HCM CITY — The HCM City Department of Finance and Binance on Wednesday signed a memorandum of understanding (MoU) on cooperation to accelerate the development of Việt Nam’s International Financial Centre in HCM City (VIFC–HCMC).

Prime Minister Phạm Minh Chính, municipal leaders, representatives of ministries and international investment funds attended and witnessed the signing ceremony, which took place on the sidelines of the Autumn Economic Forum 2025.

Binance, one of the world’s leading blockchain and digital asset ecosystem groups by trading volume, said it remains committed to a sustainable development strategy for the blockchain–digital asset sector and actively contributes to policy consultation in markets where it operates.

HCM City is one of two designated locations for Việt Nam’s international financial centre, forming a key platform for the city’s ambition to become a regional hub for finance, industry and innovation. The Department of Finance has been tasked by the municipal People’s Committee with coordinating and implementing policies related to the centre’s establishment.

Under the MoU, both sides agreed to cooperate across four core areas: facilitating and introducing investors, financial institutions and investment funds to operate at the VIFC–HCMC; sharing practical experience in developing legal frameworks for digital assets, blockchain technologies and payment infrastructure using digital assets; and supporting the development of a controlled testing environment (sandbox) for digital asset projects once an adequate legal corridor is in place and authorised by competent agencies.

The two parties will also work together to support the innovation ecosystem, including SMEs and start-ups applying digital technologies, blockchain and financial technology. The cooperation covers regulatory compliance, international standards and best practices, as well as consulting on digital asset infrastructure and the application of artificial intelligence and blockchain technologies.

Capacity-building programmes will be organised for regulatory agencies, including training, workshops and expert exchanges. The MoU further outlines collaboration on connecting international financial organisations and investors and the potential co-hosting of promotional events in HCM City and relevant jurisdictions.

A joint working group will be established to formulate action plans, monitor progress and address implementation challenges. The group will meet at least twice a year, either in person or online. Once the operating agency of the IFC–HCMC is set up, the MoU will be transferred to the new body for continued implementation.

The signing is viewed as a significant step that opens a new phase of deeper cooperation between HCM City and Binance. The partnership is expected to strengthen regulatory capacity, expand Việt Nam’s connectivity with global capital markets, and attract high-quality investment into finance, technology and innovation.

The event also underscores the city’s determination to build a transparent, dynamic and sustainable international financial centre aligned with Việt Nam’s strategic goals to 2030. — VNA/VNS