On August 29, 2025, the People’s Committee of Da Nang signed a memorandum of understanding (MOU) with three international partners, including global digital asset exchange Bybit. This marks a significant milestone in advancing the city’s vision of becoming an International Financial Center (IFC) and fostering a vibrant digital economy ecosystem.

Da Nang is affirming its pioneering role in digital innovation with a series of dynamic initiatives: hosting the "Super Vietnam 2025" Blockchain & AI Week, drawing thousands of delegates; organizing discussions on FinTech sandbox mechanisms; completing infrastructure for Software Park No. 2, including a dedicated IT tower; and launching Da Nang Finance and Technology Week 2025.

Within this context, the Da Nang People’s Committee entered strategic cooperation agreements with Bybit, cybersecurity firm Verichains, and the Abu Dhabi Blockchain Center (ADBC). These collaborations promise to bring three core pillars to Da Nang’s financial hub: digital asset liquidity, global ecosystem connectivity, and infrastructure security. The partnership is key to translating national strategies into local implementation, ensuring that the IFC model is both policy-flexible and risk-controlled - minimizing exposure to threats targeting digital asset ecosystems.

The MOU underscores mutual commitments. Da Nang will facilitate administrative procedures for the partners to invest, open offices, and integrate into the IFC. In turn, Bybit and its partners will offer policy consultation on digital assets and blockchain technology, share international best practices, and support Da Nang in building a modern regulatory framework. This includes sandbox mechanisms and pilot innovation policies aimed at harmonizing institutions, aligning local and central authorities, and connecting Vietnam with international finance hubs like the UAE and Singapore.

Da Nang is positioning itself as a policy, data, and cooperation "open zone" for piloting, measuring, and scaling digital financial models for citizens, businesses, and tourists. In the next phase, the parties will implement a detailed work plan that includes policy advisory, human resource training, blockchain applications for tourism payments, and real-time compliance monitoring for the financial center. This collaboration marks a leap not only for Da Nang but also for the national ambition of building a secure and sustainable digital economy.

The MOU signing event comes amid Vietnam’s issuance of national guidelines for IFC development, creating a legal runway for localities like Da Nang to take off.

According to Chainalysis’ 2025 report, Vietnam ranks among the top nations in digital asset adoption, with blockchain transaction volume exceeding USD 100 billion in 2024. However, the country also faces serious cybersecurity challenges, with global hacking-related losses surpassing USD 2 billion in just the first half of 2025. With its strategic location and advanced digital infrastructure, Da Nang is capitalizing on this momentum to build a secure and transparent blockchain ecosystem.

Bybit, the world’s second-largest digital asset exchange, is expected to support Da Nang in developing its blockchain ecosystem and crafting supervised pilot policies tailored to the city's evolving IFC during the digital transformation era.

Nguyen Vinh