Vietnamese citizens can now trade cryptocurrencies under a five-year pilot programme aimed at modernising the country’s digital asset landscape.
The pilot, which began on September 9, is guided by a roadmap to ensure its efficient and transparent implementation and protect the legitimate rights and interests of organisations and individuals participating in the crypto trading market.
This is according to Resolution No.5/2025/NQ-CP, signed by Deputy Prime Minister Ho Duc Phoc.
It comes two months after Vietnam’s National Assembly adopted the Law on Digital Technology Industry, which formally recognises digital and tokenised assets.
Stringent regulations
Under the pilot programme, only enterprises licensed by the Ministry of Finance are allowed to operate crypto trading platforms.
All crypto transactions – from issuance to trading to payment – must be settled in Vietnamese dong.
“Crypto assets must be issued based on underlying assets that are real assets,” excluding securities or fiat currencies, according to Resolution No.5 published on Bao Chinh Phu, the government’s official news portal.
“Domestic investors holding crypto assets and foreign investors are allowed to open accounts at crypto asset service providers licensed by the Ministry of Finance to deposit, buy, and sell crypto assets in Vietnam.”
Issuers must at least have a minimum charter capital of VND10 trillion ($378.35 million at today’s exchange rates), with at least 65 percent contributed by their shareholders and 35 percent by commercial banks, securities companies, fund managers, insurers, or technology companies. Foreign ownership is limited to 49 percent.
Shareholders and capital contributors must have made profits for the past two years before applying for a license and must have offices with adequate facilities and equipment.
All participants must comply with the country’s regulations on anti-money laundering, counter-terrorism financing, and data protection to ensure security and safety in the crypto trading market, according to the resolution.
YOU MAY ALSO LIKE: Policy shift redefines Palestinian recognition status
Shift from informal to regulated channels
Michael Kokalari, chief economist and head of macroeconomic research at investment management firm VinaCapital, said the government intends to move Vietnam’s crypto activity from informal markets to regulated and taxable channels.
“In general, the government is focused on three key goals: legalising and taxing digital asset transactions, integrating digital assets into the domestic financial system, and enhancing investor protection and market oversight,” he said in a statement cited by the VietNamNet publication.
Emerging market
There are an estimated 17 million Vietnamese trading crypto assets valued at more than $100 billion on foreign exchanges such as Binance and Bybit.
Last year, Vietnam placed fifth in the Global Crypto Adoption Index, just behind India, Nigeria, Indonesia, and the United States, according to blockchain analysis company Chainanalysis.
READ NEXT: Philippines introduces food safety technology to oyster farmers
Shameeka Voyiya 
Lucia Caporalini 
Kamille Q. Cabreza