Vietnam Courts Binance, Bybit in Push to Build Global Fintech Hub

Vietnam is stepping up its ambitions to become a regional crypto and fintech powerhouse, with Deputy Prime Minister Nguyen Hoa Binh urging Binance to establish a presence in Da Nang City.

During a working trip to the UAE this week, Nguyen met Binance CEO Richard Teng and invited him to set up both an office and a trading platform in Da Nang, according to local media reports. The Deputy PM also extended an offer for Teng to act as a senior advisor in shaping the Vietnam International Financial Center.

The trip also included meetings with Bybit and real estate giant Emaar. Bybit, which counts more than 2.5 million users in Vietnam—roughly 15% of the market—expressed strong support for the government’s plans to pilot digital assets and build an international fintech hub. CEO Ben Zhou said the exchange is ready to contribute by helping craft legal frameworks and training talent for Vietnam’s emerging crypto economy.

Binance Signs MoU with Da Nang

As part of the talks, Binance signed a memorandum of understanding (MoU) with the Da Nang People’s Committee to cooperate on blockchain and digital asset development. Teng pledged to share expertise, collaborate closely to expand Vietnam’s crypto ecosystem, and provide guidance in building an international financial center modeled on Abu Dhabi.

The push in Vietnam comes as Binance sharpens its focus on the Asia-Pacific region. Teng recently revealed that Binance Labs will support South Korean crypto start-ups as they struggle with scaling globally.

Binance has also registered with India’s Financial Intelligence Unit (FIU-IND) and sees vast potential for growth in the Indian crypto market. Speaking at a Seoul panel alongside Hashed co-founder Ryan Kim, Teng noted how Asia-Pacific’s crypto leadership has shifted in recent years—from Singapore in 2020 to Hong Kong in 2023—adding that several countries are now racing to become crypto-friendly hubs.

Earlier this month, Binance further strengthened its regional presence by appointing former Crypto.com Senior VP SB Seker to lead its APAC operations.