Ho Chi Minh City (VNA) – French and Vietnamese experts gathered in Ho Chi Minh City on May 27 to discuss the development of an appropriate legal framework for digital assets and related risk management as Vietnam moves to establish itself as a regional financial and innovation hub.
The discussions took place at a seminar organised by the French Consulate General in Ho Chi Minh City.
Speaking at the event, Etienne Ranaivoson, Consul General of France in Ho Chi Minh City, said Vietnam’s rapidly growing digital economy, expanding technological capabilities and ambitions to build the Vietnam International Financial Centre (VIFC) demonstrate the country’s determination to become a leading regional centre for financial innovation.
France, the first European country to establish a Comprehensive Strategic Partnership with Vietnam, fully supports and accompanies the Southeast Asian nation in achieving this goal, he said.
According to Ranaivoso, digital assets are reshaping economic models, financial infrastructure, capital flows, investor confidence, cybersecurity frameworks and the competitiveness of existing international financial centres. These developments present common challenges for both France and Vietnam, making the exchange of practical lessons and regulatory experience increasingly important.
He stressed the need for a clear legal framework that can keep pace with rapidly evolving technologies while balancing economic attractiveness with support for innovation and effective risk management.
At the seminar, experts introduced France’s legal mechanisms and regulatory framework governing digital assets.
They also discussed measures to foster innovation, enhance the appeal of international financial centres, and address challenges arising from the development of digital assets, including the management of cryptocurrency-related activities.
Meanwhile, Richard McClellan, CEO of the VIFC in Ho Chi Minh City, said the VIFC is being designed as a specialised legal and regulatory platform for international finance operating within Vietnam’s legal framework.
The centre will provide a controlled environment to support innovation in financial technology, digital assets and emerging financial sectors, he said.
He added that in 2026, Vietnam is focusing on institutional development, building a one-stop registration portal for members, and piloting regulatory sandboxes for digital finance and green finance, with 2027 expected to mark the first operational market year of the VIFC.
He noted that Vietnam’s legal framework for digital assets and fintech is being gradually completed, while the VIFC has been authorised to oversee activities not yet covered by national legislation. Fintech hubs are expected to begin operations in the fourth quarter of this year, while sandboxes for digital finance and green finance are scheduled to be licensed by year-end.
Addressing risk management issues, Nguyen Tran Minh Quan, a legal expert from the Vietnam Blockchain and Digital Asset Association (VBA), said Vietnam is moving from the legislative phase towards stronger supervision of digital asset markets, including anti-money laundering measures and efforts to combat fraud and scams linked to digital assets./.
