Da Nang is clearly demonstrating its ambition to become a leading digital asset center in the region by actively researching and applying pilot mechanisms for blockchain technology and cryptocurrencies. At the 'Danang Fintech Summit 2025' event held on June 7, the Da Nang Department of Science and Technology received a proposal to pilot allowing international tourists to use cryptocurrencies to pay for goods and services. This is a breakthrough step, showcasing the city's commitment to facilitating the development of new technology models in a controlled environment (sandbox).
Mr. Le Son Phong, Deputy Director of the Da Nang Department of Science and Technology, emphasized that the city is gradually shaping its role in creating a sustainable innovation ecosystem, including the blockchain and digital asset sectors. With advantages in mechanisms, resources, and an open ecosystem, Da Nang will implement a sandbox mechanism for breakthrough technology initiatives, alongside piloting flexible policy models that are suitable for innovation practices.
According to Mr. Vo Duc Anh, Deputy Director of the Innovation Startup Center - Da Nang Department of Science and Technology, several experimental proposals have been received, and the proposal for payment using USDT is currently being evaluated by departments and agencies. This model allows international customers to use digital wallets to scan payment codes with USDT, while stores in Vietnam still receive Vietnamese Dong through an intermediary transaction processing system.
Although Vietnamese regulatory authorities have previously affirmed that cryptocurrencies are not legal tender, Mr. Duc Anh cited Resolution 136 of 2024 from the National Assembly, granting Da Nang the right to implement controlled experimental mechanisms. He compared it: 'For example, you have a car that runs at 100 km/h, but the law only allows 50 km/h, Da Nang can create a mechanism that allows exceeding that threshold.' This sandbox policy has been institutionalized through a resolution at the People's Council level, with a clear administrative procedure that takes about 2.5 months.
Mr. Le Hoang Phuc, Director of the Da Nang Center for Microchips, Semiconductors, and Artificial Intelligence, expressed the vision that Da Nang will become an international financial center. With its favorable position, the city's commitment, support from the state, and high-quality human resources, Da Nang has great potential to realize this goal. Mr. Phuc hopes: 'The Han River miracle in Da Nang will spark inspiration for the formation of the International Financial Center and suitable sandboxes to ensure the sustainable development of digital assets.'
From an academic perspective, Associate Professor Dr. Binh Nguyen, RMIT University Vietnam, stated that issuing a clear legal framework for digital assets is a major challenge, even for developed countries. However, Vietnam could prioritize enacting laws for the buying and selling of digital assets and clearly differentiating types of assets to avoid risks. In particular, Mr. Binh emphasized the importance of stablecoins, which have been widely used by many Vietnamese and have global trading volumes comparable to the Visa system.
Ms. Lynn Hoang, Country Director of Binance in Vietnam, suggested that Da Nang could refer to the model of the UAE. With the virtual asset law enacted in 2022, the UAE has accepted digital asset companies, helping to increase the volume of digital asset transactions in Dubai by 51%. She believes that with its advantages in location and climate, Da Nang has many favorable conditions to become a financial hub of the region if appropriate policies are in place.
These moves demonstrate Da Nang's determination to embrace technology trends, ready to create a flexible legal framework to attract investment and develop the digital asset sector, contributing to positioning Vietnam on the global fintech map.
Investing in cryptocurrencies carries high risks due to significant price volatility.