The Government News has quoted Deputy Minister of Finance Nguyen Duc Chi as reporting that a pilot program for fintech activities, including digital asset and cryptocurrency trading at financial centers will be submitted to the Prime Minister in  this month.

According to the Deputy Minister,  the Ministry of Finance was tasked to report the Government about a draft resolution on pilot digital asset and cryptocurrency trading in March.

Vietnam currently lacks a clear definition of virtual currencies and digital assets. Existing regulations only address the concept of electronic money tied to fiat currencies, such as prepaid bank cards and e-wallets.

Data from CoinGecko indicates that the global cryptocurrency market value peaked at nearly $3.3 trillion on November 14, 2024.

The flows of digital assets into Vietnam in 2023 reached $120 billion, as reported by market analysis organization Chainalysis.

Vietnam ranks among the top three countries globally in cryptocurrency ownership with 21 per cent of its population, only after the United Arab Emirates and the U.S. 

Cryptocurrencies are not banned in Vietnam, but are not yet recognized as assets. The lack of a legal framework for these assets has led many businesses to register in Singapore or the U.S. before operating in Vietnam, which reduces the country's competitive advantage and results in tax revenue losses.

From a user perspective, the lack of transparency in this area increases transaction risks.