Ho Chi Minh City Launches a $1 Billion Digital Asset Fund The International Finance Center in Ho Chi Minh City has partnered with other entities to develop and operate the Ho Chi Minh City Digital Asset Investment Fund, aiming for a scale of $1 billion. On the afternoon of February 8th, the Ho Chi Minh City Department of Science and Technology, in collaboration with the Vietnam International Finance Center in Ho Chi Minh City (VIFC-HCMC), organized a conference to promote investment in digital technology infrastructure and big data centers, contributing to breakthroughs in building a smart city and developing services for the International Finance Center in Ho Chi Minh City. The parties will jointly research, develop, and operate the Ho Chi Minh City Digital Asset Investment Fund (HCMC Digital Asset Fund). Notably, to conduct transactions related to the purchase and sale of cryptocurrencies in Vietnam, foreign investors must open a payment account in Vietnamese Dong (hereinafter referred to as a dedicated account) at a bank or branch of a foreign bank authorized to conduct foreign exchange business and provide foreign exchange services in Vietnam (referred to as an authorized bank). Transfer orders for the purchase and sale of cryptocurrencies in Vietnam by foreign investors must clearly state the purpose of the transfer so that the authorized bank has a basis for verification, inspection, and record keeping, ensuring that the provision of foreign exchange services is carried out for the correct purpose and in accordance with the law.