Once viewed with skepticism, crypto assets, virtual currencies, and digital currencies are now officially acknowledged by the Vietnamese government as a significant tool for attracting foreign direct investment.
The “Ho Chi Minh City Tech Festival – Conviction 2025” commenced on August 9th in Ho Chi Minh City. This event was organized by the Ho Chi Minh City Electronics Communication Association, with significant involvement from the Ho Chi Minh City Blockchain Association (HBA) and the Ninety Eight blockchain ecosystem.
The festival highlighted blockchain technology and artificial intelligence, both critical technologies emphasized in Vietnam’s National Strategic Technology plan.
A central discussion point was the potential future of digitized and tokenized assets, especially as Vietnam makes preparations to inaugurate global financial hubs in Ho Chi Minh City and Da Nang later this year, aimed at stimulating international investment.
Johan Nyvene, Chairman of HSC, stated that Vietnam is now acknowledging tokenized assets, including conventional assets that have been tokenized. This recognition represents a substantial signal to global investors, particularly considering Vietnam’s position as a major cryptocurrency trading center. He emphasized the need for clear legal frameworks and sandbox environments to facilitate the creation and trading of tokenized products, which will be instrumental in attracting international capital.
Nguyen Truc Van, Director of the Center for Economic Simulation and Forecasting at the Ho Chi Minh City Institute for Development Studies, mentioned that digital assets and financial technology are among the key areas slated for advancement under Resolution No. 222 of the National Assembly pertaining to international financial centers. She further stated that eight guiding directives, inclusive of specific incentives linked to digital assets, are currently in the drafting stages.
Le My