Da Nang receives a proposal for a pilot USDT payment program. Photo: Unplash
At the "Danang Fintech Summit 2025" event held on 07/06, representatives from the Da Nang Department of Science and Technology received a proposal to pilot international tourists using USDT cryptocurrency for goods and service exchanges. This is one of the ideas being considered for a controlled trial (sandbox), aimed at facilitating new technology models to operate locally before establishing a clear legal framework.
Mr. Le Son Phong, Deputy Director of Da Nang's Department of Science and Technology, stated that Da Nang is gradually defining its role in creating a sustainable innovative ecosystem, including the blockchain and digital asset sectors. With advantages in mechanisms, resources, and an open ecosystem, the city will implement a sandbox mechanism for breakthrough technology initiatives, coupled with piloting flexible policy models that align with innovation practices.
According to Mr. Vo Duc Anh, Deputy Director of the Startup Innovation Center - Da Nang Department of Science and Technology, the city has received several controlled trial proposals from technology startups. The USDT payment proposal is currently being evaluated by local departments and agencies. USDT (Tether) is a cryptocurrency issued on the blockchain platform, pegged to the USD at a 1:1 ratio.
The project would operate by having international tourists use digital wallets to scan payments in USDT, while stores in Vietnam would still receive payment in Vietnamese dong. Transaction processing would be handled through an intermediary system.
Speakers sharing at the "Danang Fintech Summit 2025" event
Vietnamese regulatory authorities have previously repeatedly affirmed that cryptocurrencies are not legal currency or payment methods in Vietnam. However, at the Danang Fintech Summit on 7/6, Mr. Duc Anh referenced Resolution 136 of 2024 by the National Assembly, which grants the city the right to implement a controlled trial mechanism. "For example, if a car can drive 100 km/h, but the law only allows 50 km/h, Da Nang can create a mechanism to allow exceeding that threshold," he explained.
The Deputy Director of Da Nang's Startup Innovation Center noted that the sandbox policy has been institutionalized by a local People's Council resolution. "For sandbox mechanism applications, we process them like an administrative procedure, similar to birth certificates or driver's licenses. All forms, regulations, and procedures are now clear. Processing time is around 2.5 months," Mr. Duc Anh said.
Mr. Le Hoang Phuc, Director of the Da Nang Microchip, Semiconductor, and Artificial Intelligence Center (DSAC), said Da Nang has a vision to become an international financial center. With its favorable location, city commitment, state support, and high-quality human resources, Da Nang has significant potential to become a regional financial center. "The Han River miracle in Da Nang will inspire the formation of an International Financial Center and sandboxes that meet international standards for sustainable digital asset development," Mr. Phuc expressed.
Based on practical research, Associate Professor and Dr. Binh Nguyen from RMIT Vietnam, noted that establishing a clear legal framework for digital assets is a significant challenge, not just for Vietnam but even for developed countries like the US, Singapore, and Sweden, which are still seeking to balance development and business risks.
"For Vietnam, we cannot immediately control everything but must choose the most important sectors to research and legislate, then gradually expand across the industry," Dr. Binh observed. He suggested that Vietnam could prioritize a legal framework for digital asset trading, followed by clearly distinguishing asset types to avoid potential risks. Particularly, attention should be paid to stablecoins.
According to Dr. Binh, many Vietnamese are now using stablecoins not just for payments but for various purposes. This is also a global trend, with the global trading volume of stablecoins now equivalent to the Visa payment system.
Having previously implemented a blockchain project in Da Nang, Mr. Tran Hoang Giang, FPT Incubation Director, said the project received positive user feedback. He believes Da Nang could become a host for international fintech events similar to Korea Blockchain Week.
From an international perspective, Ms. Lynn Hoang, Binance's Country Director in Vietnam, suggested that to become a financial center, Da Nang could reference the UAE model. In 2022, UAE issued digital asset laws, accepting digital asset companies. The presence of fintech companies helped increase digital asset transactions by 51% in Dubai. According to the Binance representative, with its location and climate advantages, Da Nang has favorable conditions to become a regional financial center with appropriate policies.
