HCMC – Danang has given the go-ahead to Vietnam’s first pilot project that enables tourists to convert digital assets into Vietnamese dong and vice versa.
On August 26, the Danang People’s Committee gave approval for the Basal Pay project to operate within the city’s fintech sandbox. The project leverages blockchain technology to facilitate domestic money transfers for international visitors.
Authorities said this is the first time Vietnam has permitted a pilot scheme involving digital asset conversion, marking a new step in the country’s approach to financial technology innovation.
Developed by AlphaTrue Solutions, Basal Pay aims to address existing limitations in payment methods for international visitors in Vietnam.
The application enables direct conversion between digital assets and fiat currency within seconds, eliminating multiple intermediaries. According to the developer, transaction costs could be reduced by around 30% compared to conventional methods.
The trial will run for 36 months and comprise five phases: platform development, limited operation, scale-up, evaluation, and official deployment.
The entire process will be jointly supervised by the Danang People’s Committee and the Department of Science and Technology to ensure legal compliance and verify the feasibility of integrating blockchain into the traditional financial system.
The solution also adheres to international compliance standards, requiring the retention of sender and recipient identification data for at least five years. This enables regulators to monitor cash flows, prevent money laundering and terrorism financing, and enhance financial transparency.
The approval comes as Danang implements Resolution 29-NQ/TU, which encourages the development of digital financial models to attract investment and promote startups.
Under Resolution 222/2025/QH15 passed by the National Assembly, the city has also been designated as one of two localities tasked with developing an international financial center with special mechanisms and policies.
