According to a recent Chainalysis report, Vietnam’s digital asset transaction value from July 2024 to June 2025 is estimated at US$220–230 billion, equivalent to VND5,820–6,000 billion. On average, more than US$600 million (nearly VND16.3 trillion) in digital assets are traded daily, highlighting both the scale and intensity of market activity. In several localities, investment and development related to digital assets have gained strong momentum, with Da Nang City emerging as one of the cities that have announced multiple projects in this field.
At the 2025 Autumn Economic Forum, the Ho Chi Minh City Department of Finance and Binance Group signed a memorandum of understanding to support the development and operation of the Ho Chi Minh City International Financial Center (VIFC-HCMC), opening up new opportunities related to digital assets.
The memorandum defines four key areas of cooperation. These include joint efforts to attract and connect investors, financial institutions, and international funds to explore investment and operational opportunities at VIFC-HCMC, as well as sharing practical experience in building legal frameworks for digital assets, blockchain technology, and digital asset–based payment platforms. The two sides will also study, propose, and implement digital asset projects under a sandbox model, a controlled pilot mechanism, once the legal framework is finalized and approved by competent authorities.
Founded in 2017, Binance is one of the world’s largest cryptocurrency exchanges. As of June 2025, it accounts for nearly half of the total trading volume on centralized exchanges, with daily transactions exceeding US$217 billion.
Binance representatives said the cooperation with HCMC marks a significant step forward in enhancing regulatory capacity, strengthening international capital market connectivity, and attracting high-quality investment flows into finance, technology and innovation.
Stakeholders await regulatory clarity
Prior to the signing of the cooperation agreement between the Ho Chi Minh City Department of Finance and Binance, the city had already organized a series of activities to collect contributions from the blockchain community.
Notably, the Ho Chi Minh City Institute for Development Studies hosted a consultation workshop on building a fintech ecosystem within VIFC-HCMC. The event brought together major corporations, leading investment funds, and Vietnam-originated global Web3 projects such as Sky Mavis (Axie Infinity) and Kyber Network, alongside international blockchain organizations including Ava Labs and Republic.
Mr. Nguyen Thanh Hoa, Deputy Director of the Ho Chi Minh City Digital Transformation Center, said that in recent years, the Ho Chi Minh City Blockchain Association (HBA) has actively organized forums, contributed to policy consultations and mobilized numerous blockchain startups ready to participate in the city’s development.
Representatives of Web3 projects such as Sky Mavis and Kyber Network have expressed their willingness to share knowledge and experience in building the digital asset ecosystem of Ho Chi Minh City in particular and Vietnam.
According to Mr. Tran Huy Vu, co-founder and CEO of Kyber Network, companies in the Web3 ecosystem are seeking clearer legal regulations to accurately assess their participation potential and level of contribution.
Mr. Nguyen Thanh Trung, founder and CEO of Sky Mavis, noted that while enterprises possess strong enthusiasm and market understanding, they are awaiting clearer legal guidance before engaging more deeply.
From an institutional perspective, the issuance of Resolution No. 05/2025/NQ-CP in 2025 marks a milestone in Vietnam’s approach to piloting the digital asset market. The resolution is widely viewed as providing a foundational regulatory framework for an emerging segment of the digital economy, while creating expectations for new growth engines.
According to Mr. Nguyen The Vinh, co-founder of Ninety Eight, Resolution 05 plays a pivotal role in advancing the digital economy and improving corporate governance, underscoring digital assets as an essential pillar of the broader digital economy.
