Mr. Nguyen Hai Nam, Standing Member of the National Assembly’s Economic and Financial Committee

The market for digital and crypto assets does not merely depend on a legal framework; such a framework is decisive and critically important. Alongside designing a market development model, it is necessary to have a corresponding legal framework so that development can be facilitated, consistent with the spirit of Politburo Resolution No. 57 on science and technology, innovation, and digital transformation, while any risks are still effectively managed.

In reality, we can see various risks in the digital asset market, as well as differing and even conflicting policy approaches. These include differences in legal perspectives between China and the US, and even within the US itself, while Japan and South Korea are also highly developed in this field. These are models that Vietnam can consider and learn from.

For Vietnam, in addition to the overall financial system model, there are two new elements: the International Financial Centers in Ho Chi Minh City and Da Nang. This underscores the necessity of having a legal framework that moves in tandem with development.

Central authorities have issued clear directives, and the government and the Ministry of Finance, particularly the State Securities Commission, have made strong and proactive efforts to introduce a series of timely legal documents. As the Party General Secretary has emphasized, institutional development remains a key bottleneck, and addressing this requires careful consideration of how to open up new space and usher in a new era, in line with the country’s strong aspiration to develop alongside the world.

Ms. Le Thi Hoang Thanh, Deputy Director General of the Department of Economic-Civil Legislation, Ministry of Justice

Within the overall framework of socio-economic development, institutions and the legal framework are a crucial and fundamental prerequisite for development. Establishing a legal framework is therefore of critical importance.

However, this legal framework must be positioned within a harmonious and coherent system alongside other relevant laws and regulations. For example, effective implementation of Government Resolution No. 05/2025/NQ-CP on piloting the crypto asset market in Vietnam requires a broader supporting legal system, including the Law on Investment, tax and fee laws, and legislation governing corporate organizational models, in order to ensure the successful execution of the Resolution.

While the law itself is critical, its organization and enforcement is an equally vital stage and a key contributor to success in promoting socio-economic development. Effective law enforcement requires adequate implementation capacity, physical infrastructure, and necessary safeguards. It also involves the work of State management, as well as the role of enforcement agencies in preventing, detecting, and handling legal violations.

Mr. To Tran Hoa, Standing Deputy Head of the Management Board for the Digital Asset Trading Market, State Securities Commission, Ministry of Finance

Government Resolution No. 05/2025/NQ-CP on piloting the crypto asset market in Vietnam was issued in a special context. At present, Vietnam is placed on the Financial Action Task Force (FATF) gray list. The FATF is the global body responsible for monitoring and supervising anti-money laundering (AML) activities worldwide. It has set out 17 action items, including Action 6 related to the crypto asset market, and has assessed Vietnam as one of the countries facing AML risks in the crypto asset sector.

As a result, the FATF has required Vietnam to develop a legal framework to demonstrate the government’s determination to bring the crypto asset market under regulatory oversight and to meet international standards and recommendations on AML. In this spirit, the government has directed ministries and agencies, including the Ministry of Finance (MoF), the Ministry of Justice, the Ministry of Public Security, the State Bank of Vietnam, and other relevant bodies to develop a legal framework for managing the crypto asset market.

On September 9, 2025, with the coordination of multiple ministries and agencies, the MoF submitted Resolution No. 05 to the government for promulgation. The primary objective and guiding view of this Resolution is to bring the crypto asset market under management and to establish a centralized crypto asset trading market in Vietnam. This is intended to create a new investment channel for the public, a new capital mobilization channel for enterprises, and a source of revenue for the State budget, while also meeting FATF’s AML requirements.

We recently held working sessions in Thailand with FATF to explain and clarify issues related to Resolution No. 05 and the government’s policy direction on managing the crypto asset market. One point that FATF greatly appreciated was that activities within the crypto asset market have been clearly identified, defined, and specified in Resolution No. 05. With its focus on bringing the crypto asset market under management, we have developed regulatory frameworks and rules aligned with international practices, with the aim of laying the groundwork for the formation of a basic, foundational market in Vietnam.

Accordingly, the market will initially be structured around two main segments: the primary market and the secondary market. The primary market is intended to encourage Vietnamese enterprises to issue crypto assets backed by real assets to foreign investors, with the objective of mobilizing overseas resources for national economic development, in line with the central government’s goal of achieving double-digit economic growth.

As for the secondary market, we believe that the crypto asset market inherently carries significant risks, and that the public currently has limited knowledge of crypto assets. Therefore, to create a buffer during the pilot phase, we have designed policies allowing domestic investors who already hold crypto assets, as well as foreign investors, to open accounts at licensed service providers to conduct transactions. During the pilot period, we will also coordinate with relevant ministries and agencies, as well as the Vietnam Blockchain and Digital Assets Association, to implement training and awareness programs for the public and businesses, before moving towards a more comprehensive policy framework for the crypto asset market.

Ms. Nguyen Van Hien, Vice Chairwoman and Secretary General of the Vietnam Blockchain and Digital Assets Association

As a bridging organization, the Vietnam Blockchain and Digital Assets Association (VBA) has access to a wide range of information. We hope that once the first crypto asset exchange becomes operational, more information will be available. At that point, in our role as a connector, we will work together with the State Securities Commission and the Management Board for the Digital Asset Trading Market - the focal point under the Ministry of Finance - to organize knowledge-sharing workshops, thereby helping policies to be implemented more smoothly.

In practice, in Vietnam, if we take a broader view of the digital and crypto asset market, there are currently three layers of development. The first is the innovation zone in Da Nang under National Assembly Resolution No. 136/2024/QH15 on the organization of urban government and piloting specific mechanisms and policies for Da Nang’s development. This framework provides a sandbox mechanism for digital and crypto assets, allowing fintech companies and startups to deploy applications in this field under a controlled and supervised sandbox model.

Second, within the International Financial Center in Da Nang, there is also a dedicated component for the development of digital assets, designed to align more closely with international models.

Third, at the national level, the government is developing the crypto asset market under Government Resolution No. 05/2025/NQ-CP.

There are no contradictions within these three layers of development. Rather, they are sequential and complementary. With this three-tier approach, it is clear that Vietnam is not overlooking any opportunities in technology and financial innovation, while regulators and the State continue to play a strong and transparent role in overseeing and managing the market.

We also expect that, with this approach, Vietnam’s crypto asset market will grow strongly between now and 2030. By then, Vietnam could potentially become a financial hub for the crypto asset market, alongside other financial centers in the region and around the world.