On November 26, Binance and the Ho Chi Minh City Department of Finance inked a memorandum of agreement to assist the growth of Vietnam’s International Financial Centre in the city.

Details of the agreement

The agreement, which was agreed at the Autumn Economic Forum in 2025, addresses cooperation in luring investors, creating legal frameworks for blockchain and digital assets, and assisting with a regulatory sandbox for enterprises using digital assets.

Additionally, both sides will collaborate on digital technology projects for startups and SMEs, as well as offer workshops and training to regulators.

One of the two sites chosen for Vietnam’s international financial centre, HCM City, serves as a crucial platform for the city’s goal of becoming a regional centre for innovation, industry, and finance.

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The municipal People’s Committee has assigned the Department of Finance the responsibility of organising and carrying out policies pertaining to the establishment of the centre.

In accordance with the Memorandum of Understanding, both parties committed to working together in four main areas. They include facilitating and introducing investors, financial institutions, and investment funds to operate at the VIFC–HCMC, exchanging real-world experience in creating legal frameworks for digital assets, blockchain technologies, and digital asset-based payment infrastructure. 

And assisting in the creation of a controlled testing environment (sandbox) for digital asset projects after a suitable legal corridor has been established and approved by relevant authorities.

The action plans

To create action plans, track developments, and handle implementation issues, a collaborative working group will be formed.  The group will convene virtually or in person at least twice a year.  

The Memorandum of Understanding will be passed to the new organisation for ongoing execution once the IFC-HCMC operational agency is established.

The pact is seen as a major move that ushers in a new era of more intensive collaboration between Binance and HCM City.  

It is anticipated that the cooperation would improve regulatory capabilities, increase Vietnam’s access to international financial markets, and draw top-notch investment in finance, technology, and innovation.

Vietnam and crypto

Deputy Finance Minister Nguyen Duc Chi stated at a Sunday briefing that the Vietnam Finance Ministry reported in October that it had not received any corporate offers to participate in the nation’s digital asset trading pilot. 

When asked how many applications had been received and when the first licenses may be issued, he provided the update.

The government is proceeding with the pilot’s regulations, but according to the ministry, the implementation would be contingent upon businesses fulfilling stringent requirements and coordinating with other agencies.

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