Vietnam

Regulatory Status

Jurisdiction code

VN

Regulator

SBV / MoF

Travel Rule

In Progress

Tracked entities

16

Recognized stablecoin backing

crypto-backed, commodity-backed

Yield-bearing stablecoins

Restricted

Currency

VND

Regulatory approach

The Ministry of Finance serves as the primary regulator, responsible for licensing Crypto Asset Service Providers (CASPs) and organizing crypto asset trading markets. CASPs must maintain a minimum charter capital of VND 10 trillion (~USD 380 million), with at least 65% institutional ownership and foreign ownership capped at 49%. The State Bank of Vietnam monitors capital movements, enforces anti-money laundering requirements, and develops a national digital currency (CBDC) roadmap. The State Securities Commission oversees security token classification and provides regulatory input. The Ministry of Public Security addresses cybersecurity and high-tech crime prevention. This multi-agency framework reflects Vietnam's cautious approach, emphasizing institutional stability, financial security, and compliance with international standards including FATF Travel Rule requirements for transactions over USD 500.

Licensed entities in Vietnam

16 regulated-entity records tracked in Vietnam by Plexo Institute.

Stablecoin laws in Vietnam

Primary legal texts Plexo Institute tracks for Vietnam.

• Law on Digital Technology Industry (Law No. 71/2025/QH15, National Assembly) (enacted 2026-01-01)

  Provides foundational legal recognition of digital assets under Vietnamese Civil Code. Chapter V (Articles 46-48) defines digital assets, virtual assets, and cryptographic assets. Establishes government authority to regulate digital asset services, issuance, and trading. Does not explicitly mention "stablecoin" but classifies stablecoins as either virtual assets (Article 47.2.a) for exchange/investment or cryptographic assets (Article 47.2.b) using cryptography for authentication, both explicitly excluding "securities or fiat currency." Mandates government to detail regulations and licensing requirements for cryptographic asset service providers.

• Resolution on Implementation of a Pilot Crypto Asset Market in Vietnam (Resolution No. 05/2025/NQ-CP) (enacted 2025-09-09)

  Establishes Vietnam's first official 5-year pilot program (2025–2030) for digital and crypto assets. Defines "crypto assets" as digital assets created, issued, stored, transferred, and authenticated using cryptographic technology. Explicitly excludes fiat-backed stablecoins from the definition of permitted crypto assets, stating assets "must be real assets, excluding securities or fiat currencies." Permits trading of foreign crypto-backed stablecoins like USDT on licensed exchanges. Foreign investors only for ICO/IEO offerings. All transactions conducted in Vietnamese Dong.

• Da Nang Sandbox Authorization (Pilot Exemption) (Resolution No. 222/2025/QH15, National Assembly) (enacted 2025-07-01)

  Grants Da Nang and Ho Chi Minh City authority to operate regulatory sandboxes for testing technologies not yet governed by national law. Da Nang issued Decision No. 1181 approving a 36-month crypto payment pilot (Basal Pay) allowing USDT-to-VND conversions for foreign visitors, exempting this pilot from national restrictions on fiat-backed stablecoins.

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Jurisdiction FAQ

Who regulates Vietnam?

The current Plexo Institute record lists SBV / MoF as the regulator for Vietnam.

How many VASPs are tracked in Vietnam?

16 VASP/entity records are tracked by Plexo Institute in Vietnam.

What is the Travel Rule status in Vietnam?

The current Plexo Institute record lists the Travel Rule status for Vietnam as In Progress.

Source Evidence

This profile is compiled from official legislation and regulator records. Source confidence: official source evidence.

• Vietnam Government Resolution 05/2025/NQ-CP crypto-asset pilot
• Vietnam Government crypto-asset pilot announcement
• Vietnam Government digital assets and cryptos at financial centers