(Market Insider) — Vietnam has formally invited global crypto exchange Binance to establish its regional headquarters in Da Nang, with plans to collaborate on launching a regulated digital-asset trading platform as part of the country’s first international financial center.
Deputy Prime Minister Nguyễn Hòa Bình made the proposal during high-level meetings this week, expressing the government’s intention to position Da Nang as a pilot hub for new financial models. He also extended an invitation to Binance CEO Richard Teng to serve as a senior advisor in shaping Vietnam’s international financial hub.
Teng welcomed the offer, pledging to share Binance’s global expertise and experience from other international financial centers, including Abu Dhabi. The Deputy Prime Minister also witnessed the signing of a memorandum of understanding (MOU) between Binance and the Da Nang People’s Committee on blockchain and digital-asset development.
Vietnam is currently building two international financial centers — one in Da Nang and one in Ho Chi Minh City. The Da Nang hub has been designated as a sandbox zone, allowing controlled testing of digital assets, cryptocurrency exchanges, payment systems, and remittance solutions.
The government also held discussions with Bybit, one of the largest crypto exchanges in the UAE with over 2.5 million users in Vietnam. Bybit executives welcomed the pilot initiative, offering support in legal framework design, international best practices, and talent development.
In a parallel meeting, representatives of Emaar Properties, the Dubai-based real estate giant with operations in 15 countries, expressed interest in investing in Vietnam, either directly or through the international financial centers.
According to global investor Dung Duong, the move reflects Vietnam’s determination to play a proactive role in the digital economy:
- Clear signal of credibility – The government’s direct invitation to Binance and the advisory role offered to its CEO send a strong message of political will, reducing the regulatory uncertainty that often discourages foreign crypto investment.
- Controlled sandbox approach – Vietnam’s choice of a pilot zone shows prudence. Rather than rushing into widespread adoption, the country is enabling innovation under close supervision to manage systemic risks.
- Catalyst for capital and talent – A Binance hub in Da Nang could attract global capital inflows and blockchain professionals, accelerating the growth of a local ecosystem of startups and infrastructure.
- Leverage global experience – Collaboration with Binance and Bybit allows Vietnam to benefit from lessons learned in mature markets, helping to strengthen compliance, security, and investor protection.
- Strategic alignment – This initiative fits into Vietnam’s broader digital transformation agenda, including legal reforms, regulatory sandboxes, and the development of competitive financial centers.
“Challenges remain around regulatory clarity, market integrity, and investor protection,” Duong noted. “But this is a foundational step. Vietnam is no longer a passive observer — it is positioning itself to be a regional leader in digital finance.”
