Da Nang has become the first city in Vietnam to approve a controlled digital asset conversion trial, positioning itself as a national sandbox for blockchain applications, but it’s ambition of becoming an international financial centre (IFC) by the end of the decade is still a long road ahead, according to experts.
“Unlike other markets, Vietnam lacks a clear legal framework, large enough sandboxes for experimentation, and international-standard infrastructure to absorb innovation flows,” Nguyen Ngoc Anh, CEO of SSI Asset Management (SSIAM), said.
She argued that harmonising standards — from stablecoin oversight to KYC/AML rules and investor protection — is essential to integrate with global ecosystems.
For Vietnam’s blockchain builders, global exposure is critical, she stressed. “Without builders, blockchain is theory. With builders, blockchain becomes power. Young Vietnamese must be connected to global ecosystems — to knowledge, mentors, and standards. Human capital is the long-term infrastructure, and internationalising talent is the surest way for Vietnam to compete.”
Anh was speaking at the Vietnam Blockchain Day 2025 event in the coastal hub last week.
Startup leaders at the event echoed this call. Tran Huy Vu, CEO of KyberNetwork, said that Vietnam’s edge lies in its agility but warned that safeguards are lacking.
“Other countries protect personal assets with strong mechanisms. Vietnam should design frameworks that protect users and their assets. Only then can we build platforms of real scale,” he said.
Do Van Thuat, Director of Blockchain Solutions and Architecture at 1Matrix, added: “The biggest barrier is the absence of legal frameworks. If that is addressed, Vietnam can become a financial centre in two to three years,” pointing to local startups already exporting blockchain solutions globally.
Binance country head Lynn Hoang stressed the need for clarity on ownership. “Adoption cannot grow without clear definitions. Will regulations allow assets to be stored on cold wallets or only on licensed exchanges? People must have true ownership without excessive control.”
Local experts also highlighted the urgency. “In other countries, blockchain is seen as efficiency infrastructure, not just risk. For Vietnam’s IFC ambitions, this mindset shift is critical,” said Bui Trung Hieu, country lead of Superteam Vietnam.
Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association, proposed a multi-chain blockchain service network (VBSN) in Da Nang as part of a sandbox. Suggested pilots include decentralised identity (DID) and blockchain-based e-invoicing (BE-invoice), coupled with fast-tracked licences.
A testbed in Da Nang
Da Nang has already approved a trial for Basal Pay, a blockchain-based application integrating AML/CFT compliance with fiat-crypto exchange — Vietnam’s first blockchain-finance solution aligned with global standards.
Tuan of SSID indicated that as a long-time investor, they welcomed the move but cautioned: “Crypto has no borders, so regulation requires caution.”
Without state participation, he warned, disorder is likely.
Nguyen Xuan Bach, Deputy Director of ATX, added: “Vietnam has seen boom cycles, like October 2024, but without regulation, markets descend into chaos. State participation builds trust, encouraging investors to commit long term.”
Wanming Du, Director, Index Policy, APAC at FTSE Russell, indicated that Vietnam’s capital markets have expanded rapidly. From a handful of listings in 2000, there are now more than 1,600 across HSX, HNX, and UPCoM. Daily trading averages about $1.3 billion, making Vietnam one of ASEAN’s most liquid markets.
Still, retail dominates. In July, 226,000 new accounts were opened, lifting the total to 10.4 million. “This engagement is extraordinary, but the next step is to deepen institutional participation — pension funds, insurers, and long-term investors,” Du said.
“The IFC in Da Nang is central to this — a platform for innovation in digital finance, digital assets, and financial technologies.”
