Vietnam’s Deputy Prime Minister just made a pretty direct pitch to Binance CEO Richard Teng during a meeting in the UAE this week. Nguyen Hoa Binh basically asked Teng to set up headquarters in Da Nang City and even offered him a senior advisor role for Vietnam’s International Financial Center project.
The timing makes sense considering Vietnam has been working on becoming a major crypto player in Southeast Asia. They’ve got this pilot program for digital assets in the works and clearly want to attract the big names in crypto to help build out their infrastructure.
Teng seemed receptive to the idea and signed a memorandum of understanding with Da Nang’s government about cooperating on blockchain and digital asset development. He agreed to share expertise and help Vietnam build their financial center using Abu Dhabi as a model, which is interesting since the UAE has become pretty crypto-friendly in recent years.
Vietnam isn’t just courting Binance either. The Deputy Prime Minister also met with Bybit’s CEO Ben Zhou, whose exchange has about 2.5 million Vietnamese users representing 15% of their market. Zhou said Bybit is ready to help create legal frameworks and train people for Vietnam’s crypto ambitions.
This fits into Binance’s broader push across the Asia-Pacific region under Teng’s leadership. He’s been talking up growth opportunities in South Korea, India, and other APAC markets while emphasizing regulatory compliance. The company recently brought in a former Crypto.com executive to run their APAC operations, so they’re clearly taking this region seriously.
Conclusion
Vietnam’s proactive courtship of Binance and Bybit underscores its ambition to become Southeast Asia’s crypto hub, blending regulatory innovation with global expertise while positioning Da Nang as a financial center modeled after Abu Dhabi’s success.
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