Vietnam’s Deputy Minister of Finance Nguyen Duc Chi seen a pilot program for fintech actions, together with digital asset and cryptocurrency buying and selling at monetary facilities, will likely be submitted to the Prime Minister this March. This transfer signifies quite a few impacts and potentials for the crypto market total.
Vietnam’s authorities announcement
In response to Vietnam Authorities’s Information, on the afternoon of March 5, 2025, Deputy Minister of Finance Nguyen Duc Chi made noteworthy remarks concerning the cryptocurrency sector through the common authorities press convention.
He introduced that Vietnam would launch its first pilot crypto change this March. In response to him, this pilot initiative will present particular person and institutional buyers with a reliable buying and selling platform.
This change stands out due to its clear authorized framework, because it operates with official approval from the Vietnamese authorities. This motion ensures that buyers’ rights are legally acknowledged and guarded.
Supply: Authorities Information – Socialist Republic of Viet Nam
On the finish of February, throughout a dialogue with the Central Coverage and Technique Committee on financial development targets, Vietnam Normal Secretary To Lam emphasised the necessity to discover the implementation of a managed sandbox mechanism for establishing a digital asset change.
Motivations for the revolution
Vietnam has big potential for integrating expertise into finance, with the market exhibiting robust adaptation to the cryptocurrency sector. In response to the Vietnam Blockchain Affiliation (VBA), Vietnam presently has the second-highest charge of cryptocurrency possession on the earth, with over 17 million individuals holding crypto belongings—about 21.2% of the nation’s whole inhabitants. When it comes to crypto possession proportion, Vietnam surpasses the US (15.6%) and solely stands behind the UAE (30.4%). In response to a market evaluation report by Chainalysis, digital asset inflows into Vietnam reached $120 billion in 2023.
Supply: Triple A
In the intervening time, Vietnam doesn’t have a transparent definition of digital belongings. Current laws solely cowl fiat-backed digital cash, like crypto wallets or pay as you go financial institution playing cards. In the meantime, widespread digital belongings like Bitcoin (BTC) and Ethereum (ETH) nonetheless aren’t formally acknowledged.
The dearth of a authorized framework has additionally pushed many companies to register in different international locations like Singapore, Hong Kong, or the U.S. earlier than working in Vietnam, resulting in tax income losses. From the customers’ perspective, the authorized uncertainty makes many conventional buyers hesitant to enter the crypto market, in addition to results in skepticism and buying and selling dangers for buyers. Due to this fact, establishing a authorized framework to outline and set valuation strategies for digital belongings as quickly as potential will assist companies entry financial institution funding, enabling them to safe funding capital.
Potentials for Vietnamese gamers
The issuance of a discover to determine a pilot crypto change in Vietnam provides a number of potentials for the market, notably for enterprise homeowners and buyers.
For Web3 and crypto companies, this discover can open the chance to undertake blockchain and digital belongings. Furthermore, they will improve their international competitiveness whereas enabling them to draw worldwide buyers. It will additionally present new capital-raising alternatives, notably for startups and small blockchain tasks, by permitting them to subject tokens as an alternative choice to conventional financing strategies like financial institution loans or inventory issuance.
However, buyers will be capable to diversify their portfolios by including cryptocurrencies or digital belongings to choices like shares, actual property, or gold. The pilot change, backed by regulatory oversight, reduces fraud dangers tied to scams, which have plagued Vietnam lately, comparable to multi-level advertising schemes with digital currencies. Lastly, Vietnam’s robust crypto market, with 21% possession in 2021-2022 and $120 billion in capital influx by 2023, guarantees excessive revenue potential for buyers.
