Vietnam Deputy PM Engages Binance and Bybit in UAE Talks
Vietnam’s Standing Deputy Prime Minister Nguyen Hoa Binh has stepped up the country’s engagement with global cryptocurrency players later than holding direct talks with Binance and Bybit executives in the United Arab Emirates. The discussions, which took place during his official visit on September 24–25, 2025, underscored Hanoi’s growing ambition to integrate blockchain and digital finance into its economic development strategy.
The Deputy PM met with Binance CEO Richard Teng to explore opportunities for closer collaboration. Reports indicate that Binh invited Binance to set up a regional headquarters in Da Nang, a major coastal city in central Vietnam that has become a hub for technology and investment. He also urged Binance to cooperate with Vietnam’s forthcoming International Financial Center, where the government envisions creating a regulated digital asset platform. In addition, Binh asked Teng to serve as a senior advisor for the initiative, highlighting Vietnam’s intent to bring global expertise into its policy-making framework.
Bybit executives also joined the discussions, showing that Vietnam is casting a wide net in its effort to establish strategic partnerships with multiple leading crypto platforms. By engaging both Binance and Bybit, the government is signaling its intent to diversify relationships and avoid dependence on a single platform, while also learning from companies with extensive experience in global markets.
Focus on building a regulated platform
Vietnam currently does not permit retail cryptocurrency trading under its domestic financial regulations, but recent developments point to a shift toward more structured participation in digital markets. The Deputy PM’s outreach suggests that Hanoi is viewking to balance innovation with oversight by inviting trusted global firms to contribute to the design of a regulated platform.
Placing Binance’s proposed operations in Da Nang would align with Vietnam’s broader strategy of developing secondary cities as investment magnets. Officials believe that positioning a licensed digital asset hub outside of Hanoi and Ho Chi Minh City could attract foreign capital, boost employment, and accelerate fintech adoption while ensuring tighter supervision.
The government has not released a specific timeline for when a regulated platform might launch, but the involvement of leading international platforms like Binance and Bybit is expected to provide momentum and credibility. Industry analysts note that Vietnam’s entry into this space could assist formalize what is already a large, active domestic crypto market, with millions of Vietnamese using digital assets informally despite legal uncertainties.
Regional competition for crypto investment
Vietnam’s overtures to Binance and Bybit also reflect intensifying regional competition. Singapore, Hong Kong, and Dubai have already secured reputations as favorable environments for digital asset companies by offering clear regulatory frameworks and supportive ecosystems. Vietnam’s decision to directly engage industry leaders in the UAE, one of the world’s most progressive crypto hubs, signals that it aims to join the ranks of countries positioning themselves as global fintech destinations.
For Bybit and Binance, the potential to enter Vietnam through a regulated channel presents access to one of Southeast Asia’s quickest-growing digital economies. While no formal agreements were announced during the meetings, both platforms reportedly expressed interest in Vietnam’s proposals.
Vietnam’s central bank has traditionally taken a cautious stance on cryptocurrency, warning of risks such as fraud, volatility, and money laundering. However, the government’s latest approach suggests a pragmatic shift—acknowledging both the risks and opportunities of digital assets. By involving leading platforms in its planning, Vietnam hopes to design a framework that attracts investment, promotes transparency, and ensures compliance with international standards.
As Vietnam continues to refine its policies, the outcome of these talks with Binance and Bybit may prove pivotal. If successful, the country could emerge as a major player in Southeast Asia’s digital asset economy, bridging the gap between regulatory caution and technological ambition.
