Vietnam to become digital asset hub

Data from the world’s top 10 exchanges, presented at the Vietnam Tech Impact Summit 2024 on December 3, revealed that Vietnam is the fourth-largest market for trading activity worldwide. In the evolving landscape of technology and digital assets, Vietnam is emerging as a rising star, driven by its dynamic youth and their passion for innovation.

Truong Gia Binh, chairman of FPT, emphasised Vietnam’s growing prominence on the global technology map, attributing this to the nation’s position as a safe haven amid geopolitical turbulence. He predicted that in the AI era, many companies would choose Vietnam as their next home.

“Infosys Technologies founder Narayana Murthy once said that countries like India and Vietnam possess a tech talent pool that other nations can only dream of. It is no coincidence that Nvidia CEO Jensen Huang has chosen Vietnam as his second home.”

“Vietnam has established top-tier diplomatic relations with countries around the world. Coupled with its solid regional standing, the country is becoming a beacon for global investment and innovation,” added Binh.

Truong Gia Binh, chairman of FPT. Photo: SSI

Nguyen Duy Hung, chairman of SSI, highlighted the current state of Vietnam’s digital asset market, emphasising the urgent need for a robust legal framework to support its development.

“We must ignite a movement of patriotic innovation among our young, tech-savvy population, empowering them to contribute to the nation’s growth. To do so, we need a thriving digital asset market. Assets only gain value when they are recognised, freely traded, and legitimately owned, attracting both resources and active participation.”

The SSI chairman pointed out that technologies like AI, blockchain, and gaming have deeply integrated into society and households, becoming a universal narrative rather than a country-specific one.

“However, without a clear legal framework for digital assets, Vietnamese entrepreneurs often set up companies abroad in places like Singapore or the US, only to return to Vietnam to hire local talent and utilise domestic resources. This paradox leaves businesses as non-Vietnamese entities and their assets beyond the nation’s ownership,” said Hung.

From an investor's perspective, Hung underscored the necessity of a legal foundation to ensure those investing in digital and tech assets that their holdings are legally recognised and taxed transparently. “Tax transparency legitimises these assets in any jurisdiction. A clear regulatory framework is essential to protect developers and investors, ensuring transparency and eliminating market exploitation,” he said.

Nguyen Duy Hung, chairman of SSI. Photo: SSI

From the government’s perspective, Ho Ky Minh, vice chairman of Danang, announced that the city has allocated nearly 80 hectares of clean land, coupled with specialised tax and infrastructure policies, to attract major technology and financial investors.

“At the upcoming city council session in mid-December, we plan to approve three new resolutions to support the semiconductor and AI sectors. The resolutions will outline criteria for AI-semiconductor businesses, leverage IT infrastructure, and support workforce training and development in these fields,” stated Minh.

To further attract strategic investors and establish an international financial hub, Danang has reserved five prime plots along Son Tra Beach, totalling 6 ha, and a 9.7-ha site adjacent to Software Park No. 2. An additional 62 ha has been earmarked for expansion over the next decade.

The city has invested $58.33 million in Software Park No. 2, designated as a centralised IT zone by the prime minister. This park allows direct leases for strategic investors without auctions. The first building is set to become operational in January 2025, with global and domestic leaders in semiconductors and AI already committed to the facility.

“Danang aims to become a hub for high-tech industries, an international financial centre, and a premier Asian coastal city for tourism and liveability,” Minh concluded.

Ho Ky Minh, vice chairman of Danang. Photo: SSI

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