Da Nang Transport Infrastructure Financial Tokenization Proposal

A feasibility study by Danang Fintech Lab (DFL24) proposing to fund two Da Nang transport infrastructure projects (Metro Line 1 and the urban trunk road, ~VND 184,100 billion total) by tokenizing equity in a project-holding SPV that holds time-limited land-use rights, rather than tokenizing the land itself. A two-tranche capital structure — a small interest-bearing senior tranche and a larger non-coupon land-value-appreciation tranche — is designed to let the city retain roughly 72% of the land value uplift without breaching public debt ceilings. The proposal presents Monte Carlo-based feasibility analysis (~2.4 million simulated paths), estimating roughly 6% financial feasibility probability and roughly 14% probability of satisfying five legal preconditions, benchmarks the model against four alternative financing approaches (ODA, PPP, phased delivery, BRT-only), and recommends three priority verification steps before any capital commitment: an independent land-bank survey, renegotiating the Metro's total investment cost with the construction partner, and obtaining a binding legal opinion under the VIFC regulatory sandbox framework.