Vietnam has taken a bold step into the future of finance by officially launching a five-year pilot program for its digital asset market, following the signing of Resolution 5/2025 by Deputy Prime Minister Hồ Đức Phớc on September 9, 2025. This move, as reported by Sputnik Vietnam, is widely regarded as a significant milestone in regulating a rapidly expanding sector that has already seen billions of dollars flow into the country.
The pilot, which begins immediately, is designed to bring digital asset activities under a formal legal framework, a necessity as Vietnam emerges as one of the world’s most enthusiastic adopters of digital currencies. According to data from Chainalysis, cited by the Vietnam Blockchain Association, capital inflows from the blockchain market into Vietnam soared above $105 billion between 2023 and 2024, yielding nearly $1.2 billion in profits in 2023 alone. A 2024 report by Triple-A further highlights Vietnam’s prominence, revealing that more than 20% of the population owns digital currency—placing the nation among the global top three for digital asset adoption, with a rate three to four times the world average.
Resolution 5/2025 lays out clear parameters for the pilot. It covers the issuance and sale of digital assets, the organization of trading markets, the provision of related services, and the government’s role in overseeing the market. The pilot is set to run for five years, but will remain operational under the same rules until new legislation is enacted. The scope is broad, encompassing service providers, issuers, Vietnamese and foreign investors, and other relevant organizations and individuals participating in the digital asset market within the bounds of the Resolution.
“The implementation of the pilot digital asset market must be based on principles of prudence, control, a roadmap suited to practical conditions, safety, transparency, effectiveness, and the protection of the legal rights and interests of participants,” the Resolution states, as reported by LSVN. The rules emphasize compliance with both Vietnamese law and international treaties to which Vietnam is a party. In the event of risks threatening financial or social stability, the Ministry of Finance holds the authority to propose government action, including suspending or terminating parts of the pilot to ensure a balance of interests among the state, investors, and businesses.
The pilot program comes at a time when digital assets are gaining mainstream traction in Vietnam, but also when risks—ranging from fraud to cybercrime—are on the rise. The Resolution aims to address these concerns head-on. Participants must adhere to strict principles: ensuring accuracy and honesty in disclosed information, following regulations on issuance and trading, and complying with anti-money laundering, anti-terrorist financing, and cybersecurity laws. Only organizations licensed by the Ministry of Finance are permitted to operate digital asset trading platforms or related services, and all advertising and marketing must also be conducted by licensed entities.
Taxation during the pilot phase will mirror existing rules for securities, applying to transactions, transfers, and business activities involving digital assets until separate regulations are developed. Disputes or violations in the market will be resolved through negotiation, mediation, arbitration, or the Vietnamese courts, depending on the nature of the conflict.
One of the more notable aspects of the program is its strict criteria for market participants and service providers. Only Vietnamese limited liability or joint-stock companies are eligible to issue digital assets, and these assets must be backed by real, tangible property—excluding securities or cash. The minimum charter capital for such companies is set at a hefty 10,000 billion VND. Moreover, at least 65% of this capital must be contributed by organizations, with a minimum of 35% coming from at least two commercial banks, securities firms, fund management companies, insurance companies, or technology enterprises. Foreign investors, meanwhile, are capped at holding no more than 49% of the charter capital.
Operational requirements are equally rigorous. Enterprises must have physical headquarters and IT infrastructure that meet safety standards before commencing business. Leadership is under scrutiny: the general director must have at least two years of experience in finance, securities, banking, insurance, or fund management, while the chief technology officer must bring at least five years of expertise. Each enterprise must also employ at least 20 specialized staff in technology and securities, all holding valid professional certificates.
For investors, the rules are clear and uncompromising. Domestic investors must conduct all transactions through licensed service providers within six months of the pilot’s start, or risk administrative or even criminal penalties. Foreign investors are required to comply not only with Vietnamese law but also with the laws of their home country—unless those laws conflict with Vietnam’s core legal principles or international commitments.
The Resolution also defines digital assets in detail. According to the text, a digital asset is a form of property as recognized by Vietnam’s Civil Code, existing as digital data created, issued, stored, transferred, and authenticated by digital technology in an electronic environment. A digital asset is classified as "tokenized" if it uses encryption or similar digital technology for authentication during its lifecycle. Notably, digital assets do not include securities, digital forms of fiat currency, or other financial assets as specified by civil and financial law.
Licensed service providers can engage in a range of activities: operating digital asset trading markets, proprietary trading, custodial storage, and providing platforms for issuing digital assets. Trading markets are defined as platforms or infrastructure systems that facilitate the exchange of information, aggregation of buy and sell orders, and settlement of digital asset transactions. Proprietary trading refers to buying or selling digital assets on behalf of the service provider itself, while custodial storage involves safekeeping, transferring, and helping clients exercise their rights over digital assets.
“The pilot must be implemented prudently with control, a roadmap suited to practical conditions, ensuring safety, transparency, effectiveness, and protecting legal rights and interests of participants,” the Resolution reiterates, underlining the government’s cautious optimism. The approach is designed not only to stimulate innovation and attract capital but also to shield investors and the public from the volatility and risks that have plagued unregulated markets elsewhere.
As Vietnam’s digital asset pilot gets underway, industry observers are watching closely to see how the experiment unfolds. The government’s balancing act—encouraging innovation while safeguarding the financial system—will likely serve as a model for other nations grappling with the rise of digital assets. For now, the message from Hanoi is clear: the future of finance is digital, but it must be built on a foundation of trust, transparency, and the rule of law.
