Da Nang eyes crypto-asset sandbox to ease payments for international tourists

Da Nang is testing crypto-asset solutions under a sandbox program to explore their potential for tourism growth, Vice-Chairman Ho Quang Buu said at a conference organized by the Vietnam Blockchain and Digital Assets Association on Friday.

Da Nang leverages technology to boost tourism 

Crypto-asset solutions are just one of several types of technology Da Nang is exploring to support tourism growth and advance its digital economy.

Buu said the city is moving beyond simply encouraging innovation to allowing real-world trials of new technology models within defined scopes and timeframes under close supervision.

He said Da Nang benefits from special mechanisms granted by the National Assembly, which enable the city to test new solutions while maintaining state oversight. 

“Da Nang is in a position to put new technological solutions into practice while ensuring state oversight. The city currently has six solutions approved for trial,” he said.

In the crypto-asset sandbox, one solution allows users to convert Tether (USDT) into Vietnamese dong through an app licensed by Da Nang, with the Vietnamese dong then used for payments.

City leaders have stressed that these models must demonstrate tangible results, backed by measurable data, and make a clear contribution to economic growth.

Rather than pursuing trials simply to establish itself as a pioneer, Da Nang expects new approaches to prove they can solve problems more effectively, at a reasonable cost and with verifiable safety standards.

Buu said tourism holds significant potential for digital asset solutions, given the high payment needs of international visitors.

If implemented appropriately, the technology could make transactions more convenient for tourists, ease the process of converting foreign currencies and improve access to tourism services.

Millions of tourists create real demand for easier payment 

At the conference, Tran Manh Huy, a member of Vietnam’s 16th National Assembly and the executive committee of the Vietnam Blockchain and Digital Assets Association, cautioned that approval for a sandbox trial does not allow companies to operate beyond their authorized scope.

Huy stressed the need to distinguish between converting crypto-assets into Vietnamese dong and using them directly for payments. 

Given Vietnam’s current legal framework, he said converting crypto-assets into Vietnamese dong before making payments was the more suitable approach at this stage.

He said the models should be assessed against specific criteria, including convenience for tourists, conversion time and costs, service efficiency for businesses, and regulators’ ability to identify risks.

Da Nang welcomed 7.73 million international tourist visits in the first nine months of the year, while revenue from accommodation and food services reached nearly VND53 trillion (US$2.04 billion).

Huy said these figures represented millions of transactions at hotels, restaurants, transport services, shops and tourist attractions.

“A visitor accustomed to paying by phone at home may arrive in Vietnam only to find themselves looking for a currency exchange booth and struggling to find a suitable payment method. It may be a minor inconvenience, but multiplied millions of times, it becomes a real cost for the tourism industry,” he said.

Huy added that technology solutions were worth testing if they could shorten transaction times, keep costs reasonable and improve transparency. 

Tourists would benefit first, he said, while tourism businesses, particularly small and medium-sized enterprises, could gain greater access to international customers.

Regarding implementation, Ho Quang Buu said Da Nang is developing flexible criteria for selecting sandbox models based on the actual needs of international visitors, particularly their difficulties with financial transactions and cashless payments.

Tran Huyen Dinh, CEO of AlphaTrue Solutions, said the growing number of organizations approved for sandbox trials and the range of solutions they offer present an opportunity for businesses to build an ecosystem together.

Each participant can contribute its own strengths and connect with banks, tourism businesses and service providers. 

By linking these solutions, the ecosystem could offer tourists a more convenient, seamless experience instead of requiring them to navigate separate systems.