Resolution 222/2025/QH15 of Vietnam’s National Assembly on the establishment of the Vietnam International Financial Center (VIFC) has turned out a regulatory sandbox mechanism for the fintech sector. A sandbox offers an opportunity for the market and state regulators to meet and learn from each other’s experience; at the same time, it is also a space where different policy approaches interact and compete, each with its own perspectives and arguments. As the Vietnam International Financial Center in Ho Chi Minh City (VIFC-HCMC) accelerates its development, what approach would be the most appropriate? Sandbox and opportunities from VIFC Within the scope of VIFC, a sandbox is a controlled testing mechanism that allows the creation of an initial legal environment in which new technological applications can be tested even when existing laws do not yet regulate them. The purpose of a sandbox is to create an open space and flexible timeframe for investors to test their products, while also providing a “vacuum environment” where regulators can experiment with policies within a controlled setting. At VIFC-HCMC, Resolution 222/2025/QH15 of the National Assembly allows financial institutions to test services that are not yet regulated, or are only partially regulated, in the broader market. The areas […]
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