On November 25, Ho Chi Minh City and Binance inked a memorandum of agreement, which incorporates the cryptocurrency giant’s intentions to open an international financial center in December. Prime Minister Pham Minh Chinh and local officials were present during the signing, which was held at the Autumn Economic Forum 2025.
On the same day, city officials met with Ant International, a Singapore-based company, to discuss potential collaboration on digital payments and financial technology infrastructure for the center. According to Nguyen Van Duoc, chairman of the Ho Chi Minh City People’s Committee, about 30 businesses have expressed interest in joining the Vietnam International Financial Center since its founding.
December Launch Goal
According to Duoc, the city plans to start operations in December 2025, and preparations for the international financial hub are almost finished. Resolution 222/2025/QH15, which was approved by the National Assembly of Vietnam in June and creates unique procedures and tax breaks for financial firms, will govern the center’s operations.
The relationship with Binance focuses on four areas: creating regulatory sandboxes for digital asset projects, assisting fintech companies, linking investors and financial institutions to the center, and exchanging knowledge on blockchain and legal frameworks for digital assets. According to Peng Yang, CEO of Ant International, the business is thinking of moving its research and development center for digital payments to Ho Chi Minh City.
In order to build digital infrastructure and establish connections with global capital markets, the city and Nasdaq inked a separate pact in October. As a co-development partner for the financial hub, the city is working with Nasdaq Finance.
Ambitions For A Regional Hub
With a population of 14 million, Ho Chi Minh City, which accounts for around 25% of Vietnam’s GDP, wants to become a financial and innovation center for Southeast Asia. Along with high-tech industry, logistics, tourism, and healthcare, the international financial center is one of the city’s five strategic pillars.
Participants in the forum were informed by Prime Minister Pham Minh Chinh that the establishment of the financial center necessitates international collaboration in the areas of smart governance, regulatory frameworks, human resource training, digital infrastructure development, and capital mobilization.