The Ministry of Finance recently proposed allowing the International Financial Center in Da Nang to conduct a controlled sandbox test of advanced financial models such as digital assets, digital currencies, digital payment and money transfer solutions, while paving the way for establishing new exchanges and platforms in this coastal city.
According to the draft decree being consulted, Vietnam will form two international financial centers in Ho Chi Minh City and Da Nang, each with different development orientations to complement each other. While Ho Chi Minh City will focus on traditional financial services and capital markets, Da Nang is expected to become a "laboratory" for modern financial technologies.
In Da Nang, the sandbox mechanism will allow testing new financial products and services within limited scope, specific timeframes, and targeted groups. The goal is to assess effectiveness and manage risks before widespread national implementation. Priority areas include:
Digital Assets and Digital Currencies: Including testing exchanges, payment solutions, and cross-border money transfers using blockchain technology.
Green Finance and Commercial Finance supporting small and medium enterprises.
Offshore Financial Services for non-resident individuals and organizations.
Beyond financial sectors, the Da Nang International Financial Center aims to connect cross-border trade with free trade zones, high-tech zones, open economic zones, and strategic industrial parks. The city also targets attracting investment funds, remittance funds, small and medium fund management companies, and encouraging startups in tourism, commerce, logistics, and consumer sectors.
A special highlight of this proposal is the orientation towards strategic technology applications including artificial intelligence (AI), cloud computing, quantum computing, big data, and blockchain. This is expected to help Da Nang compete with top financial centers in Asia.
In fact, the idea of testing digital assets and digital currencies in Da Nang is not new this year. In June, city leaders directly proposed to the Government, amid Vietnam's ongoing development of a legal framework for crypto asset markets. According to the latest information, the Ministry of Finance is finalizing a draft resolution for pilot crypto asset markets, expected to be issued this month. The number of participating exchanges will be limited to "more than one but not too many" to ensure competition while facilitating management and evaluation.
Looking globally, the financial sandbox model has been adopted by many countries, from Singapore and Japan to the United States, aimed at promoting innovation while controlling risks. In the US, under President Donald Trump's administration, the government has accelerated blockchain testing in the financial sector to maintain its leading position. If successfully implemented, Da Nang's proposal could open a new phase, bringing Vietnam closer to the map of innovative financial centers in the region.
Source: VnExpress Newspaper
