Ho Chi Minh City is stepping up its ambition to become the region's leading financial center by officially signing a Memorandum of Mnemonics with Binance Group to promote the construction of the Vietnam International Financial Center in the city. The event took place on the afternoon of November 25 within the framework of the Autumn Economic Forum 2025, with the presence of Prime Minister Pham Minh Chinh, leaders of the Ho Chi Minh City People's Committee, central ministries and branches, and many investment funds and international financial corporations.
This move is XEM an important step forward for Ho Chi Minh City’s long-term development strategy to consolidate its position as a financial – technology – innovation center in Southeast Asia. The city is currently one of two locations oriented to build an International Financial Center of Vietnam, and the Ho Chi Minh City Department of Finance has been assigned to take the lead in implementing policies for this process.
Binance – one of the world’s leading corporations in blockchain ecosystem and digital asset trading – said it wants to accompany Vietnam in building a sustainable legal environment and promoting innovation in the field of digital finance. In recent years, Binance has regularly cooperated with governments to support the development of legal frameworks, from Europe, the Middle East to Asia. The “handshake” with Ho Chi Minh City is considered by observers to be in line with the global trend, when many countries are shifting to a sandbox model for digital assets and blockchain technology.
According to the signed content, Ho Chi Minh City and Binance will coordinate in attracting international investors, financial enterprises and investment funds to participate in the operation of the Vietnam International Financial Center in the city. The two sides also agreed to Chia experiences in building legal mechanisms related to blockchain and digital assets, along with proposing the implementation of a sandbox for new fintech models when legally qualified and licensed.
One of the focuses of the cooperation is to support the formation of an ecosystem of innovative businesses, financial technology, blockchain and AI businesses in Ho Chi Minh City. This helps Vietnamese businesses access international standards in governance, compliance, security and blockchain product operations. In addition, training of human resources for management agencies is also focused on, through in-depth training programs, seminars and expert exchanges from Binance.
The City and Binance also plan to study the possibility of cooperation in building a payment infrastructure using digital assets and AI solutions for public financial management and smart urban services. To ensure the progress of implementation, the two sides agreed to establish a Joint Working Group to coordinate, monitor and resolve difficulties arising during the implementation process. The group will meet at least twice a year, in person or online. After the official executive agency of the Vietnam International Finance Center in Ho Chi Minh City is established, the entire content of the Memorandum of Mnemonics will be transferred to this agency for further implementation.
The cooperation agreement with Binance not only strengthens Ho Chi Minh City's position as Vietnam's digital financial center, but also opens up opportunities to attract many global technology corporations to invest, set up headquarters and develop products here. Analysts expect this move to contribute to strongly promoting the process of financial digitization, expanding the blockchain market and creating a new generation of financial technology enterprises capable of competing internationally in the next decade.
