The administration of Da Nang and the Vietnam Blockchain Association (VBA) have signed a cooperation agreement to advance the development of this central Vietnamese city as an international financial center (IFC).

The signing of the deal took place at a conference entitled ‘Developing International Financial Centers in Vietnam,’ held in Da Nang on Thursday.

Under the agreement, the VBA will assist Da Nang in formulating groundbreaking policies to accelerate the adoption of fintech and blockchain technologies.

This includes support for blockchain and AI training programs and exploring tailored strategies for integrating these technologies into the financial hub’s framework.

VBA chairman Phan Duc Trung emphasized that fintech, encompassing areas like payment technologies, insurance technologies, asset management, cybersecurity, and blockchain, should be the focus of Da Nang’s IFC.

He also highlighted the importance of incorporating green and circular economy models into the center’s operations.

The VBA leader said that the success of Da Nang’s IFC depends on three critical areas, including integrated policy framework, sustainable growth, and innovative solutions.

He underlined the need to build the financial hub based on the central government’s Resolution 259 and implement a regulatory sandbox framework as outlined in the lawmaking National Assembly’s Resolution 136, while leveraging Da Nang’s luxury tourism sector.

The city should ensure balanced development by integrating traditional and emerging economic activities into the city’s unique mechanisms to avoid reliance on a single mechanism.

He also recommended that the coastal city focus on practical applications such as testing digital asset transactions and developing carbon and data exchanges.

The VBA, designated as a key player in Vietnam’s national blockchain strategy, continues to promote blockchain adoption by raising awareness, training talent, and supporting businesses in legal compliance.

Trung highlighted the association’s role in fostering a ‘Made in Vietnam’ blockchain ecosystem by collaborating with government agencies to build the country’s blockchain network and enhance international competitiveness.

Addressing the conference, Deputy Prime Minister Nguyen Hoa Binh underscored the importance of establishing regional and international financial hubs to boost Vietnam’s economy.

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