Vietnam's Deputy Prime Minister Nguyen Hoa Binh met with Binance CEO Richard Teng and Bybit CEO Ben Zhou during a trip to the UAE to discuss ambitious plans for expanding the country's cryptocurrency ecosystem. Nguyen proposed that Binance establish a local headquarters in Da Nang City, which is envisioned as Vietnam's future International Financial Center, and invited Teng to serve as a senior advisor for the project.
Binance responded positively, signing a Memorandum of Understanding (MOU) with the Da Nang People's Committee to cooperate on blockchain technology and digital asset development. Richard Teng expressed excitement about helping Vietnam build its crypto market, promising to share expertise and support the creation of a robust regulatory framework.
Similarly, the Deputy PM engaged with Bybit's Ben Zhou, praising the exchange's compliance efforts and European expansion. Bybit, which holds approximately 15% of the Vietnamese market and serves over 2.5 million users locally, pledged to assist in developing legal frameworks and training the workforce. Vietnam aims to leverage these partnerships to pilot digital assets and become a leading fintech hub in the region, despite facing competition.