da Nang IFC, SmartDev provides a home-grown, yet globally capable partner.
- Since SmartDev already operates in Da Nang, integration risk is lower: local talent is accessible, and cultural/contextual barriers are mitigated.
- SmartDev can bridge the new regulatory and operating model by helping firms adapt to IFRS, sandbox regimes, and tokenization frameworks.
Conclusion
The move to build an IFC in Da Nang is more than Utopian planning. It is a calculated evolution of Vietnam’s financial architecture. With clear strategic positioning, regulatory impetus, talent and infrastructure, Da Nang is emerging as the next frontier.
For Verysell Group, the transition from the mature DIFC model in Dubai to the emerging Da Nang model is both strategic and opportunistic. Verysell draws on global experience, enters at an early stage and positions itself to shape the ecosystem.
SmartDev, as the in-city technology anchor, is the practical execution arm. The company gives Verysell strong local capabilities, a bridge to global clients, and the ability to deliver on a scale.
What remains is execution. The roadmap ahead demands rapid regulatory finalisation, talent attraction, ecosystem development, and bold capital-investment moves. But for those willing to act now, the upside is significant.
The opportunity is unfolding. Let’s build the future of finance in Southeast Asia, starting in Da Nang.
