From the Han River Miracle to the International Financial Center: “Da Nang Can Emulate Dubai”

On June 7, 2025, the Danang Fintech Conference: Unlocking the Future of Digital Assets was held, with the participation of regulatory representatives, international experts, and scientists discussing key trends in digital assets such as tokenization, blockchain, legal frameworks, and security issues to build a safe, transparent, and sustainable digital asset ecosystem.

“The Han River miracle in Danang will inspire the formation of an international financial center and Sandboxes that meet international standards for the sustainable development of digital assets,” said Le Hoang Phuc, Director of Danang Center for Microchips, Semiconductors, and Artificial Intelligence (DSAC), at the opening of the event.

Le Son Phong, Deputy Director of the Danang Department of Science and Technology, said that the city is gradually shaping its role as a creator for the sustainable development of the innovation ecosystem, including blockchain and digital assets. With advantages in mechanisms, resources, and an open ecosystem, the city will deploy a Sandbox mechanism for breakthrough technology initiatives, along with piloting flexible policy models that match the reality of innovation.

Mr. Phong emphasized that technology cannot develop in an environment lacking trust, appropriate institutions, and innovation incentives. The city commits to accompanying the community, businesses, and investors to design an open and favorable policy space for development.

Meanwhile, Vo Duc Anh, Deputy Director of the Danang Innovation Startup Support Center, said that one of the foundational documents for the development of Vietnam’s digital assets is the “National Strategy for the Application and Development of Blockchain Technology by 2025, with a Vision to 2030,” issued by the government in October 2024. Along with the draft law on digital technology and digital assets, which is currently under discussion, this will open up legal corridors and manage the behavior related to digital assets.

Mr. Duc Anh shared that Resolution 136 of the National Assembly on the organization of urban administration and the pilot of a number of special mechanisms and policies for the development of Danang city also allows the city to operate a Sandbox mechanism for new technology fields, including blockchain and digital assets. These are considered important prerequisites for Danang to become a center for digital assets, not only in Vietnam but also on an international scale.

Two Sides of the Legal Framework: Enabling or Hindering Innovation

From the perspective of a global enterprise, Lynn Hoang, Country Director of Binance, remarked: “The first positive sign is that Vietnam has decided to pilot digital assets. This is an important prerequisite showing that Vietnam is ready to walk alongside the world in this novel and promising field. However, there is still a long way to go from the draft to the issuance of specific legal documents. If the legal framework is enabling, Vietnam will gain significant advantages. Otherwise, we may lose this opportunity. Hopefully, our policies will not differ too much from global standards and will foster the development of the entire industry while ensuring effective management,” shared Ms. Hoang at the conference.

According to the Country Director of Binance, blockchain is not only a tool for digital assets but can also be flexibly applied in various fields. If the law is too strict, Vietnam’s innovation capacity may be hindered, causing us to fall behind.

Meanwhile, Giang Nguyen, Director of FPT Incubator, noted that even without a clear legal framework, Vietnam is still among the top countries in the world in the blockchain field. Regarding digital assets, if necessary, we can slow down a bit to research and establish an appropriate legal framework, relying on technology for management and development, ensuring a balance of interests among multiple parties.

Challenges in Enacting a Suitable Legal Framework

From a practical research perspective, Associate Professor and Doctor Binh Nguyen from RMIT University Vietnam, stated that enacting a clear legal framework for digital assets is a significant challenge, not only for Vietnam but also for developed countries like the US, Singapore, and Sweden, which are still striving to balance development and risks for businesses.

“For Vietnam, we cannot immediately control everything but must choose the most critical areas to study and legislate, and then expand to the entire industry,” said Dr. Binh. According to him, Vietnam can prioritize the legal framework for buying and selling digital assets, followed by clearly distinguishing different types of assets to avoid risks. Special attention should be given to stablecoins. “Currently, many Vietnamese use stablecoins not only for payment but also for various other purposes. This is also a global trend as the global transaction volume of stablecoins has reached parity with the Visa payment system,” Mr. Binh noted.

Sharing the same view as Mr. Binh, the representative of the Danang Innovation Startup Support Center said that the city is also building a Sandbox mechanism to test on a small scale before widespread application. Vo Duc Anh revealed that Danang has approved a controlled testing mechanism for a stablecoin payment project. This model allows international tourists to make payments using USDT. “The project has passed the first round of evaluation and has been presented to multiple managing agencies for further testing before widespread application,” said Mr. Duc Anh.

According to experts, the biggest challenge in enacting a suitable legal framework for digital assets is that regions and countries must balance factors related to attracting foreign investment, harmonizing laws with global practices, encouraging user participation, and ensuring that domestic companies are not left behind. Meanwhile, safety factors must be given top priority. International standards for KYC (Know Your Customer) and AML (Anti-Money Laundering) cannot be overlooked.

The representative of Binance suggested that to attract more international capital to Danang, authorities should collaborate with businesses when formulating legal corridors. “Danang can study and learn from the UAE’s model of managing digital assets. Within just one year, from 2022 to 2023, the UAE attracted billions of dollars in additional investment. Today, an increasing number of companies in this field are heading to Dubai,” she added.

“Compared to Dubai, Danang offers a much more livable environment with its natural advantages. With enabling policies, the heart of Central Vietnam can become the new capital of digital assets in the region, not just in Vietnam,” concluded Lynn Hoang, Country Director of Binance.