Da Nang plans to test digital assets in the international financial center.

The Ministry of Fintech is seeking opinions on the draft Decree to establish two international financial centers in Ho Chi Minh City and Da Nang, each with its own orientation and functions.

With Da Nang, this center will operate a controlled experimental mechanism (sandbox) to deploy new financial models, including trading and managing digital assets, digital currencies, payment solutions – digital remittances. This mechanism also allows for the formation of new exchanges and trading platforms, aimed at assessing feasibility before widespread implementation.

In addition to testing fintech technology, the International Financial Center of Da Nang also focuses on areas such as green finance, trade finance for small and medium-sized enterprises, supporting innovative startups, and providing offshore financial services to foreign clients. The center's activities will be linked to the Free Trade Zone, high-tech zones, open economic zones, and industrial parks, thereby promoting cross-border trade.

Da Nang also aims to attract investment funds, remittance funds, and medium and small-sized fund management companies, encouraging the development of startups in the fields of Fintech serving tourism, trade, consumption, and logistics. Support services such as legal consulting and the development of financial service infrastructure are also emphasized.

To create a competitive advantage, the center will prioritize the application of strategic technologies including artificial intelligence (AI), cloud computing, quantum computing, big data (Big Data), and blockchain.

According to the explanation, "digital asset testing, digital currency" refers to the application of a financial sandbox – a framework that allows for the trial operation of new models within a certain scope and timeframe, in order to measure risks and effectiveness before officially launching. This may include building a digital asset exchange, payment solutions, and digital money transfers. This proposal was previously put forward by the leaders of Da Nang in June, and the Ministry of Finance is currently preparing a draft resolution for the pilot cryptocurrency market, expected to be issued next month. The number of pilot exchanges will be limited to a moderate level to ensure competition while facilitating evaluation.

Meanwhile, Ho Chi Minh City will develop according to a model that concentrates capital, technology, and high-quality human resources from financial institutions, banks, and large investment funds. This center aims to become a hub providing specialized financial services, maximizing the linkage between capital mobilization, investment, savings, payments, and the issuance of financial products.

In addition to the capital market, Ho Chi Minh City also focuses on developing asset management, fund management, insurance, derivatives products; implementing a sandbox for Fintech and innovation; establishing specialized exchanges, new trading platforms; expanding the commodity and commodity derivatives market, logistics centers, and regional supply chain services.

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