Affirming the contribution of digital assets to the economy
The Government has just issued Resolution No. 5/2025/NQ-CP, piloting the cryptocurrency asset market in Vietnam from September 9.
Talking to Lao Dong, Dr. Tran Quy - Director of the Vietnam Institute for Digital Economy Development - said that this is a decision that is both institutionally and economically meaningful. He said: "Instead of letting the flow of digital assets operate spontaneously, Resolution 05/2025/NQ-CP has opened a controlled " runway" for technology, capital and innovation to take off within the legal framework. This is not just a technical story, it is a strategic step to affirm the role of digital assets in growth, inclusive finance and national competitiveness.
According to Mr. Quy, the Resolution puts investors in the center of protection: Open an account (each organization provides a service with one account), have full access to published information, and be able to resolve disputes - compensation according to regulations; at the same time, take responsibility for their investment decisions.
The issuing organization must ensure the accuracy - completeness - timeliness of the information, comply with Vietnamese law and the law of the country where the investor is a citizen, and pay taxes according to regulations. In the macro direction, State agencies also have a corresponding obligation. The Ministry of Finance shall preside over the development of a decree on administrative sanctions for violations in the field of cryptographic assets, provide tax policy guidance, coordinate AML supervision and inspection, and periodically report to the Prime Minister. The State Bank collects and processes information according to the Law on Prevention and Control of Money Laundering. The Ministry of Public Security appraises security - data protection and handles violations. This is an institutional "third-legged neighbor" to keep the market safe and disciplined.
Meanwhile, Dr. Nguyen Duy Phuong - Investment and Strategy Director of DGCapital Fund - said that the cryptocurrency asset market in Vietnam is still very young, so it needs practical and attractive support policies to create development momentum.
Dr. Phuong expects that with the issuance of the Government's Resolution on piloting the cryptocurrency asset market in Vietnam, a number of important goals will be achieved. That is to create a good premise for Vietnam to lead in the field of new technology. Recognition and management to help users or investors be protected, along with anti-money laundering measures also require connectivity between platforms.
Solutions for a successful pilot
According to Dr. Tran Quy, for Resolution No. 5/2025/NQ-CP to be successfully implemented, it requires the cooperation of many parties involved. Management agencies need to promptly complete circulars - instructions, penalty decrees, information security criteria, reporting/standards; at the same time, regularly dialogue with the market to flexibly adjust according to reality. Organizations seeking permission to provide services should proactively combine banking - securities - technology to meet capital, technology and human resources standards; build a culture of compliance - safety - transparency right from product design.
Issuing enterprises should only choose the real asset account model, prepare a report carefully, manage cash flow and data throughout the asset life cycle.
Foreign investors need to soon open a dedicated VND account, organize standard document archives and cash flow to take advantage of the pioneering unit. For domestic investors, they prioritize savings/transactions through licensed exchanges, monitoring the 6-month mark after having the first exchange to change habits, avoiding legal risks.
According to Dr. Nguyen Duy Phuong, Vietnam ranks fourth in the Global Digital Asset Acceptance Index. Previously, Vietnam held the leading position in 2021 and 2022.
Statistics from Statista show that the number of digital asset account users in Vietnam in 2024 is estimated at 10.15 million, reflecting great interest from domestic individual investors. Therefore, he believes that major securities companies or securities companies under the bank will not be left out when the Vietnamese digital asset exchange is born. At least companies also have enough capacity and conditions to participate as trading brokers (similar to stock trading).
Meanwhile, Mr. Trinh Nguyen Thien Phuoc - Director of Gianty Vietnam Company - said that with this Resolution, do not let blockchain become a closed space, instead, creating a safe testing space for risk control, open, transparent governance, connecting communities and users is the key to maintaining the open, decentralized nature of blockchain and moving towards a sustainable ecosystem.
