Vietnam is cautiously opening the door to cryptocurrency, following the signing of Resolution 05/2025/NQ-CP by Deputy Prime Minister Ho Duc Phoc on September 9. The resolution introduces a five-year pilot program for digital asset trading, laying out a tightly controlled framework designed to encourage innovation while safeguarding the financial system.
Tight Controls, Limited Scope
The government stressed that all issuance, trading, and payment activities involving digital assets must be conducted in Vietnamese dong. Only companies licensed by the Ministry of Finance will be allowed to establish exchanges, operate issuance platforms, or market related services.
Issuance is limited to Vietnamese enterprises, and assets must be backed by real underlying value, excluding securities and fiat currencies. These tokens may be offered solely to foreign investors via licensed providers, with issuers required to publish a prospectus at least 15 days before any offering.
Capital and Ownership Rules
The entry barriers are deliberately high. Service providers must demonstrate minimum capital of VND 10 trillion (USD 379 million), with at least 65% contributed by institutional investors. To prevent dominance by overseas players, foreign ownership is capped at 49%.
Applicants must also meet strict standards on governance, risk management, technology infrastructure, and staffing, including certified securities professionals and cybersecurity specialists.
Balancing Innovation and Prudence
The pilot program reflects Vietnam’s effort to balance opportunity with oversight. While the government acknowledges the potential of digital assets, the resolution underscores concerns over money laundering, investor protection, and systemic risks.
By setting rigid conditions, Vietnam positions itself to explore the economic potential of cryptocurrency within a highly regulated environment—a strategy designed to test the waters without jeopardizing market stability.
