The Global On-Chain Economy Alliance makes debut on November 25. Photo: VNA  

The Vietnam International Financial Centre in Ho Chi Minh City on November 25 introduced the Global On-Chain Economy Alliance to pilot next-generation digital finance models, promote innovation, and attract international capital, with an aim of making the city a leading financial and digital asset hub in the region.

The launch ceremony was held during the 2025 Autumn Economic Forum, in the presence of Prime Minister Pham Minh Chinh.

“On-chain” refers to transactions that are recorded and verified directly on the blockchain, ensuring transparency, security, and immutability. This forms the foundation for many digital financial applications, from money transfers and smart contract operations to data storage.

According to international organisations, 2025 is considered an important milestone in the global effort to complete the legal framework for digital assets, as new regulations are being issued at a rapid pace. The digital asset market is entering a phase of strong growth, with over 700 million blockchain users worldwide. Notably, major financial centres around the world are actively accelerating to position themselves in this historic transformation.

In this context, Vietnam is seen as a highly potential market, with an Internet penetration rate of 84% - the highest in Southeast Asia, and more than 50,000 technology engineers graduating each year. Vietnam is also among the countries with a high level of digital asset adoption. Experts consider this an important moment for Vietnam to avoid falling behind in the global competition over new financial models.

Regarding policy, on October 22, 2024, the Prime Minister issued the national strategy on the application and development of blockchain technology to 2025 with a vision to 2030. At the same time, several important Politburo resolutions were issued, including Resolution 57-NQ/TW on science, technology, and digital transformation; Resolution 59-NQ/TW on international integration; Resolution 66-NQ/TW on innovation in law-making and enforcement; and Resolution 68-NQ/TW on private sector development.

In particular, Resolution 222/2025/QH15 of the National Assembly on establishing the International Financial Centre in Vietnam provides an important legal framework for the implementation phase. Accordingly, the International Financial Centre in Ho Chi Minh City is expected to serve as a platform to promote the development of the digital asset ecosystem, strengthen connections with the global financial system, and open new growth opportunities for the economy.

In this spirit, the Global On-Chain Economy Alliance was established with the mission to build digital economic infrastructure, support the development of new business models, and expand a comprehensive financial network. The alliance brings together numerous international and domestic organisations, including Viettel Digital Services – the leading digital infrastructure provider in Vietnam; Dragon Capital – a top fund management institution in Vietnam; Tether – the world’s largest stablecoin issuer; Ava Labs – a high-performance blockchain platform; Sky Mavis – a leading blockchain gaming “unicorn”; Republic – an international fundraising platform; and Onchain Academy – a pioneering organisation for digital economy education in the region.

The participation of these institutions is expected to help form a complete digital asset ecosystem for the International Financial Centre in Ho Chi Minh City. Combined with the determination of the Government and local authorities, the centre is anticipated to become a destination for global capital, bringing Ho Chi Minh City closer to its goal of becoming the region’s leading digital asset hub./.