Ho Chi Minh City establishes a digital asset investment fund with a fundraising target of $1 billion. Photo: Thanh Nien.
Yesterday afternoon (February 8th), the Ho Chi Minh City Department of Science and Technology, in collaboration with the Ho Chi Minh City International Finance Centre, organized a conference to promote investment in digital technology infrastructure and large data centers, aiming to create breakthroughs for the city's smart city and international financial center. The event attracted numerous technology corporations, financial institutions, and domestic and foreign investors, amidst fierce competition among Asian financial centers for dominance in the fields of digital assets and artificial intelligence.
In the presence of the Chairman of the Ho Chi Minh City People's Committee, Nguyen Van Duoc, a series of strategic cooperation agreements were signed. The centerpiece was an agreement between the International Finance Center in Ho Chi Minh City and a consortium of VinaCapital and the Global On-Chain Economic Alliance to research, develop, and operate the Ho Chi Minh City Digital Asset Fund .
The fund is envisioned as a market-building Capital source, playing a pivotal Vai in a regional-level on-chain hub within the framework of the International Financial Center. According to the initial design, the fund will raise and disburse Capital in multiple phases, with a long-term goal of reaching approximately $1 billion . Unlike a purely investment fund model, this structure is positioned as a platform supporting the formation of a digital asset market, linked to real-time settlement and clearing mechanisms, serving both domestic investors and cross-border Capital flows.
Alongside the financial initiative, Ho Chi Minh City is also promoting large-scale data infrastructure projects to ensure the processing and storage capacity for digitalization activities. The G42 Group from the United Arab Emirates, along with a consortium of domestic investors, has signed a long-term framework agreement to develop large-scale data center infrastructure in Vietnam, with a total expected Capital of approximately US$2 billion. These projects are described as hyper-scale data centers optimized for AI and cloud computing, serving not only storage but also meeting the high-intensity computing needs of financial applications and data analytics.
At the local level, the Ho Chi Minh City Department of Science and Technology signed a memorandum of Mnemonics with VinaCapital – representing the FPT, VinaCapital, and Viet Thai alliance – to develop a large data center connected to the city's innovation and technology complex. The Ho Chi Minh City High-Tech Park Management Board also signed an agreement with VinaCapital to promote data infrastructure projects and green energy solutions, meeting the sustainable operation requirements of next-generation data centers.
Speaking at the conference, Director of the Ho Chi Minh City Department of Science and Technology, Lam Dinh Thang, stated that the city is entering a new phase of development, in which digital infrastructure plays a fundamental Vai in growth based on science and technology, innovation, and digital transformation. According to him, mega-scale data centers will become the "digital brain" of the city, integrating multi-sectoral data and supporting decision-making based on scientific analysis and real-world simulation, thereby optimizing resources and improving the quality of life for citizens.
From the perspective of digital financial management, Mr. Pham Tuan Anh, Head of Technology at the International Finance Centre in Ho Chi Minh City, stated that the city will implement measures to strengthen risk management, prevent money laundering, terrorist financing, and tax evasion. The goal is to both facilitate the development of Capital flows and new financial models, and ensure national monetary security in the context of digital assets becoming increasingly integrated into the traditional financial system.
Regarding the legal process, Vietnam is taking a significant step forward in bringing cryptocurrencies under regulatory control. According to the Law on Digital Technology Industry , effective from January 1, 2026, digital assets are for the first time legally recognized, although they are not XEM a legal means of payment. This lays the foundation for the recognition of ownership, trading, and custody of digital assets within the formal financial system.
Meanwhile, the Ministry of Finance has begun accepting applications for pilot licenses for digital asset trading platforms, while regulations on taxation and penalties are being further refined.
According to Thanh Nien newspaper.
