The forum, titled 'Digital Asset Market: From Trend to Breakthrough,' was organised by the Vietnam Blockchain and Digital Asset Association (VBA) in coordination with the Ministry of Finance, the Ministry of Science and Technology, the State Bank of Vietnam, and the State Securities Commission (SSC).
Director Vu Quoc Huy of the National Innovation Center highlighted the exponential growth of crypto assets globally, noting a "strong shift" in the digital economy. Citing data from Chainalysis, Director Huy underscored the Asia-Pacific region's dominant growth, where the value of on-chain transactions tripled in just 30 months, soaring from US$81 billion in July 2022 to $244 billion by the end of 2024.
Vietnam is a major player in this regional surge, ranking third with crypto asset capital flows into the market exceeding $220 billion—a significant 55 percent increase year-on-year. This growth, according to the director, reflects a substantial domestic demand for "money transfers, savings and digital service applications."
However, the prevailing reliance on international exchanges is causing alarm. This structure is reportedly leading to significant tax losses and is affecting the prevention of money laundering, terrorist financing, and high-tech crimes.
Chairman Phan Duc Trung of the VBA and Chairman of 1Matrix Company framed the current shift as a major financial evolution. He declared, referring to digital assets operating on the block chain as well as asserted that this ‘breakthrough in financial innovation’ is comparable to the birth of mutual funds in the 1970s and exchange-traded funds in the 1990s.
However, with appropriate legal frameworks, the impact of this trend will become much more widespread because it allows any type of asset to be digitized and traded on the blockchain.
Deputy Head To Tran Hoa of the State Securities Commission (SSC) emphasized that Resolution 05/2025/NQ-CP on piloting the crypto asset market issued by the Government on September 9, 2025 is an important foundation for the formation of a domestic crypto asset market.
The SSC representative said that this pilot mechanism not only paves the way for innovation, but also acts as a "filter" to eliminate potentially risky models. Thanks to that, the market can operate transparently, creating trust for domestic and foreign investors, and helping Vietnam integrate with international standards in crypto asset management.
The scale of high-tech crime and financial fraud in Vietnam has reached alarming levels, with the national police reporting losses exceeding VND12,000 billion (approximately $472 million) over the last five years, a senior official revealed at a major industry forum this week.
Lieutenant Colonel Nguyen Thanh Chung from the Department of Cyber Security and High-Tech Crime Prevention under the Ministry of Public Security provided the stark figures, underscoring the urgent need for a regulatory framework governing digital assets.
According to Lieutenant Colonel Chung's data, from December 2019 to May 2024, police uncovered nearly 20,000 cases involving over 17,000 fraudsters in cyberspace. The financial devastation has been accelerating, with the year 2024 alone seeing damage from cyber fraud top VND4,200 billion (approximately $165 million). The official noted a particular concern surrounding the rise of an unregulated cryptocurrency market operating largely in the shadows.
The exchange and sale of crypto assets between individuals is currently operating as a massive 'black market' in cyberspace. These transactions often involve substantial sums, ranging from thousands to hundreds of thousands of USDT (a cryptocurrency pegged to the US dollar). In extreme cases, daily transactions in this shadow market have been observed to reach millions of USDT.
Lieutenant Colonel Chung warned that these uncontrolled activities pose a severe threat to the nation's financial stability and integrity.
Furthermore, the state budget is being significantly undermined, as many individuals and organisations leveraging these digital assets are earning high profits but failing to declare and pay taxes.
In response to the escalating crisis, the police department representative issued a strong call to action for the Government to accelerate its regulatory efforts.
Lieutenant Colonel Chung stressed the imperative to quickly complete the legal corridor necessary to effectively prosecute and penalise violations of the law in the field of crypto assets. He also suggested strengthening coordination among state management units, recommending seamless oversight from the time of licensing until the end of the pilot phase for any new digital asset initiatives.
The demand for a regulated domestic market, police argue, is not merely about tax collection but a critical measure to protect Vietnam's financial security and combat transnational high-tech organised crime.
