Policy shifts open doors for digital finance development

The Law on Digital Technology Industry, passed on June 14, 2025 and set to take effect on January 1, 2026, marks a significant step forward in regulating and clarifying “digital assets.” Prior to this, on June 12, 2025, the Prime Minister issued Decision No. 1131/QD-TTg on the List of strategic technologies and strategic technology products. Among the 11 groups of technologies identified as key drivers of innovation, growth, and national digital transformation, blockchain technology was officially recognised with three critical components: digital assets, digital currency, and cryptocurrency.

Seizing the opportunity

According to CEOWORLD’s 2024 report, Viet Nam ranks fifth among the top ten countries with the highest number of cryptocurrency holders globally, with approximately 20.95 million people (21.19% of the population) owning digital currencies. Data from Chainalysis, a leading crypto analytics firm, shows that the flow of tokenised assets into Viet Nam has remained above 100 billion USD annually from 2022 to 2024—more than double the amount of traditional foreign direct investment.

Viet Nam also reports annual GDP growth of 6–7%. With a population of over 100 million, it ranks third in Southeast Asia for smartphone usage, with over 84% penetration. Phan Duc Trung, Chairman of the Viet Nam Blockchain Association (VBA), affirmed that the legalisation of digital currencies and tokenised assets is one of the Government's efforts to fulfil its commitments in this field.

Vo Duc Anh, Deputy Director of the Da Nang Innovation Startup Support Centre, stated that one of the foundational documents for the development of Viet Nam's digital assets is the National strategy on blockchain application and development to 2025, with a vision to 2030, issued in October 2024. Coupled with the newly passed law on digital technology, this will establish a legal corridor for the governance of digital assets.

According to Announcement No. 47-TB/TW dated November 15, 2024 by the Politburo on the development of a regional and international financial centre, relevant agencies were urged to demonstrate high political will, take bold actions, and ensure strong implementation. Following this directive, the Government issued Resolution No. 259/NQ-CP dated December 31, 2024 outlining the Action plan for building a regional and international financial centre in Viet Nam.

As a result, the Ministry of Finance is working closely with other ministries, sectors, and local authorities to draft and finalise a resolution from the National Assembly on this initiative. Da Nang, in particular, possesses the practical development needs, strategic advantages, and political will necessary to become such a financial centre.

Le Hoang Phuc, Director of the Da Nang Semiconductor and Artificial Intelligence Centre (DSAC), expressed confidence: “Strong commitment from leadership, robust government support, and modern infrastructure along with high-quality human resources are the three key factors. We believe Da Nang can become a stronger city and a new international financial hub for Viet Nam and the region.”

Le Son Phong, Deputy Director of the Da Nang Department of Science and Technology, shared that the city is gradually shaping its role as an enabler of a sustainable innovation ecosystem, including in blockchain and digital assets.

Strategically located as a key gateway of the East–West economic corridor, Da Nang boasts seven national-level IT zones and a large talent pool, with 25,000 students graduating annually from local institutions. In high-tech sectors, approximately 38% of the workforce is ready and committed to serving the industry.

National Assembly Resolution 136, which outlines the structure of municipal governance and pilots several special mechanisms for Da Nang’s development, allows the city to implement a Sandbox mechanism. This is regarded as a crucial premise for Da Nang to emerge as a digital asset hub not only for Viet Nam but also with global reach.

Balancing regulation and innovation

A representative from Da Nang’s Innovation Startup Support Centre shared that the city is developing a Sandbox framework to test small-scale models before wider application. Currently, Da Nang has approved a controlled pilot scheme for a payment project using stablecoins. This model allows international tourists to make payments in USDT while visiting the city. “The project has passed its initial assessment and has been submitted to multiple regulatory bodies. It will continue undergoing trials before any broad implementation,” said Vo Duc Anh.

From a business perspective, Lynn Hoang, Viet Nam Country Director of Binance, believes Da Nang has the potential to become a regional financial hub—depending on government openness and permission. As a well-known tourist destination hosting thousands of international visitors annually, Da Nang is an ideal location to trial digital asset payments. This would allow international tourists who own digital assets to pay conveniently while visiting the city.

However, Lynn Hoang emphasised that safety and security must be the top priorities for digital asset exchanges. These platforms must comply with international standards on KYC (Know your customer) and AML (Anti-money laundering).

In addition, every exchange should establish a compensation fund to reimburse users in case of cyberattacks. Building a digital asset ecosystem that is safe, transparent, and sustainably developed—balancing foreign investment attraction with global practices and encouraging user participation—will create strong opportunities to develop Viet Nam’s digital financial market and innovation capabilities, bringing the country in step with regional and global trends.

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