On May 9, 2025, the National Assembly of Vietnam engaged in a significant discussion regarding the draft Law on Digital Industry and Technology, which includes new regulations addressing digital assets. This draft, prepared by the Ministry of Science and Technology, comprises seven chapters and 57 articles, marking a reduction of 16 articles compared to the previous draft presented at the eighth session of the National Assembly.
During the session, Representative Binh highlighted that while the new draft provides a general definition of digital assets, it lacks detailed classification. He proposed categorizing digital assets into five distinct groups: personally identifiable digital data, non-personal data, software and source code, digital content with intellectual property, and appraisable digital assets such as NFTs and AI training data.
Binh emphasized that this classification would clarify the scope of regulation and the mechanisms for protection, transfer, and valuation. It would also help define responsibilities, tax obligations, security, and legal aspects for each type of asset. "This classification will contribute to a clearer regulatory framework and establish a foundation for accounting regulations," he stated.
In contrast, Representative Dong Ngoc Ba expressed concerns about the clarity of the distinctions between various types of digital assets in the draft law. He acknowledged the complexity of classifying digital assets, noting that there are differing opinions globally. Ba pointed out that digital assets are created by digital technologies but must be tied to a specific virtual environment. He cited examples such as virtual land in the Metaverse and virtual currency in video games, stressing, "Virtual assets must be linked to a specific environment to be identified as such. One cannot generalize virtual assets."
Ba also called for a more generalized technical criterion to differentiate between groups of digital assets, especially those linked to blockchain technology, such as Bitcoin, tokens, and NFTs. He remarked, "Classifying virtual assets is crucial for the government to establish management mechanisms that ensure security and safety in transactions involving these assets."
The Committee on Science, Technology, and Environment explained that the draft law is designed to establish basic principles to create a legal framework for digital assets. The regulations concerning authority and management of digital assets, including consumer protection and dispute resolution, will be detailed by the government according to the specific types of digital assets and practical conditions.
Digital assets, as defined in the draft law, are assets that can be used for exchange or investment purposes. However, they do not include securities or any digital forms of legal tender and other financial assets as per civil and financial law.
Furthermore, the draft law outlines that the management of digital assets will include regulations on ownership, transfer, and usage; tax and finance regulations; international cooperation and information sharing; security regulations; intellectual property rights; consumer protection; lifecycle management; and risk management.
Data from the Vietnam Blockchain Association (VBA) indicated that in September 2023, Vietnam received nearly $91 billion in virtual currency value over one year, from October 2021 to October 2022. Alarmingly, this figure included approximately $956 million associated with illegal activities.
The draft law also aims to foster a proactive approach to artificial intelligence (AI) and digital assets by establishing mechanisms to incentivize digital technology enterprises, develop shared digital infrastructure, encourage innovative startups, train talent, and control technology experiments.
One notable aspect of the draft law is its formal inclusion of AI within the legal framework. It also introduces principles for managing digital assets, a field that is both new and complex. The regulations focus on defining, classifying, and managing digital assets flexibly, with the government tasked with providing specific regulations for each sector.
The draft law establishes a controlled experimentation mechanism, or sandbox, for digital technology products and services. This mechanism outlines principles for implementation, criteria for selection, legal responsibilities, user rights, and liability exemptions for risks encountered during experimentation.
During discussions, delegates expressed interest in defining strategic digital technologies. The draft law states that strategic digital technology is a type of technology essential for national development, significantly impacting national security, competitiveness, and long-term economic growth. This encompasses technologies like AI, big data, cloud computing, the Internet of Things, virtual reality, augmented reality, semiconductors, and other strategic digital technologies.
Delegate Thach Phuoc Binh raised concerns regarding the open listing of strategic digital technologies, suggesting it could lead to contradictions when determining preferential policies. He proposed that the draft law should define strategic digital technology as foundational technology that directly influences national security, international competitiveness, innovation speed, and sustainable economic growth.
The Prime Minister will decide on the list of strategic digital technologies based on recommendations from the Ministry of Science and Technology. This decision will consider criteria such as the impact on priority development sectors, potential for productivity breakthroughs, widespread applicability in society and the digital economy, and implications for digital rights and national data security.
In response to queries from delegates, Deputy Prime Minister Nguyen Chi Dung emphasized that the draft Law on Digital Industry and Technology is not only a crucial step in completing the legal framework for an emerging industry but also serves to institutionalize the Party's major policies on innovation and promote the development of digital technology enterprises.
Dung outlined four key goals for the law: to establish the digital technology industry as a vital sector contributing significantly to the economy; to develop an ecosystem of digital technology enterprises that transition from assembly and processing to higher-value activities like creation and design; to build modern and synchronized digital technology industrial infrastructure; and to attract and cultivate a high-quality workforce in this sector.
He assured that the government would continue refining the draft law to ensure it is comprehensive and ready for approval during the ninth session of the National Assembly. This legislation is seen not just as an industry law but as a key institutional lever for Vietnam's digital transformation, marking a critical opportunity for the country to establish a proactive legal foundation that supports the robust growth of domestic technology enterprises and enhances Vietnam's position in the global digital landscape.
