Hanoi, January 27, 2025 – The Europe Today: The Ministry of Planning and Investment (MPI) has proposed a draft National Assembly Resolution to build regional and international financial centres in Vietnam, including a controlled testing policy (sandbox) for innovative business models in the fintech sector.
The proposal aims to create a regulatory framework to foster fintech development, with the establishment of sandbox trials for fintech activities, such as digital asset and cryptocurrency trading platforms. The Financial Centre Management and Operations Committee will be empowered to issue licenses, manage operations, assess impacts, and mitigate risks for these fintech trials.
The Government also intends to implement measures to prevent money laundering, along with regulations to ensure security, cybersecurity, and safety for digital asset service providers. Specifically, the regulation will oversee the management, issuance, ownership, and trading of Non-Fungible Tokens (NFTs), utility tokens, and cryptocurrency mining, addressing risks related to energy security and environmental concerns.
Transactions within the planned international financial centres in HCM City and Đà Nẵng, scheduled to open by 2025, will be conducted in Vietnamese đồng (VNĐ) or freely convertible foreign currencies, facilitating a dynamic environment for both local and international financial activities.
Despite Vietnam’s growing position in the global cryptocurrency market, with data from CoinGecko showing a peak market value of nearly US$3.3 trillion in November 2024, the country currently lacks clear regulations defining virtual currencies and digital assets. Existing laws address electronic money linked to fiat currencies but fail to recognize cryptocurrencies as assets. This regulatory gap has led many businesses to register in jurisdictions like Singapore or the United States before entering the Vietnamese market, resulting in lost tax revenue and a competitive disadvantage.
Vietnam’s plans to establish financial hubs and clear regulatory frameworks aim to enhance its position in the global financial landscape, attract investment, and ensure secure, transparent transactions in the evolving digital economy.
