Experts suggest that a specific, appropriate testing mechanism should be established for the digital asset market within the international financial center. (IFC), thereby helping financial institutions, banks, and corporations implement projects that can effectively attract investment Capital , creating a flow of Capital into Vietnam.
Proposal for a specific testing mechanism for digital assets at IFC Ho Chi Minh City.This content was presented at the workshop "Research on controlled testing mechanisms for the Blockchain and crypto asset sector at the Ho Chi Minh City International Finance Center" held in early February 2026.
Specifically, Ms. Nguyen Thi Ngoc Quynh – Director of the Vietnam market at Republic Financial Technology Company (USA) – commented: Regarding attracting Capital from global investment organizations, especially in the digital asset sector, investors in the Americas, Europe, and the Middle East, when looking at the Vietnamese market, particularly IFC in Ho Chi Minh City, are usually interested in two main needs:
The first Regarding IFC's mechanisms and policies, investors expect Vietnam's market policies to be clear, transparent, and fully compliant with international standards and requirements.
Monday Regarding growth potential and profitability, investors always expect returns, and these returns often depend heavily on the speed and room for market growth.
In this context, Ho Chi Minh City is seen as an emerging metropolis – a place that would be highly attractive to global investors and organizations if granted a special pilot mechanism for financial products, especially in the digital asset sector.
Ms. Quynh expects that with the current in-depth research, IFC Ho Chi Minh City can develop a suitable pilot mechanism for the digital asset market, thereby helping financial institutions, banks, and corporations implement projects that can effectively attract investment Capital , creating an investment Capital into Vietnam in general and Ho Chi Minh City in particular.
Proposed sandbox roadmap for IFC Ho Chi Minh City
Also at the workshop, experts discussed the controlled testing mechanism (sandbox). A sandbox is understood as a policy mechanism to both support technology and control risks.
In today's financial market, the emergence of new financial technologies creates many opportunities for countries to attract Capital and develop their economies, but also poses many risks that threaten system security and affect national strategic security. Therefore, sandboxes emerge to Vai a safe testing environment for new financial and technological models, especially in the fields of blockchain and cryptocurrencies.
Mr. Tran Nhat Khoa – Research Director of on-chain Academy of the Global On-Chain Economic Alliance (GOE Alliance) – suggests that when building the IFC sandbox in Ho Chi Minh City, it can be approached as a regulatory-led sandbox or a market-led sandbox.
In reality, international financial centers typically do not adopt a purely one-dimensional model, but rather a harmonious combination of both, depending on the stage of development and market conditions of each country.
"For IFCs that have developed and established large financial markets, the sandbox prioritizes protecting market stability and will lean more towards the legal framework and risk management," Mr. Khoa informed at the conference.
Conversely, newly formed IFCs often choose their market, which is XEM as a competitive tool, to create a distinct advantage over traditional IFCs. This is because if new IFCs cannot create a superior advantage, they will struggle to attract Capital, businesses, and innovation.
Proposal to implement the IFC sandbox in Ho Chi Minh City starting in 2026 according to a 3-phase roadmap.From that perspective, experts recommend that IFC Ho Chi Minh City should approach the sandbox with a market-oriented development strategy, focusing on building applications and models suitable to Vietnam's current conditions while still ensuring requirements for monetary security, national security, and financial system safety. This approach should align with global development trends, rather than being separate from or contrary to international standards.
Representatives from the research team at the University of Economics Ho Chi Minh City (UEH) proposed a roadmap for implementing the sandbox at IFC Ho Chi Minh City, starting in 2026 and expected to have three phases:
Phase 1 (lasting from 1 to 6 months): Building technical infrastructure, establishing an operational organizational model, setting up a sandbox office, and perfecting the dedicated team of personnel.
Phase 2 (From the fourth month to the end of the first year): Activate and conduct a limited-scale sandbox trial, with an expected selection of 5-8 participating projects.
Phase 3 (From year two to year three): Expand the scale and integrate the sandbox into IFC's overall operating system; gradually transform pilot models into official market components, laying the groundwork for future replication in other economic zones.
