Regulator: Ministry of Finance via State Securities Commission (SSC); State Bank of Vietnam (SBV); Ministry of Public Security
Vietnam’s DTI Law (in force January 2026) recognizes digital and crypto assets and excludes digital fiat. Resolution 05/2025 is a live five-year pilot: Vietnamese LLC/JSC issuers only, real-asset backing excluding fiat and securities, foreign-investor-only new offerings, VND settlement, and MoF-licensed operators with VND 10 trillion capital. Decree 284/2026 penalties took effect 1 September 2026. No exchange license has been issued yet. Fiat-backed stablecoin issuance is excluded; SSC has indicated existing USDT/USDC may be listed and traded in VND.
Applicable Laws:
Resolution on Implementation of a Pilot Crypto Asset Market in Vietnam (Resolution No. 05/2025/NQ-CP) - https://ssc.gov.vn/webcenter/portal/ssc/pages_r/l/chitit?dDocName=APPSSCGOVVN1620158982
Law on Digital Technology Industry (Law No. 71/2025/QH15, National Assembly) - https://thuvienphapluat.vn/van-ban/EN/Cong-nghe-thong-tin/Law-71-2025-QH15-Digital-Technology-Industry/668801/tieng-anh.aspx
Da Nang Sandbox Authorization (Pilot Exemption) (Resolution No. 222/2025/QH15, National Assembly) - https://www.lntpartners.com/legal-briefing/the-first-blockchain-payment-solution-approved-for-trial-how-does-da-nangs-international-financial-center-differ-from-the-rest-of-vietnam
