On October 9, Deputy Prime Minister Ho Duc Phoc received Marco Dal Lago, vice president for Global Development and Partnerships at Tether, along with the company’s delegation, to discuss potential cooperation in Vietnam’s emerging digital asset market.

Tether operates in the digital asset sector and is one of the world’s biggest issuers of stablecoins – cryptocurrencies designed to maintain a stable value by pegging to another asset, most commonly the US dollar. As of now, the company manages over $177 billion in reserves, including approximately $120 billion in US Treasury bonds.

DPM Phoc said that the Vietnamese government has allowed a five-year pilot pschemefor the digital asset market.

“Authorities plan to license around five exchanges that demonstrate strong financial capacity, credibility, and robust technical infrastructure. Once the pilot operates smoothly, Vietnam will move forward with a formal legal framework to govern this market,” he stated.

He added that while digital assets are a new field with potential risks, they also offer significant opportunities for economic innovation. Vietnam seeks to learn from international experience to build a safe, transparent, and well-regulated market that benefits both investors and citizens. The DPM also suggested that Tether explore partnerships with major domestic companies to jointly develop a licensed digital asset trading platform.

According to DMP Phoc, Vietnam prioritises cooperation with reputable and trustworthy international technology groups to develop a secure and efficient market that contributes to economic growth and attracts global financial resources.

Lago praised Vietnam’s dynamic economy and regarded the country as a key market for Tether in the region. “With advanced technology, cost efficiency, and extensive global experience, Tether is confident in its ability to support Vietnam in developing and managing digital asset trading operations,” he said.

“Tether is committed to collaboration, sharing expertise, and assisting Vietnamese partners in building a sustainable and transparent digital asset market that unlocks new opportunities for international investment,” Lago added.