The Business of Crypto Assets in Vietnam’s Financial Market
Nguyen Thi Anh
1. Introduction
In recent years, the ownership and trading of crypto assets have become a global phenomenon, spreading rapidly across emerging and developing economies such as Vietnam. However, this expansion in Vietnam presents both opportunities and challenges—especially as the traditional financial system is being gradually digitized, the digital economy is gaining momentum, and the regulatory framework is still in transition.
2. Vietnam and the Rise of Crypto Assets
2.1. Market Participation and Capital Flows
Vietnam is among the world’s leading countries in terms of crypto adoption. As of 2024, it was estimated that over 17 million Vietnamese owned cryptocurrencies (https://theinvestor.vn/formalizing-vietnams-digital-assets-markets-d17109.html?).
According to Vietnam Plus (2025), the total value of crypto asset inflows to Vietnam reached USD 220 billion, an increase of 55% compared to the previous year (https://en.vietnamplus.vn/vietnam-records-over-220-billion-usd-in-crypto-asset-flows-in-2025-post329672.vnp?).
These figures indicate the strong appeal of digital assets in Vietnam, although most transactions previously took place through offshore exchanges beyond domestic oversight.
2.2. Drivers of Crypto Growth
Several factors have spurred crypto participation in Vietnam:
- A young, tech-savvy population seeking new investment channels beyond real estate and equities.
- High internet and smartphone penetration, coupled with vibrant online crypto communities.
- Regulatory ambiguity before 2025, allowing informal market participation with low entry barriers.
- Limited accessibility to traditional investment vehicles, prompting retail investors to explore alternatives.
2.3. Vietnam’s Market Characteristics
- Crypto trading was mainly conducted on international platforms, resulting in significant capital outflows and uncollected taxes. The government now seeks to bring these activities under formal supervision.
- The legal framework for crypto assets remains transitional—partially recognizing digital assets while restricting their use as payment instruments.
- Tokenization of real-world assets (RWA) is being considered as a key direction for Vietnam’s digital asset strategy, potentially linking physical assets with digital finance.
3. Legal and Regulatory Framework
3.1. Prior Legal Landscape
Before 2025, Vietnam had no dedicated law governing crypto assets. The State Bank of Vietnam (SBV) declared that using Bitcoin or similar virtual currencies as means of payment was illegal.
However, purchasing or trading crypto as a form of property was not explicitly prohibited—creating a “grey market” where many transactions occurred on offshore exchanges without regulatory control.
3.2. Key Legal Developments
- June 14, 2025: The National Assembly passed the Law on Digital Technology Industry (Luật Công nghiệp Công nghệ số), officially recognizing two categories—“virtual assets” and “crypto assets.” The law will take effect on January 1, 2026.
- September 9, 2025: The Government issued Resolution 05/2025/NQ-CP (Nghị quyết 05/2025/NQ‑CP), launching a five-year pilot program for a regulated crypto asset market. Only licensed entities may issue, trade, or provide related services. Minimum registered capital for crypto exchanges is VND 10 trillion (≈ USD 400 million).
- Under Resolution 05, all issuance, trading, and payment of crypto assets must be conducted in Vietnamese dong. Only Vietnamese enterprises can receive licenses, and all crypto assets must be backed by real assets, not by fiat currency or securities.
- The framework emphasizes anti-money laundering (AML), counter-terrorism financing (CFT), and cybersecurity compliance.
3.3. Implications for Businesses
To operate legally in Vietnam’s crypto sector, enterprises must:
- Obtain licenses from the Ministry of Finance or the designated regulatory body.
- Meet stringent requirements for capital adequacy, IT infrastructure, and data security.
- Comply with reporting, taxation, and audit regulations once detailed guidance is issued.
- Ensure that retail investors transact only through approved domestic platforms—violations may result in penalties.
4. Emerging Crypto Business Models in Vietnam
4.1. Licensed Crypto Exchanges
Licensed entities may build platforms that allow the issuance and trading of crypto tokens—similar to stock exchanges but focused on digital assets.
- Regulatory requirements: minimum charter capital of VND 10 trillion, strong cybersecurity standards, and government approval.
- Opportunity: redirect domestic users from foreign exchanges to local platforms, earn transaction fees, offer custody, staking, or lending services.
- Challenges: high compliance costs, cybersecurity threats, and competition from established international exchanges.
4.2. Real-World Asset (RWA) Tokenization
RWA tokenization converts ownership or income rights of tangible assets (e.g., real estate, commodities, bonds) into digital tokens tradable on blockchain.
- Vietnam aims to capture part of the USD 19 trillion global tokenization market projected by 2033.
- Benefits: enhanced liquidity, fractional ownership, and new fundraising channels for firms.
- Conditions: clear ownership of the underlying asset, transparent smart contracts, and licensed custodians.
- Risks: asset valuation errors, liquidity mismatches, unclear tax treatment, and investor protection issues.
4.3. Supporting Services and Fintech Infrastructure
Companies can develop services that support the crypto ecosystem:
- Custodial wallets and secure storage infrastructure.
- Staking and crypto-collateralized lending platforms.
- Blockchain and smart-contract development, cybersecurity auditing, and AML/KYC tools.
- Legal and tax consultancy specialized in digital assets.
Vietnam’s push toward a digital economy makes these service layers particularly attractive for startups and tech firms.
4.4. Asset Management and Investment Services
Given the large retail investor base, Vietnamese firms may explore crypto investment funds, token funds, or hybrid financial products combining traditional securities with digital tokens.
However, the current pilot phase restricts such products; thus, advisory, education, and portfolio-management services remain more feasible in the short term.
5. Opportunities and Advantages
5.1. Rapid Market Expansion
Vietnam’s crypto transaction volume has surpassed USD 220 billion in 2025, signaling enormous potential for formalized market development.
As regulations mature, domestic enterprises will be positioned to capture market share previously dominated by offshore exchanges.
5.2. Supportive Policy and Digitalization
Vietnam’s digital transformation strategy encourages the growth of blockchain and tokenization technologies. The new legal framework provides an entry point for compliant enterprises.
First movers will gain a strong advantage in establishing market presence, partnerships, and trust among investors.
5.3. Regional and Global Integration
Vietnam could become a regional hub for digital assets in Southeast Asia—given its young population, growing fintech ecosystem, and openness to innovation.
Tokenization and cross-border capital connectivity offer potential for attracting international investment flows.