Viet Nam sets sights on becoming digital asset hub

According to a survey by the Viet Nam Blockchain Association and data from Chainalysis, around 60% of crypto assets in Viet Nam are traded on centralised exchanges (CEX), while the remainder is traded on decentralised exchanges (DEX) or via peer-to-peer (P2P) platforms.

Golden opportunity to boost digital asset market

Founder and CEO of Kyros Ventures Thuat Nguyen stated: “In the past 10 years, the market has grown very fast despite having no policy support. Viet Nam has always ranked among the top in digital asset adoption indexes as well as in decentralised financial products. Young Vietnamese people are passionate about technology, and they have been highly successful with digital asset products.”

Digital assets are not just about technology—they represent a financial revolution in ownership and the circulation of value in the digital world. With its demographics, operational cost advantages, and technological capabilities, Viet Nam possesses all the conditions to become a hub in this field.

According to Chairman of SSI Nguyen Duy Hung when working with foreign investors, simply presenting two factors—an open technology policy and a dynamic young generation—is enough to build confidence. This advantage is not easily found in neighbouring markets such as Thailand, Singapore, or Indonesia. Viet Nam also enjoys much lower operational costs.

Thuat Nguyen further observed: “In Viet Nam, a blockchain startup can survive ten times longer than in Singapore with the same amount of capital.” He also emphasised the role of media and universities. The term “virtual money” has been replaced with “digital assets,” reflecting a more accurate perception.

According to Chairman of FPT Corporation Truong Gia Binh Viet Nam holds an exceptionally unique position on the global geopolitical map. No other country has signed comprehensive strategic partnerships with 12 nations. Within just nine months, three of the world’s most powerful leaders—the US President, the Chinese President, and the Russian President—visited Viet Nam.

Viet Nam is aiming for double-digit economic growth, based on three critical drivers that the world is also pursuing: digital transformation, artificial intelligence transformation, and green transformation. These are also the core contents of Resolution 57-NQ/TW.

“Viet Nam has decided to build emerging financial centres in the country. The word ‘emerging’ refers not only to traditional finance but also to crypto, blockchain, and digital assets. These centres will become spaces for nurturing digital talent, innovation, and entrepreneurship among young Vietnamese,” Binh noted.

Building and perfecting legal framework for digital assets

Despite its vast potential, the digital asset sector carries significant risks, ranging from fraud and cybercrime to market instability. Establishing a clear legal framework is therefore essential to balance risk management with innovation. Viet Nam is moving in the right direction in this regard.

The National Assembly passed the Law on the Digital Technology Industry in June 2025, which will take effect on January 1, 2026. This is the first legal document in Viet Nam to explicitly recognise crypto assets as a legitimate form of digital asset, created, issued, stored, and transferred using digital technology.

The law clearly stipulates that digital assets are not currency and cannot be used as a means of payment, reaffirming that the sole legal tender is the Vietnamese dong issued by the State Bank of Viet Nam. This both safeguards monetary sovereignty and legally opens the door to the digital asset sector. The law also requires compliance with principles of information security, anti-money laundering, counter-terrorism financing, and capital flow monitoring—internationally recognised standards for digital asset supervision.

Tran Dinh, from the Fintech Application Division of the Viet Nam Blockchain Association, commented that in the context of traditional capital mobilisation channels such as banking and securities facing pressure, the flow of money into digital assets—often described as a “massive underground economy”—cannot be ignored.

“Strengthening and completing legal regulations will also help Viet Nam attract massive foreign investment into fintech, create additional growth momentum, ignite a wave of startups, and develop the domestic digital technology ecosystem.”

Notably, the draft Resolution on piloting the digital asset market, expected to be submitted to the Government in August 2025, would allow the establishment of digital asset service providers, exchange operators, and token issuers, with a minimum capital requirement of 10 trillion VND (approximately 380 million USD)—higher than that required for commercial banks.

The resolution also sets out strict cybersecurity standards at level 4, applicable to all participating enterprises, from token issuers to exchange operators. This is considered a crucial factor in ensuring user trust. Lieutenant General Nguyen Minh Chinh, Director of the Department of Cybersecurity, emphasised: “Cybersecurity is an inseparable part of national security in the digital era.” He proposed three pillars: designing a safe ecosystem from the outset, enhancing early response capacity, and ensuring compliance with international law.

Nguyen Duy Hung remarked: “I firmly believe that the future does not lie in choosing between tradition or technology, but in the ability to combine both—responsibly and transparently.”

Viet Nam is not only capable of catching up with the world. We can create the unprecedented. With a developing legal framework, a ready human resource base, and the trust of the investment community, Viet Nam’s path towards becoming Asia’s digital asset hub is entirely achievable.