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| The International Financial Centre in Ho Chi Minh City is scheduled to be launched in 2025 (Photo: VNA) |
Hanoi (VNA) - With perceived flexible regulations, foreign-friendly incentives, and fintech sandboxes, Vietnam’s International Financial Centre (IFC) is becoming a magnet for both global and local digital asset players seeking growth and compliance in one of Asia’s largest crypto markets, Singapore’s e-newspaper The Business Times stated in a recent article.
It noted that unlike the regulatory restrictions and crackdowns seen elsewhere, Da Nang and Ho Chi Minh City, where the Southeast Asian country is setting up its dual-city IFC, are providing a conducive environment that has already begun pulling in global crypto giants.
The recent launch of the Global On-chain Economy Alliance on November 25 in HCM City’s IFC underscores this momentum.
The alliance includes prominent international players such as Tether – the world’s largest issuer of US dollar-pegged stablecoins; Republic – a New York-based financial firm operating a network of retail-focused investment platforms; and Ava Labs – the company behind the open-source Layer-1 blockchain Avalanche.
Local players are also part of the alliance, including Dragon Capital – the oldest independent asset manager in Vietnam; Sky Mavis – Vietnam’s first blockchain unicorn known for its blockbuster game title Axie Infinity; and Viettel Digital Services – the digital infrastructure arm of Vietnam’s largest telecommunications behemoth Viettel Group.
Separately, over the past few months, Binance and Bybit, among the world’s largest crypto exchange operators, have each signed memorandums of understanding with authorities in Da Nang and Ho Chi Minh City to support the IFC formation.
The alliance includes prominent international players such as Tether – the world’s largest issuer of US dollar-pegged stablecoins; Republic – a New York-based financial firm operating a network of retail-focused investment platforms; and Ava Labs – the company behind the open-source Layer-1 blockchain Avalanche.
Local players are also part of the alliance, including Dragon Capital – the oldest independent asset manager in Vietnam; Sky Mavis – Vietnam’s first blockchain unicorn known for its blockbuster game title Axie Infinity; and Viettel Digital Services – the digital infrastructure arm of Vietnam’s largest telecommunications behemoth Viettel Group.
Separately, over the past few months, Binance and Bybit, among the world’s largest crypto exchange operators, have each signed memorandums of understanding with authorities in Da Nang and Ho Chi Minh City to support the IFC formation.
The article quoted Tran Huyen Dinh, head of the fintech application department at the Vietnam Blockchain and Digital Assets Association as saying that the IFC is a marketplace where international players come to do business, and the presence of major crypto firms engaging in global trading activities there will make it more vibrant and fuel the centre’s growth.
However, it is not just about easing market entry for global digital asset firms. The real value lies in what the Vietnam IFC can offer to these players – especially the ability to tap into the country’s large and growing crypto user base and tech talent pool.
“Vietnam is one of the leading countries globally in crypto adoption, making it an ideal market to offer digital asset services without the need for extensive market education,” Dinh added. “If tech companies want to save on costs, they can also set up offices here and hire local developers.
According to a report by crypto payment gateway Triple-A, more than one in six Vietnamese owned cryptocurrencies in 2024, even when the asset type was not officially legalised in the country back then.
Over the past few years, Vietnam has constantly been among the top 10 markets with the highest crypto adoption rates worldwide, with trading accounts in digital assets quickly surpassing that in the stock market.
A recent report from Chainalysis revealed that the total value of crypto received in Vietnam was at 220 billion USD between July 2024 and June 2025, marking a growth of 55% compared to the 2023-2024 period and placing the country third in the Asia-Pacific region, behind India and the Republic of Korea./.
