Da Nang’s emerging role in fostering a sustainable innovation ecosystem, particularly in blockchain and digital assets, said Deputy Director of the Da Nang Department of Science and Technology, Mr. Le Son Phong.

He was addressing the Danang Fintech Summit 2025, themed “Unlocking the Future of Digital Assets," held on June 7 in the central city.

"With favorable policies, strong resources, and an open ecosystem, the city aims to implement a sandbox mechanism—a controlled experimentation framework—for breakthrough technological initiatives, while piloting flexible policy models tailored to innovation realities," said Mr. Phong.

According to Mr. Vo Duc Anh, Deputy Director of the Da Nang Innovation Startup Support Center, one of the key documents shaping Vietnam’s digital asset development is the “National Strategy on Application and Development of Blockchain Technology to 2025, with a Vision to 2030”, issued by the government in October 2024. Additionally, the ongoing draft law on digital technology and assets is expected to establish a legal framework for managing and interacting with digital assets.

Further strengthening Da Nang’s ambitions, Resolution No. 136/2024/QH15, passed by the National Assembly, outlines urban administration reforms and allows the city to operate a sandbox mechanism for emerging technology sectors, including blockchain and digital assets. These steps are seen as crucial prerequisites for Da Nang to position itself as a leading digital asset hub—not only for Vietnam but also on a global scale.

From an industry perspective, Ms. Lynn Hoang, Binance Country Manager, called Vietnam’s decision to pilot digital assets a significant first step, signaling the country’s readiness to embrace the global digital economy. However, she acknowledged that the transition from draft regulations to concrete legal frameworks remains a challenge.

Meanwhile, Mr. Giang Nguyen, Director of FPT Incubator, noted that despite the absence of a clear regulatory framework, Vietnam remains among the world’s leaders in blockchain innovation. He suggested that a cautious, research-driven approach could help develop a legal structure tailored to technological advancements, ensuring a balanced approach that benefits all stakeholders.

Backing this viewpoint, Associate Professor Dr. Binh Nguyen of RMIT University Vietnam highlighted that establishing a clear legal framework for digital assets is a complex challenge—not just for Vietnam, but for advanced economies like the US, Singapore, and Sweden, which continue to grapple with balancing innovation and regulatory risks for businesses.

Da Nang has approved a controlled pilot mechanism for a stablecoin payment project. This model allows international tourists visiting the city to make payments using USDT.