Opportunity for Vietnam to build a global digital asset ecosystem

(Dan Tri) - Vietnam's digital asset ecosystem has many advantages in terms of human resources, products and government support, but there are still many barriers related to the legal framework and big thinking to solve global problems.

Within the framework of the inauguration event of the Ho Chi Minh City Innovation and Startup Center (SIHUB) building, Ms. Le Thi Be Ba, Deputy Director of SIHUB, said that the digital asset sector is receiving a lot of attention from authorities in general and Ho Chi Minh City in particular.

Especially in the field of innovation, Ho Chi Minh City is a bright spot on the world map when it is ranked 2nd in Southeast Asia in terms of startups and top 30 globally in terms of Blockchain startups. In the field of fintech (financial technology), the city ranks 56th in the world.

Opportunities and lessons for Vietnam

Mr. Tran Huy Vu, co-founder and CEO of Kyber Network, commented that Vietnam has many advantages in the field of digital assets.

"In addition to the large population owning digital assets, startups with global quality products, high-quality human resources, and digital asset ecosystems also face a historic opportunity when receiving policy support from management agencies," Mr. Huy Vu shared.

Sharing the same view, Ms. Lynn Hoang, Country Director of Binance, said that Vietnam has great potential. If it grasps the opportunity in time and has a sustainable roadmap, Vietnam can become a new type of financial center in the region.

Ms. Le Thi Be Ba (right), Deputy Director of SIHUB, said that Ho Chi Minh City ranked 56th in the world in the field of fintech (Photo: Contributor).

However, Vietnam also faces many obstacles to realizing this dream. According to Mr. Nguyen Thanh Trung, co-founder and CEO of Sky Mavis (Vietnam's technology unicorn), digital assets are gradually being recognized by law but there are still many points that confuse businesses and investors.

"Blockchain businesses want to contribute more to the country but do not know how to do it properly. We have many difficulties related to the legal framework, but this is a common challenge globally. If solved, it will bring great advantages to Vietnam," said Mr. Trung.

From the world's experience in building an International Financial Center, Ms. Lynn Hoang believes that Vietnam can learn from the UAE (United Arab Emirates) model.

The UAE has built a one-stop, multi-layered mechanism with a clear legal framework, providing clear AML (Anti-Money Laundering) and CFT (Combating the Financing of Terrorism) standards. Since then, the UAE (Dubai, Abu Dhabi) has not only become a new international financial center, attracting huge financial resources from the world but also escaped the FATF grey list.

"When building an international financial center, Vietnam needs a clear legal framework and can establish an international court right in the center to resolve issues of a global nature.

In addition, we also need to have attractive incentive policies to attract talent, including international talent. Tax incentives are also very important, not only for businesses but also for individuals," Binance Country Director suggested.

Associate Professor Dr. Binh Nguyen from RMIT University believes that in order to become an international financial center, Vietnam needs to use a system that can be globalized. Developing a digital asset ecosystem in Vietnam is not just about trading and investing, but should have a bigger dream of being able to change the entire world financial system in 10-20 years.

Dr. Binh believes that Blockchain is an important key to this vision. Vietnam has many advantages when it comes to pioneering companies leading global trends. Many projects from Ninety Eight, Kyber Network, are leading the market and attracting millions of users worldwide.

Blockchain Landscape in Vietnam

Previously, at the Ho Chi Minh City Technology Festival (Conviction 2025), Mr. Nguyen Thanh Hoa, Deputy Director of the Ho Chi Minh City Digital Transformation Center, said that Vietnam has more than 73,000 digital technology enterprises, 853 of which work in the field of science and technology.

However, only 45 organizations truly meet the “high-tech” standard, with deep investment in R&D (research and development). In the Web3 segment alone, Vietnam is ranked in the high adoption group with a rapidly developing ecosystem.

Mr. Nguyen Thanh Hoa, Deputy Director of Ho Chi Minh City Digital Transformation Center, shared at Conviction 2025 (Photo: Contributor).

Mr. Hoa believes that the turning point will come in October 2024 when the Government issues the National Blockchain Strategy. The goal for Vietnam's blockchain industry is to be among the leading countries in this field in the next 5 years.

So far, many positive signs have appeared in reality. Mr. Hoa cited examples such as the world's largest cryptocurrency exchange Binance implementing the "Blockchain for Vietnam" initiative.

Dragon Capital Fund proposes piloting Tokenized ETF. Da Nang pilots stablecoin payments with foreign tourists through sandbox mechanism.

Investing in crypto assets is seen as part of a global shift, with many large organizations choosing cryptocurrencies or stocks in this sector to diversify their portfolios. Timely policy changes give Vietnam the opportunity to become the center of global Blockchain innovation.

However, many experts agree that domestic developers lack confidence, global product design thinking, and understanding of foreign markets. These are things that need to be improved soon so that Vietnamese businesses can reach larger scale.

Mr. Nguyen The Vinh, CEO of Ninety Eight, assessed that this field still has many opportunities to be exploited. CEO of Ninety Eight compared Blockchain to the Internet 40 years ago, powerful, full of potential but not yet popular with ordinary users.

“Our goal is to redefine the user experience around trust and security by deeply integrating AI into every layer of the infrastructure. This helps create a more user-friendly and humane Blockchain,” said Vinh.

Source: https://dantri.com.vn/cong-nghe/co-hoi-de-viet-nam-xay-dung-he-sinh-thai-tai-san-so-quy-mo-toan-cau-20250824130248279.htm