Deputy Prime Minister has expressed hopes that Binance will open a headquarters in Da Nang and work closely with Vietnam’s international financial center in launching a digital asset exchange. This is considered a significant move.

A strategic step for Vietnam

During an official trip to the United Arab Emirates (UAE) on September 24, Standing Deputy Prime Minister Nguyen Hoa Binh met with leading global corporations in digital assets and real estate, including Bybit, Binance, and Emaar Properties.

This is a strategic step, reflecting Vietnam’s ambition to build an international financial center and foster the digital asset market.

At the meeting with Bybit - the UAE’s largest digital asset exchange with over 2.5 million users in Vietnam - the Deputy PM praised the company’s success and highlighted the importance of establishing a pilot legal framework for digital assets. Bybit pledged to support Vietnam by sharing international experience, training talent, and contributing to the legal framework development.

With Binance - the world’s leading digital asset exchange - the Deputy PM proposed opening a headquarters in Da Nang and working closely with Vietnam’s International Financial Center to deploy a digital asset exchange. Notably, Richard Teng, CEO of Binance, was invited to serve as a senior advisor for the project, leveraging his experience from leading Abu Dhabi Global Market.

In response, Binance pledged to share expertise and cooperate in developing Vietnam’s digital asset market. The company also signed a memorandum of understanding (MOU) with the Da Nang People’s Committee on blockchain development. This is seen as an important step forward in cooperation.

Vietnam is working to establish an International Financial Center, in which a digital asset exchange will be a key pillar. Government Resolution 5/2025/NQ-CP requires a 5-year pilot legal framework for the digital asset market, with strict conditions such as minimum charter capital of 10 trillion VND (about 409 million USD) and restrictions on issuing digital assets to foreign investors. The aim is to ensure prudence, transparency, and investor protection.

Domestic financial institutions such as SSI, Techcombank Securities (TCBS), VIX Securities, MBBank, and VPBank have begun preparing to enter this market. Technology companies like FPT, CMG, CTR, and VNZ are expected to provide infrastructure and tech solutions, from blockchain platforms to custody services and compliance with anti-money laundering (AML) and know-your-customer (KYC) rules.

This preparation demonstrates that Vietnam is not only relying on international giants but also mobilizing domestic strength to grow the market.

Opportunities and challenges

Vietnam’s invitation for Binance to serve as senior advisor and its proposal for a Da Nang headquarters sends a strong signal of determination to bring the digital asset market into the official financial system.

As the world’s largest digital asset exchange, Binance offers Vietnam access to global management experience, blockchain technology, and its extensive international network. The MOU with Da Nang further cements the cooperation and paves the way for digital asset integration into Vietnam’s financial system.

Similarly, Bybit’s large user base in Vietnam is a strategic advantage. Its commitment to help build the legal framework and train human resources shows readiness to adapt to Vietnam’s regulations.

However, challenges lie in how these global giants adjust their international business models to meet Vietnam’s strict requirements, including trading in Vietnamese dong, adhering to AML/KYC compliance, and ensuring transparency.

According to VinaCapital, Vietnam is laying the foundation for a broader digital economy that extends beyond cryptocurrency trading, moving toward integrating digital assets into real estate, bonds, and carbon credits.

Resolution 5 and the Digital Industry Law (effective July 2025) mark a turning point, recognizing digital assets as a legal component of the financial system. The launch of NDAChain - the national blockchain platform - for secure financial transactions and online purchases highlights Vietnam’s accelerated strategy.

The government has set three key goals. First, legalization and taxation: shifting billions of USD in transactions from offshore platforms into domestic systems, generating tax revenue and enhancing oversight. Second, financial integration: linking digital assets with the digital economy, creating new fundraising channels, and reducing reliance on cash. Third, investor protection: setting custody, reporting, and AML/CFT standards to ensure a transparent and safe market.

Partnerships with Binance and Bybit open opportunities to attract international capital, enhance the credibility of Vietnam’s International Financial Center, and create a comprehensive ecosystem connecting finance, technology, and real estate. With its strategic location and development potential, Da Nang could become the hub of these activities.

Still, challenges remain as global players like Binance have faced legal scrutiny in several countries. Strict oversight and binding commitments will be crucial to avoid conflicts of interest or systemic risks.

Additionally, the requirement of at least 10 trillion VND (409 million USD) in charter capital may limit participation, potentially slowing the market’s official launch. Meanwhile, the informal OTC market remains active, posing legal and financial risks for investors trading outside licensed platforms.

Manh Ha