Vietnam moves to launch digital asset market as new capital channel

Experts, policymakers and regulators discussed the opportunities and challenges facing the emerging market at the opening session of Conviction 2026, a technology event in Ho Chi Minh City on Friday, as Vietnam steps up efforts to complete the infrastructure needed to put the digital asset market into operation.

As Vietnam pursues its goal of achieving double-digit economic growth, digital assets and crypto assets are expected to complement traditional sources of capital such as bank credit and the stock market.

Nguyen Hai Nam, standing member of the National Assembly's Economic and Financial Committee, said Vietnam is pursuing a three-pronged strategy to develop the market: piloting innovation through regulatory sandboxes, creating a secure legal framework for digital assets, and eventually launching pilot trading platforms.

Vietnam is the 46th country to recognize digital assets, Nam said, adding that while the country is not a pioneer, it is 'by no means late' in entering the field.

The legal foundation has gradually taken shape through the Law on Digital Technology Industry and the Law on Artificial Intelligence, as well as Prime Minister's Decision No. 21/2026, which places AI, big data and blockchain on the list of strategic technologies.

Meanwhile, a pilot mechanism under the government's Resolution No. 5 issued in 2025, alongside plans to establish international financial centers in Ho Chi Minh City and Da Nang, is creating unprecedented opportunities to test and develop new financial technologies on a large scale.

These efforts also include measures to prevent money laundering and strengthen cybersecurity, which Nam said would be critical to attracting international capital and building a safe, transparent market.

To Tran Hoa, deputy head of the Standing Board of the Crypto Asset Trading Market Management Authority under the State Securities Commission of Vietnam, said the regulatory framework for operating the market has essentially been completed, with strict conditions for market entry.

Five companies representing the first five exchanges have received in-principle approval.

They are now in the final stages of meeting level-4 information security requirements, standardizing their business processes and technological infrastructure, and fulfilling the minimum charter capital requirement of VND10 trillion (US$382.8 million) before entering the pilot phase.

Hoa said the exchanges' launch will depend on how quickly the companies complete the required preparations.

While the formal recognition of digital assets under the Law on Digital Technology Industry marks an important breakthrough, lawyer Phan Vu Tuan, vice-chairman of the Ho Chi Minh City Electronic Communications Association and head of Phan Law Vietnam, said the framework still needs to be translated into more specific rules.

The law has given the technology community a significant boost in confidence, Tuan said, but a number of issues remain unresolved before the market can operate fully in practice.

For example, authorities need to clearly define the boundaries between different types of crypto assets, utility tokens and security tokens, while making tax policies on income from digital asset trading and issuance more transparent.

Clear procedures are also needed to resolve disputes and protect ownership rights when electronic disputes arise on blockchain networks, he said.

"The key is to quickly translate the legal framework into detailed implementing regulations," Tuan said.

The sooner those rules are put into practice, the more proactively domestic technology companies can seize opportunities to attract large foreign capital flows while ensuring that the market develops safely and transparently rather than spontaneously, he added.