Deputy Minister of Finance Nguyen Duc Chi disclosed the information at a press meeting on Sunday, in response to media questions about how many enterprises had submitted such proposals and when the first enterprises would be licensed.

“As of now, the ministry has not received any proposals from enterprises. However, we are aware that several companies are preparing for this, including registering additional business lines to participate in the digital asset market,” he said.

Chi noted that many enterprises might show interest, but under the Government’s regulations, the number of pilot participants would be limited to a maximum of five.

"The Ministry of Finance is expediting the process so that the first eligible enterprises can be licensed and begin operations in the Vietnamese market as soon as possible.

“We hope to launch this pilot before 2026. However, the progress will depend on how well enterprises can meet the required conditions. With close coordination between businesses and the ministry’s relevant units, we believe the timeline can be accelerated,” Chi added.

Right after the Government issued Resolution No. 05/2025/NQ-CP on piloting the digital asset market in Vietnam, the Ministry of Finance developed a detailed plan for implementation." Its focus has been on drafting decrees that would enable the pilot operation of a digital asset trading market".

The ministry has assigned its units to draft regulations related to taxation policies, fees/charges applicable to digital asset transactions, and accounting standards for businesses and market participants in this field.

It has also established a coordination process with other relevant ministries and agencies, such as the Ministry of Public Security and the State Bank of Vietnam, to seek feedback and finalize licensing procedures for pilot participants.

Vietnam has officially legalized digital assets with the approval of the Law on Digital Technology Industry by the National Assembly, the country's legislature, in July.

The Government on September 9, 2025 issued Resolution 05, officially launching a five-year pilot of Vietnam’s crypto asset market.

According to VinaCapital analysts, the government aims to move Vietnam’s crypto activity from large informal markets reliant on offshore channels to formal, taxable, onshore channels integrated into the domestic financial system.

There are estimates that as many as 17 million Vietnamese already trade crypto currencies with annual digital asset transaction volume estimated at over $100 billion. Nearly all that activity take place on offshore exchanges such as Binance, Bybit, and others, in Singapore, South Korea, and Hong Kong.

Following the resolution’s issuance, major players in finance, securities and banking have expressed an interest or are preparing proposals to join the pilot market.