Vietnam launches crypto asset market

The report 'Shaping the Vietnamese Crypto Asset Market' by VinaCapital Fund Management, released on September 20, highlights a striking figure: 17 million Vietnamese have traded crypto assets, with an estimated annual volume exceeding $100 billion.

Yet almost all of this activity takes place on foreign exchanges such as Binance and Bybit, based in Singapore, South Korea, and Hong Kong.

Building regulatory framework

Resolution 05 on the pilot implementation of the crypto asset market is seen by VinaCapital as a decisive step in shifting activity from the informal sector to the regulated market, where tax management and integration with the domestic financial system become possible.

A major turning point came in July when the National Assembly passed the Law on Digital Technology Industry, which officially recognizes digital assets and requires crypto platforms to obtain domestic licenses.

Starting January 1, 2026, these platforms must provide direct transaction gateways in Vietnamese dong.

At the same time, the government launched NDAChain, a national blockchain platform designed for secure financial transactions and safe online commerce.

Michael Kokalari, director of macroeconomic analysis and market research at VinaCapital, noted that the government is pursuing three objectives: legalizing and taxing crypto transactions, integrating digital assets into the domestic financial system, and strengthening investor protection and market oversight.

“The strategy is to redirect billions of dollars in trading activity from overseas platforms to domestic channels, allowing the government to capture tax revenue. Closer integration of digital assets with the financial system will create new funding avenues and support a digital economy less reliant on cash,” Kokalari explained.

In addition, new standards have been set for custody and reporting, and digital assets are being brought under existing anti-money laundering and counter-terrorism financing regulations.

New economic driver

According to VinaCapital, NDAChain will accelerate tokenization in Vietnam, enabling traditional financial instruments such as bonds, fund certificates, commercial invoices, and carbon credits to be issued and traded as digital assets on infrastructure regulated by and linked with banks.

As a core piece of national digital infrastructure, NDAChain provides an identity system and shared data storage, enabling licensed platforms to transact in dong and automate issuance, payments, and ownership transfers.

Businesses can connect to NDAChain to handle commercial payments, deposits, and invoice settlements. Once approved, regulated stablecoins will allow 24/7 low-cost transfers, bridging everyday payments and digital assets.

Kokalari added that exchanges and brokers licensed early could capture trading volume, fees, and valuable market data now flowing to overseas platforms.

The new regulations also pave the way for Bitcoin and diversified digital asset funds to meet the needs of insurers, pension funds, and other domestic institutions.

With state backing, NDAChain and the upcoming pilot exchange will enable tokenization of commercial invoices, carbon credits, and other real-world assets.

Licensed exchanges will connect with domestic banks and electronic payment systems approved by the State Bank of Vietnam, giving early players access to payment fees and user data.

Beyond finance, tokenization and blockchain applications are expected to benefit supply chain management, renewable energy, and real estate -- sectors that could tap new fundraising models through digital assets.

More liquid instruments such as carbon credits and invoices would also gain broader circulation.

If executed effectively, Vietnam’s digital asset initiative will not only bring existing activity under control but also integrate crypto assets into the domestic financial system.