Vietnam Invites Binance as Advisor: All Eyes on Da Nang?

The Deputy Prime Minister hopes that Binance will open a headquarters in Da Nang and cooperate closely with the Vietnam International Financial Center in launching a crypto-asset exchange. This is a notable move.

Vietnam's strategic move

During his working trip to the United Arab Emirates (UAE) on September 24, Permanent Deputy Prime Minister Nguyen Hoa Binh had meetings and worked with the world's leading corporations in the fields of digital assets and real estate, including Bybit, Binance and Emaar Properties.

This is a strategic move, demonstrating Vietnam's ambition to build an international financial center and promote the crypto asset market.

At the working session with Bybit - the largest crypto-asset exchange in the UAE with more than 2.5 million users in Vietnam, the Deputy Prime Minister welcomed the success of the business and emphasized the importance of building a pilot legal framework for digital assets. Bybit expressed its willingness to support Vietnam through sharing international experience, training human resources and contributing to the process of building a legal framework.

With Binance - the world's leading digital asset trading platform, the Deputy Prime Minister proposed opening a headquarters in Da Nang and working closely with the Vietnam International Finance Center to launch a crypto asset trading floor. Notably, Mr. Richard Teng, CEO of Binance, was invited to be a senior advisor to the project, leveraging his experience from his time running Abu Dhabi Global Market.

In response, Binance representatives pledged to share experiences and cooperate in developing the digital asset market. At the same time, the company signed a memorandum of understanding (MOU) with the People's Committee of Da Nang City on developing blockchain technology. This is considered an important step forward in cooperation between the two sides.

Deputy Prime Minister Nguyen Hoa Binh expressed his wish that Binance open a headquarters in Da Nang and cooperate closely with the Vietnam International Financial Center in deploying a crypto-asset trading floor - Photo: VGP/Nguyen Hoang

Vietnam is striving to build an International Financial Center, of which the crypto-asset exchange is an important pillar. Resolution 5/2025/NQ-CP of the Government requires the establishment of a 5-year pilot legal framework for the crypto-asset market, with strict conditions such as a minimum charter capital of VND 10,000 billion and a limit on the issuance of digital assets to foreign investors. The goal is to ensure prudence, transparency and protection of domestic investors.

Domestic financial institutions such as SSI, Techcombank Securities (TCBS), VIX Securities, MBBank, VPBank have begun preparing to enter this market. Technology companies such as FPT, CMG, CTR, VNZ are expected to provide infrastructure and technology solutions, from blockchain platforms to custody services and compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations.

This preparation shows that Vietnam not only relies on international corporations but also mobilizes internal resources to develop the market.

Opportunities and challenges

Vietnam's invitation of Binance as a senior advisor and proposal to open a headquarters in Da Nang is a strong signal, showing its determination to bring the crypto asset market into official orbit.

Binance, as the world's leading digital asset trading platform, provides access to management experience, blockchain technology and a global network. The MOU between Binance and the People's Committee of Da Nang City is a concrete step, strengthening the commitment to cooperation and creating a premise for the integration of digital assets into the Vietnamese financial system.

Likewise, the presence of Bybit – with a significant user base in Vietnam – is also an advantage. Bybit’s commitment to supporting the legal framework and training human resources shows that they are willing to adapt to domestic regulations.

However, the challenge lies in the fact that these “giants” must adjust their international business models to comply with Vietnam’s strict regulations, such as transacting in Vietnamese Dong, complying with AML/KYC and ensuring transparency.

VinaCapital believes that Vietnam is laying the foundation for a digital economy that goes beyond cryptocurrency trading, aiming to integrate digital assets into areas such as real estate, bonds and carbon credits.

Resolution 5 and the Law on Digital Technology Industry (effective from July 2025) mark a turning point, recognizing digital assets as a legitimate part of the financial system. The launch of NDAChain - a national blockchain platform - enabling secure financial transactions and secure online shopping, is a testament to the acceleration in strategy implementation.

The Vietnamese government has set three key goals. First, legalization and tax collection. Transfer billions of dollars of transactions from international exchanges to the domestic system, create tax revenue and strengthen management. Second , integration into the financial system: Connect digital assets with the digital economy, open new capital mobilization channels and reduce dependence on cash. Third , investor protection: Establish standards for custody, reporting and compliance with AML/CFT regulations, ensuring a transparent and safe market.

The cooperation with Binance and Bybit brings opportunities to attract international capital flows, enhance the reputation of the Vietnam International Financial Center and create an ecosystem connecting finance, technology and real estate. Da Nang, with its strategic location and development potential, can become the center of these activities.

However, the challenge is not small when international corporations like Binance have faced legal problems in many countries. Close supervision and ensuring their commitment to implementation is key to avoid conflicts of interest or systemic risks.

In addition, the minimum capital requirement of VND10,000 billion may limit the number of participating enterprises, causing the official market to start slowly. Meanwhile, the unofficial market (OTC) still has the potential risk of bustling transactions, creating legal pressure for domestic investors if trading outside of licensed exchanges.

Criminal prosecution of 'illegal' transactions, how is the hundred billion dollar cryptocurrency market? The government has a resolution to pilot the crypto asset market in Vietnam. After 6 months from the first unit being licensed to operate, all crypto asset transactions outside the official system will be processed.

Source: https://vietnamnet.vn/viet-nam-moi-binance-lam-co-van-moi-cap-mat-do-don-ve-da-nang-2445949.html