Vietnam seeks to unlock digital assets, attract foreign investors

Decree 284/2026/ND-CP, which came into force on September 1, introduced administrative penalties for violations involving crypto assets and the crypto-asset market. With the regulatory foundation now taking shape, attention is shifting to how Vietnam can unlock dormant assets, establish functioning domestic exchanges, and build investor confidence.

Crypto-asset transactions estimated at US$220 billion

Regulators have licensed five companies to prepare for the launch of Vietnam's crypto-asset market. Under the rules, each operator must complete ten core business processes covering areas including trading, reporting, and information disclosure.

They are also required to contribute VND10 trillion in cash capital. The Ministry of Finance will apply financial safety requirements to these funds to help safeguard the system once trading operations begin.

Vietnamese companies are also permitted to issue crypto assets, or digital assets, backed by real-world assets. The range of eligible underlying assets is relatively broad and may include non-fungible token products such as vouchers and event tickets.

Businesses may also tokenize income streams from the leasing or operation of real estate, as well as revenue generated by green projects such as solar power.

Mr. To Tran Hoa, Permanent Deputy Head of the Crypto Asset Market Supervision Department under the State Securities Commission, said the National Assembly had approved amendments to several provisions of the Law on Enterprises and the Law on Investment to add crypto-asset activities to the list of recognized business sectors.

The Law on Digital Technology Industry also provides an important legal foundation by defining and recognizing digital assets as a form of property under the Civil Code.

Data from Triple-A, a licensed crypto and stablecoin payment gateway provider regulated by the Monetary Authority of Singapore, estimates the value of crypto-asset transactions linked to Vietnam at about $220 billion, involving 17 million to 21 million accounts.

Most of these assets are currently held on international exchanges or in cold wallets rather than on domestic platforms.

At the same time, Decree 284/2026/ND-CP provides for fines of VND100 million to VND200 million for certain violations in the crypto-asset sector. Domestic investors who trade crypto assets outside licensed service providers may face fines ranging from VND30 million to VND50 million.

The situation has effectively left Vietnam's digital-asset market largely dormant. Digital assets have already accumulated, but much of that value remains idle. Meanwhile, domestic digital-asset exchanges have yet to begin operating and locally issued asset classes remain underdeveloped.

Investment partnerships could unlock capital

With a legal framework now in place, industry experts expect Vietnam to be better positioned to attract capital from financial institutions operating within regulated channels.

Mr. Tran Xuan Tien, Secretary General of the Ho Chi Minh City Blockchain Association, said domestic companies could work with international partners under Vietnamese law to accelerate market development.

Vietnamese businesses have advantages in local market knowledge, banking relationships, and regulatory compliance, while foreign partners can contribute technology, operational expertise, and financial products, he said.

From a policy perspective, Mr. Tran Xuan Tien called for clear and consistent guidelines defining the rights and obligations of market participants, particularly regarding asset ownership, custody, and transfers.

He also said regulators should clearly distinguish technology services from financial services. Greater legal certainty, he argued, would give companies more confidence to invest and develop new products.

Mr. Phan Vu Tuan, Vice Chairman of the Institute for Intellectual Property Technology and Digital Assets, said trust would be the decisive factor in attracting investors to Vietnam's digital-asset market.

Investors need assurance that assets held on domestic exchanges are secure, personal data is protected, and asset transfers are governed by a clear legal framework, he said.

Charter capital is an important indicator of an operator's financial capacity, particularly during the pilot phase. However, an exchange's credibility will depend on more than capital alone.

Reputation will also depend on governance, cybersecurity, transaction safety, and accountability for customer assets. If investors see that their rights can be protected in practice, they are more likely to choose domestic platforms rather than continue relying on offshore exchanges.