HCM City and Binance Create Crypto Sandbox to Build 2030 Fintech Hub

Ho Chi Minh City has signed a landmark Memorandum of Understanding (MoU) with Binance, the world's largest cryptocurrency exchange by trading volume, to accelerate the development of its Vietnam International Financial Centre (VIFC-HCMC). The partnership, announced at the Autumn Economic Forum 2025 attended by Vietnam's Prime Minister Pham Minh Chinh and international investors, aims to position the city as a leading regional hub for crypto-fintech by 2030. The collaboration focuses on four key areas: attracting global investors and digital asset firms, sharing expertise on digital asset regulations, building blockchain-powered payment infrastructure, and enhancing risk management frameworks for digital assets.

The MoU underscores HCM City's ambition to become a modernized, crypto-ready financial center competing with established hubs like Singapore and Hong Kong. A critical component of the agreement is the establishment of a regulated "crypto sandbox," allowing startups and fintechs to test blockchain-based products such as tokenized assets and decentralized finance (DeFi) solutions without requiring full licensing. This initiative is designed to provide regulators with hands-on experience in monitoring digital asset risks, including anti-money laundering (AML) compliance and market manipulation. The city also plans intensive training programs for government officials, covering topics like regulatory technology (RegTech), blockchain audit trails, and cross-border digital asset management.

Binance's involvement is expected to deepen HCM City's integration into global capital markets. The exchange will facilitate connections between Vietnamese institutions and international investors, potentially attracting firms specializing in cryptocurrency infrastructure, blockchain-based payment gateways, and AI-integrated blockchain applications. City officials emphasized that the partnership aligns with Vietnam's broader economic strategy to modernize its financial sector while ensuring regulatory frameworks evolve in tandem with global standards.

The collaboration builds on HCM City's recent efforts to solidify its financial credentials, including a prior MoU with Nasdaq. Binance's global expertise in digital asset markets and compliance practices is seen as a strategic asset for Vietnam, which seeks to balance innovation with risk mitigation. The joint working group established under the MoU will oversee implementation, meeting biannually to review progress and adjust strategies as needed according to the joint working group.

As the crypto landscape matures, HCM City's partnership with Binance signals a decisive step toward leveraging blockchain technology to enhance financial accessibility and competitiveness. With a focus on fostering innovation, regulatory clarity, and international collaboration, the city aims to solidify its role as a pivotal player in Asia's evolving digital economy.