The People’s Committee of Da Nang City, Vietnam, has signed a Memorandum of Understanding (MoU) with Tether, the issuer of USDT stablecoin, for the development of digital infrastructure and innovative governance models in the Vietnamese municipality. The agreement is set to put Da Nang as a regional hub for technology and financial innovation.
The MoU centers on joint research and development to establish a framework for the responsible use of technologies like blockchain, digital assets, and peer-to-peer (P2P) systems in the city’s operations. The initiative aims to adopt international best practices to ensure the deployment of transparent and efficient digital governance solutions within Da Nang.
Agenda of the collaboration
In this partnership, Tether is set to provide its experience in shaping Da Nang’s digital asset regulations. Its role includes drafting proposals for various frameworks, specifically regarding the deployment of blockchain technology, the tokenization of real-world assets (RWAs), and establishing regulatory sandbox environments.
Tether will draw on its global portfolio, notably the Plan ₿ initiative co-launched in Lugano, Switzerland, to help create a comprehensive policy structure that meets recognized international standards. The partnership also involves developing and implementing educational programs focused on blockchain, P2P technology, and artificial intelligence (AI). These programs will be executed with the help of universities and research institutions throughout Vietnam.
They plan to introduce specialized training modules designed to enhance the local workforce’s ability to manage and operate blockchain-based payment infrastructure for both government and private entities. This effort aims for financial inclusion and to update the region’s transactional ecosystems. This aligns with Tether’s focus on global education, notably through the launch of its Tether Edu initiative in early 2024.
Da Nang becoming a FinTech Hub
The MoU comes amid increasing digital ambition in Vietnam, particularly in Da Nang. The city has been engaging in digital transformation and has set a target for the digital economy to contribute 35–40% of its Gross Regional Domestic Product (GRDP) by 2030.
The Vietnamese government has designated Da Nang, alongside Ho Chi Minh City, to establish an International Financial Center starting in 2025, with a focus on experimentation and regulatory sandbox models for fintech.
Moreover, Tether has been eyeing Vietnam for growth in the crypto market. It is focused on expanding its involvement in national and municipal digital strategies globally. This partnership follows similar efforts, such as the Plan ₿ initiative in Lugano, which facilitated the use of cryptocurrencies for paying taxes and municipal services, and an earlier 2025 MoU with the Zanzibar e-Government Authority (eGAZ) to advance digital asset education.
Executive statements regarding the MoU
Paolo Ardoino, CEO of Tether, said, “Da Nang is emerging as the future of digital governance in Southeast Asia with a clear vision for how technology can serve people and strengthen governance. We are excited to collaborate with such a forward-thinking city that reflects Tether’s commitment to building inclusive, efficient, and resilient digital ecosystems.”
Mr. Ho Ky Minh, Standing Vice Chairman of Da Nang People’s Committee, noted the importance of the agreement: “With a spirit of innovation and openness, Da Nang aspires to establish itself as a trusted destination for global technology and financial corporations. The cooperation with Tether is a concrete step in the city’s development strategy – positioning Da Nang as a gateway for investment and financial innovation in Vietnam.”
The MoU supports Da Nang’s broader strategy to attract global technology investment and strengthen its standing as a destination for the experimentation and application of blockchain technology, fintech, and digital assets.
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