These two events, witnessed by the Prime Minister and high-ranking officials, occurring almost simultaneously are no mere coincidence. They signal Vietnam’s deliberate choice to forge a new financial path, eschewing the revival of old models in favor of a groundbreaking financial architecture. Here, finance, technology, and innovation converge to shape a national-scale on-chain economy.
Launch of the Global On-Chain Economic Alliance at the 2025 Autumn Economic Forum.
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In this paradigm, Ho Chi Minh City transcends traditional competition with hubs like Singapore or Hong Kong, moving beyond tax incentives or financial institution counts. Instead, it pioneers a new trajectory: building an international financial center grounded in digital infrastructure, real-time data, and programmable on-chain finance. This is uncharted territory, even for leading global financial centers (IFCs), positioning Vietnam to leapfrog into a leadership role.
Binance’s partnership acts as the initial catalyst. Beyond conventional crypto exchange services, Binance equips Ho Chi Minh City with blockchain infrastructure design, compliance frameworks, asset tokenization mechanisms, and internationally aligned on-chain transaction monitoring systems. These capabilities lay the foundation for a financial model where transparency, transaction speed, and risk management surpass traditional finance’s limitations.
If the Binance MOU is the ignition, the On-Chain Alliance is the engine of this new economy. It convenes powerhouses like Viettel, Dragon Capital, Tether, Ava Labs, Republic, Sky Mavis, and On-chain Academy, functioning as an open economic laboratory. Here, novel financial models undergo rapid, secure testing with built-in oversight—a sandbox traditional markets can’t replicate. This enables policy experimentation with reduced risk and accelerated innovation.
Within this framework, concepts like real estate tokenization, carbon credit standardization, real-time cross-border payments, and digital asset identity systems move from theory to practice. As these models mature, IFC-HCM will set ASEAN’s on-chain operational standards—an advantage legacy IFCs, entrenched in outdated systems, struggle to achieve. Vietnam’s “blank canvas” becomes its strategic edge.
The on-chain economy Ho Chi Minh City envisions isn’t just a new financial market; it’s a parallel economic ecosystem. Here, all assets—real estate, bonds, carbon credits, bank deposits, commodities, energy, even public assets—are digitized. Standardized digital assets unlock liquidity, slash financial costs, enable instantaneous cross-border transactions, and minimize fraud through transparent data. This transforms IFC-HCM into a global value exchange hub, seamlessly integrating Vietnam’s digital assets into international markets.
The synergy between Binance and the On-Chain Alliance is key. Binance provides operational standards and technology; the Alliance offers implementation space; Ho Chi Minh City contributes regulatory frameworks and market access; and IFC-HCM launches new financial models. Together, they create a structure no regional financial center currently possesses.
Critically, the on-chain economy is about more than technology—it’s a governance revolution. Real-time monitoring of capital flows, assets, and transactions positions Vietnam as a pioneer in “real-time governance” for finance. This enhances risk management while bolstering international investor confidence—critical for IFC-HCM’s success.
Broader still, the Binance partnership and On-Chain Alliance demonstrate Ho Chi Minh City’s ambition not just to follow global trends but to shape them. This distinction between follower and leader is pivotal. As IFC-HCM becomes the testing ground and standard-setter for on-chain models, Vietnam gains a voice in writing the rules of this new financial order.
Ultimately, the new financial model and on-chain economy are means, not ends. They form the bedrock for a high-value ecosystem where tech talent, innovative enterprises, Web3 startups, investment funds, and global financial institutions converge to drive growth. Executed effectively, Ho Chi Minh City could become Southeast Asia’s first IFC competing not on traditional scale but on technological prowess and innovation velocity.
– 08:00 29/11/2025
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