Receiving the delegation were Ms. Khadija Ali, DIFC Chief Representative, Business Development Segment and Mr. Juma Al Hameli, ADGM Chief Communications Officer.
DIFC is allowed to operate as an "independent country" model with the nature of a free financial zone. DIFC has outstanding preferential policies including no restriction on nationality of employees working at DIFC, foreign companies can own 100% of assets, unlimited remittance rate, and unlimited use of currencies…DIFC currently contributes 12% of Dubai's GDP. In addition, DIFC has established its own Human Resource Training Academy to provide high-quality human resources for businesses operating here.
Developed after DIFC, the distinctive value of ADGM is the establishment of a complete and modern infrastructure for financial service providers, good access to international funds and high-quality human resources. ADGM provides the most favorable ecosystem for investors and businesses. In addition, incubators and innovative projects are also encouraged thanks to the large international investment funds located here.
The major factors for the success of the two financial centers are the transparent management mechanism, the appliance of international legal system, and the great advantage in having good access to the markets thanks to the difference in time zones and the growing aviation industry.
At the meeting, the delegation exchanged and clarified the role of the state and private investors in the process of forming DIFC and ADGM, conflict resolution with businesses and investors outside the financial center, experience in operating the Dubai Financial Services Authority (DFSA) to perform business management, licensing and regulation of banking and financial institutions as well as supervision and management of other services in financial centers in the UAE.
Sharing with the delegation, representatives of DIFC and ADGM emphasized that to successfully develop Da Nang International Financial Center, it is necessary to have a separate operating institution with a separate jurisdiction in accordance with international laws and conventions. The project needs to attract quality investors with a long-term vision planning based on the actual needs of the market, modern and synchronous infrastructure, high-quality human resources and friendly ecosystem (safe and transparent transactions).
Also at the meeting, the two sides also exchanged and clarified the relationship between DIFC and ADGM. Although these are the two financial centers of the UAE, there is no competition between them, but rather a complementarity. Each center has its own competitive advantage and functions, therefore applied in the situation of Vietnam, it is perfectly suitable when forming a financial center in both Da Nang and Ho Chi Minh City. Da Nang should carefully select a number of industries and fields for development Da Nang International Financial center, in alignment with Vietnam's economic development orientation.
Currently, Da Nang city is proposing the Prime Minister to approve the Da Nang International Financial Center Project, therefore, learning from the experience of building, developing and calling for investment of major international financial centers in the world such as DIFC and ADGM are extremely necessary.
(Hanh Nguyen)
