Regulator: Ministry of Finance (Lead); State Bank of Vietnam (SBV); State Securities Commission (SSC); Ministry of Public Security
Vietnam's stablecoin regulatory framework operates under a cautious, phased approach within a broader 5-year crypto asset pilot program. Resolution 05/2025/NQ-CP (effective September 9, 2025) establishes the pilot framework, while the Law on Digital Technology Industry (effective January 1, 2026) provides the foundational legal recognition. The framework explicitly bans domestic issuance of fiat-backed stablecoins but permits trading of foreign stablecoins like USDT on licensed exchanges. Only Vietnamese enterprises can issue crypto assets, which must be backed by real assets (excluding fiat and securities). All transactions are conducted in Vietnamese Dong. The regulator emphasizes consumer protection, AML compliance, and financial stability. Regulatory recommendations call for eventual VND-pegged stablecoin pilots backed by 100% reserves with independent audits, but this remains under development. The framework reflects Vietnam's balance between fostering digital financial innovation and protecting monetary sovereignty.
Applicable Laws:
Resolution on Implementation of a Pilot Crypto Asset Market in Vietnam (Resolution No. 05/2025/NQ-CP) - https://thuvienphapluat.vn/van-ban/Tien-te-Ngan-hang/Resolution-05-2025-NQ-CP-pilot-implementation-of-crypto-asset-market-676472.aspx
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
