Da Nang (VNA) - Da Nang is positioning itself as a billion-dollar fintech sandbox rather than a skyline of skyscrapers, aiming to capture part of a projected 16-trillion-USD digital-asset market.
As an estimated 220 billion USD in crypto assets flows into Vietnam each year—still largely an “unknown” for regulators, Da Nang has opted for a bold strategy. Backed by the government, Da Nang is prioritising a controlled “sandbox” model for fintech, seeking to become a hub for innovation instead of following the traditional playbook of building financial areas defined by high-rise towers.
The vision began to take concrete shape on January 9, when the Vietnam International Financial Centre (VIFC) in Da Nang was officially launched at Software Park No. 2. The event marked a shift from institutional preparation to real-world implementation under Decree No. 323/ND-CP.
Addressing the launch ceremony, Permanent Deputy Prime Minister Nguyen Hoa Binh described the VIFC as a strategic move for Vietnam to integrate more deeply into global financial markets and stay ahead of the restructuring of capital flows and value chains.
Within the “one centre, two destinations” strategic framework —closely linked with Ho Chi Minh City—Da Nang is expected to serve as a digital gateway to international markets.
Crucially, the city has been tasked with piloting new models under a clear directive to move away from a “ask-and-give” administrative mindset toward a facilitative and enabling approach. This shift is widely seen as the most important prerequisite for attracting innovative business models with no precedent in Vietnam.
Positioning to capture 16 trillion USD capital flow
Da Nang’s decision to focus on fintech and digital assets is grounded in compelling data. According to Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Assets Association (VBA), Vietnam consistently ranks among the top countries globally for crypto adoption, with inflows estimated at nearly 220 billion USD between 2023 and 2024.
Globally, the emergence of tokenised real-world assets (RWA)—ranging from real estate to securities and energy—signals a transformative shift. The market is projected to reach over 16 trillion USD by 2030, accounting for roughly 10% of global GDP.
Nguyen Thi Minh Tho, Deputy Director of the Anti-Money Laundering Department at the State Bank of Vietnam, noted that the country’s pilot model prioritises asset-backed tokens tied to real cash flows and tangible cash flows. For instance, rental income from a building could be tokenised and traded, allowing investors to benefit both from token ownership and underlying revenue streams.
By developing digital infrastructure to accommodate such flows, Da Nang aims to reposition Vietnam from a latecomer to an attractive destination in the digital economy era.
Sandbox – “testing of aspirations"
At the core of this strategy is the sandbox mechanism—a controlled legal environment where companies can test new technologies under regulatory supervision. One early participant is PayD JSC – the first member of the VIFC, which offers solutions enabling users to convert digital assets into Vietnamese dong for real-world spending.
Le Duc Hanh, CEO of PayD, said joining the VIFC in Da Nang opens opportunities to collaborate with major financial and technology partners while operating within a transparent legal framework. He emphasised that safety and compliance will remain top priorities of PayD.
The involvement of pioneering firms, alongside cooperation commitments from global players such as Tether, Binance and Bybit, underscores Da Nang’s growing appeal as a hub for a new wave of financial technology innovation./.
