Finance ministry remains wary of trialing crypto trade

By Phuong Dung February 20, 2025 | 09:48 pm PT

Representations of virtual cryptocurrencies are placed on U.S. Dollar banknotes in this illustration taken Nov. 28, 2021. Photo by Reuters

The Ministry of Finance has expressed its reservations about permitting cryptocurrency trading on a trial basis at proposed financial hubs starting in July 2026, citing financial security concerns.

Vietnam does not have regulations on digital assets and cryptos, it pointed out in response to a suggestion by the Ministry of Planning and Investment to pilot crypto and digital asset transactions at financial centers planned to be set up in HCMC and Da Nang City.

Any such proposal needs to be considered by the State Bank of Vietnam, which regulates monetary policies, it said further.

Due to Vietnam’s lack of regulations on cryptos and digital assets, many companies choose Singapore or the U.S. to register their business, affecting its competitiveness and depriving it of potential taxes.

But many Vietnamese have already invested substantially in cryptos.

In both 2021 and 2022 Vietnam was among the top three countries in the world in digital asset ownership with around 21% of the population possessing such assets, according to the Vietnam Blockchain Association.

It was behind only to the UAE Emirates and the U.S.