HCMC – HCMC and global cryptocurrency exchange Binance signed a memorandum of understanding (MOU) to support the development of the Vietnam International Financial Center (VIFC) in the southern city.
The signing took place during the 2025 Autumn Economic Forum on November 25. The ceremony was attended by Prime Minister Pham Minh Chinh, Deputy Prime Minister Bui Thanh Sơon, HCMC Party Secretary Tran Luu Quang, HCMC People’s Committee Chairman Nguyen Van Duoc, and leaders from key ministries and local agencies. Binance was represented by Chief Compliance Officer Noah Benjamin Perlman, alongside international investment funds and U.S. companies interested in VIFC.
The MOU outlines cooperation in four areas: facilitating investment and operations at VIFC; sharing experience in legal frameworks for digital assets, blockchain, and digital payments; developing and testing digital asset projects under a controlled sandbox framework; and supporting innovative businesses, small and medium enterprises, and startups in digital technology, blockchain, and fintech.
The agreement also includes knowledge exchange and advisory support, training and workshops for regulators, expert exchanges, and facilitating connections with international investors. A joint working group will oversee implementation, meet at least twice a year, and address challenges. Once the HCMC International Financial Center Management Authority is established, the MOU will transfer to the authority for further execution.
Binance, founded in 2017, is one of the world’s largest cryptocurrency exchanges and blockchain platforms, with over 270 million users in 180 countries. The platform accounts for about 50% of trading volume on centralized exchanges, with daily spot and futures trades exceeding US$217 billion as of June 2025.
The signing marks the start of collaboration between HCMC and Binance to strengthen governance, link Vietnam’s capital markets with international investors, and attract investment to finance, technology, and innovation sectors.
