Vietnam is moving closer to establishing legal frameworks for virtual currency exchanges, following recent announcements by Deputy Minister of Finance Nguyen Duc Chi. During the regular Government press conference on March 5, 2025, Chi outlined the impending resolution from the Ministry of Finance which aims to facilitate trading, investing, and businesses within the virtual assets market.
According to Chi, licensed exchanges will provide organizations, individuals, and investors throughout Vietnam with the necessary infrastructure to engage safely and legally with virtual currencies. He emphasized, "The State will protect the legitimate rights of organizations and individuals when participating in activities in this market.” This initiative marks Vietnam’s growing acknowledgment of the complex nature of virtual assets, which has become increasingly relevant not just domestically, but globally.
Earlier this month, Prime Minister of Vietnam directed the Ministry of Finance to urgently research and construct legal frameworks dedicated to virtual assets. Chi confirmed, “The Ministry of Finance has been assigned to report to the Government on the situation and direction of building legal frameworks related to virtual assets and money.” This structured approach aims to create clear guidelines and conditions under which citizens can securely trade virtual currencies.
This push for regulation follows significant global trends and aims to facilitate economic growth and investment opportunities within the Vietnamese market. “We will catch up with the general trend of development of the world on virtual assets, not to be left behind,” Chi assured participants during the press briefing.
The establishment of these legal frameworks is expected to encourage and protect investments, whilst also attracting foreign interest and providing citizens with legitimate avenues for trading and investing. The Ministry of Finance is set to coordinate with various relevant agencies to craft regulations allowing Vietnamese entities to issue their own virtual assets. This is intended to help mobilize financial resources for businesses across the nation, enhancing their capacity for production and enabling them to adapt to market changes effectively.
The timeline for these developments is ambitious. The Ministry has been tasked with delivering plans and regulatory proposals for the government’s review and potential implementation by the end of March 2025. It seeks to pave the way for operational virtual currency exchanges, organized and sanctioned by state-approved enterprises.
Overall, the Vietnamese government’s proactive stance on virtual currencies reveals its acknowledgment of the growing significance of digital assets in the global economy. By positioning itself to facilitate safe trading environments and legal protections, Vietnam stands poised to boost economic activity significantly through these innovations.