Vietnamese people rank second in cryptocurrency trading, and the world has 'caught wind' of it.

The pilot project for converting crypto assets in Da Nang City is attracting a lot of attention. Peter Hong (Nguyen Hong Hue), Chairman of Kogi Technology Group and former Chairman of the Association of Vietnamese Businesspeople Abroad, said, "The world has caught wind of it."

Mr. Peter Hong speaks to the press in Da Nang City - Photo: BD

"Vietnam currently has the second-largest number of cryptocurrency investors in the world . Leading international technology corporations have 'sniffed out' this. The profits are what's been attracting people to Da Nang recently," Peter Hong told Tuoi Tre Online on the sidelines of the 2025 Vietnam Annual Finance Forum currently taking place in Da Nang.

Da Nang has taken a step ahead for the future of finance.

Speaking about current trends in cryptocurrency, Peter Hong said the world is moving towards a point where everything can be solved with just a phone.

Vietnam is also taking steps to pave the way and prepare for a future financial system that will not print cash or use cash in transactions.

Recently, Da Nang City became the first place in the country to pilot an asset encryption project. This information immediately attracted attention from the global financial community.

Although there is still a long way to go, according to Mr. Peter Hong, this is a turning point where Da Nang will be a model for the future. Da Nang has many advantages in terms of free trade zones, international financial centers, etc.

Da Nang Software Park No. 2 - where the pilot project for converting crypto assets is being implemented - Photo: BD

"Since Da Nang became known as an international financial center and, more recently, a free trade zone, a large number of leading global technology corporations have flocked there."

"We highly appreciate Da Nang's capability, boldness, and determination in piloting a controlled cryptocurrency asset conversion project. This city deserves to be selected," said Peter Hong.

Where will Da Nang be in 10-20 years?

Along with major global corporations promoting investment in the Da Nang International Financial Center, Mr. Peter Hong stated that they are discussing the quantum bay program and preparing to invest in a Big Data program for global asset management in Da Nang City.

"Right now, we're still asking where Da Nang ranks compared to other Asian cities? We are committed that with the bold steps the government is currently taking, if there is a quantum bay and a global digital asset management center, Da Nang will be very different from what it is now," said Mr. Peter Hong.

Regarding the selection of Da Nang as the first city in the country to pilot a controlled cryptocurrency asset conversion project, during a meeting with Da Nang leaders on the afternoon of August 28th, Mr. Do Van Su, Deputy Director in charge of the Foreign Investment Department ( Ministry of Finance ), stated that the city was not chosen by chance.

Da Nang is planning a series of large-scale projects to create a ripple effect in the region - Photo: BD

According to Mr. Su, Da Nang's steps towards becoming an international financial center are very different from other models, as the trends in digital finance and green finance are being aggressively pursued.

"Some organizations asked us why we agreed to let Da Nang pilot the first cryptocurrency asset conversion project in Vietnam. We replied that the regulations apply nationwide, not just to one locality. But Da Nang has taken the lead, acted boldly, and proven many things," Mr. Su said.

On August 26, the Vice Chairman of the Da Nang City People's Committee, Ho Quang Buu, signed a decision approving a controlled, time-limited trial of a technology solution related to the conversion of cryptographic assets.

According to the decision, the project to be piloted under controlled conditions is the Basic Pay software of Alphatrue Solutions Joint Stock Company (a newly established enterprise in Da Nang).

Basic Pay stated that it focuses on building a system that combines blockchain technology and traditional finance to support the transparent and automated exchange of cryptocurrency with fiat currency, fully complying with international regulations on anti-money laundering and counter-terrorism financing.

The project will be piloted for 36 months at three locations in the central area of ​​Da Nang City, including: the Da Nang Innovation and Startup Support Center, the Da Nang Software Park Information Technology Zone, and Da Nang Software Park No. 2.

THAI BA DUNG

Source: https://tuoitre.vn/nguoi-viet-xep-thu-2-ve-muc-do-choi-tien-so-the-gioi-da-danh-hoi-duoc-20250829122853654.htm