The University of Economics Ho Chi Minh City (UEH) on February 2 hosted a scientific conference titled "Research on a Controlled Testing Mechanism for Blockchain and Crypto Assets at the Vietnam International Financial Center - Ho Chi Minh City (VIFC-HCMC)."
The event attracted scientists, experts, government representatives, and business community members in the finance-technology sector.
The UEH is leading the research mission to provide scientific arguments for designing a legal testing framework at VIFC-HCMC. The research focuses on building a sandbox mechanism, evaluation criteria, and monitoring mechanisms for financial products using blockchain and crypto assets, aiming to complete the legal framework for financial technology in Vietnam.
At the conference, experts emphasized that a sandbox is not a "legal vacuum" but a controlled legal testing environment where new financial models can operate within limited time, space, and participation. Under strict supervision by regulatory authorities, businesses participating in the sandbox mechanism will be temporarily exempted from certain regulations that do not align with technological realities but must still bear full responsibility for arising risks.
The proposed sandbox model at VIFC-HCMC, developed by UEH experts, is based on lessons from over 95 economies that have implemented similar mechanisms, particularly in financial centers, like Singapore, Dubai, Hong Kong (China), and the UK. A common takeaway is that an effective sandbox requires a flexible legal framework, proactive monitoring mechanisms, a clear transition roadmap, and strict systemic risk limits.
The sandbox is also seen as an intermediary institutional tool, a practical testing ground to serve legal perfection, not a mechanism to mitigate legal responsibility. Associate Professor Dr. Nguyen Huu Huan, Executive Vice President of the International Financial Center in Ho Chi Minh City, stated that "VIFC-HCMC is oriented to become a policy and technology laboratory; gradually forming a financial technology center (Fintech Hub) in Southeast Asia and Asia. In this context, the sandbox plays a particularly important role in the development of VIFC-HCMC. Designing a sandbox mechanism requires in-depth research and contributions from both academia and market practitioners. The goal is to build a practical testing framework for Ho Chi Minh City, creating breakthroughs compared to other international financial centers worldwide."
Experts propose implementing the sandbox mechanism at VIFC-HCMC in three phases, starting with establishing a sandbox office and infrastructure for receiving applications, followed by controlled testing with pioneering businesses, and finally integrating the sandbox into the official management system. In the first year, 5 to 8 projects in areas such as P2P lending, e-wallets, real estate tokenization, or carbon credits are expected to be selected for testing.
A notable highlight in the proposal is the risk stratification for each financial product group: from high risk (directly related to cash flow and real assets) to medium and low risk (mainly monitoring tools or internal testing). Each group will apply separate conditions, limits, and monitoring standards.
"Sandbox needs to be designed at the intersection of the market and state management, where parties dialogue to establish appropriate 'tolerance thresholds,' creating policy consistency and effective market linkage, thereby forming a safe testing space and promptly resolving institutional bottlenecks," said Dr. To Cong Nguyen Bao, Representative of the Research Group, University of Economics Ho Chi Minh City.
Additionally, the model integrates performance, risk, and customer satisfaction evaluation indicators (three-layer KPIs), helping regulatory agencies closely monitor the testing process. Experts also emphasized that clearly distinguishing between relaxable regulations and mandatory requirements is crucial in ensuring transparency and safety. Requirements such as personal data protection, anti-money laundering compliance, technology security, and professional ethics must be strictly adhered to in all cases.
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