The government of Vietnam is accelerating its plan to become a hub for blockchain technology, following a series of high-level meetings between Deputy Prime Minister Nguyen Hoa Binh and the CEOs of Binance and Bybit. According to official statements, the talks, which included a formal invitation for Binance to establish a headquarters in Da Nang, aim to position the country as a regional leader in the crypto and fintech sector.
Details of the proposal were revealed after the meeting in the United Arab Emirates between the Vietnamese Deputy Prime Minister and Richard Teng, CEO of Binance. In this meeting, it was formally proposed that the world’s largest exchange open a headquarters in Da Nang and collaborate closely with Vietnam’s future International Financial Center to launch a digital asset exchange. Additionally, an invitation was extended to Teng to act as a senior advisor to the project, and a Memorandum of Understanding was signed for the development of blockchain technology in the country.
An Ambitious Strategy for Regional Leadership
This move is not an isolated event but the culmination of Vietnam’s efforts to create a favorable regulatory framework and robust exchange infrastructure. To complement the alliance with Binance, Nguyen Hoa Binh also met with Ben Zhou, co-founder and CEO of Bybit. In this conversation, the main focus was on regulatory compliance. Bybit’s successful European expansion was highlighted as a model to follow, and the company committed to contributing its expertise to strengthen the Vietnamese crypto market’s regulatory framework.
Vietnam’s strategy includes the creation of an International Financial Center that integrates traditional finance (TradFi) with new digital technology. By attracting giants like Binance for its scale and Bybit for its regulatory expertise, the country seeks to create a secure and dynamic ecosystem that fosters investor confidence. For the market, this could mean increased liquidity, accelerated adoption, and the emergence of Vietnam as an attractive market for international capital.
The combination of government support, infrastructure investment, and collaboration with major industry players positions Vietnam as a serious contender in the race for crypto leadership in Southeast Asia. The success of these plans will depend on the effective implementation of a clear regulatory framework and the country’s ability to attract and retain talent in the Web3 sector, thereby consolidating a prosperous and sustainable local industry.
