The Digital Industry Law, passed on June 14, 2025, marked the first time that digital assets were legally recognized in Vietnamese law. Specifically, digital assets are defined as properties under the Civil Code, represented in digital form and created, issued, stored, transferred, and authenticated by digital technology in an electronic environment.
Earlier, on June 12, the Prime Minister signed and issued Decision No. 1131, approving 11 groups of technologies as pillars for the country’s future scientific and technological development. This included blockchain technology, with three product groups: digital assets, digital money, and cryptocurrencies; blockchain infrastructure; and traceability systems. This was the first time that digital assets, digital money, and cryptocurrencies were officially recognized as one of the country’s strategic technologies.
Even though they have just been officially recognized, various research data show that Vietnamese investors have been actively trading and owning digital and cryptocurrencies on foreign exchanges.
A report from the electronic payment gateway Triple-A showed that in 2023, Vietnam ranked second in the world in terms of the proportion of its population owning digital currency, with nearly 21 million people, or 21.2% of the population, owning digital assets. This placed Vietnam just behind the UAE and ahead of the US.
Additionally, according to Chainalysis, Vietnam ranked fifth globally in the Global Crypto Adoption Index in 2024. In the period from July 2023 to July 2024, Vietnam also ranked third in the region of Central, Southern Asia, and Oceania in terms of the value of received cryptocurrencies, with a scale of over $100 billion.
 Research data shows that Vietnamese investors have been actively trading and owning digital assets and cryptocurrencies on foreign exchanges – Photo: Huy Khai
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Despite the official recognition of digital assets and the huge potential and demand, there is still a long way to go in terms of tax policies, licensing mechanisms, custody regulations, and the establishment of a transparent transaction monitoring system to create a foundation for the formation of legal digital asset exchanges in Vietnam.
The legal framework for digital assets is crucial and has been a key topic of discussion for financial institutions. At annual general meetings of securities companies, investor conferences of funds, and economic seminars of various scales, it is not uncommon to hear questions directed at executives regarding investments in digital and cryptocurrencies.
At the 2025 annual investor conference of VinaCapital Fund Management Joint Stock Company, Strategic Director Vuong Van Anh shared that the company would choose the appropriate time to invest in the cryptocurrency market. According to her, the company is closely monitoring the legal and technical frameworks in Vietnam to develop these products but will carefully study both the benefits and risks to choose the right time to develop related products.
Even major international financial centers like Hong Kong, China, are investing in cryptocurrency assets in a trial stage (sandbox mechanism). In Vietnam, there is still a lack of legal and technical frameworks, such as the absence of designated banks for the custody of digital assets and more flexible regulations regarding foreign exchange management.
At the 2025 annual investor conference of Vietcombank Securities Investment Fund Management Company Limited (VCBF), when asked about plans to establish a digital currency fund, especially given that Franklin Templeton, a shareholder of VCBF, has invested in digital and virtual currencies, General Director Nguyen Thi Hang Nga shared that they would implement such plans when the time is right.
“We don’t know where the value is because it depends a lot on supply and demand,” she said. However, she acknowledged that digital assets could be considered for portfolio diversification, and VCBF may consider participating at the appropriate time and in line with their investment philosophy, after the legal basis becomes clearer.
While detailed plans are not yet available, it is undeniable that the demand for investing in digital and cryptocurrencies has captured the attention of financial institution executives, and some have even outlined a roadmap to proactively prepare for the legal framework.
At the 2025 annual general meeting of Hoang Binh Securities Joint Stock Company (HBS), shareholders approved the proposal to contribute capital to VimExchange Joint Stock Company, a company specializing in the business of digital assets and cryptocurrencies based on blockchain 4.0, peer-to-peer, big data 4.0, and level 4 information technology, if the State allows the pilot business of digital assets. The company also stated that it would present a detailed implementation plan to the annual general meeting for approval after obtaining the State’s approval for the pilot business.
In a larger plan, at the Techcombank International Investment Conference 2025 with the theme “Investment Opportunities in the New Era,” Chairman of Techcom Securities Joint Stock Company (TCBS) Nguyen Xuan Minh affirmed: “The company wants to pioneer in the field of cryptocurrency and asset tokenization.”
In reality, TCBS has integrated a cryptocurrency price table into its online securities trading platform. While it currently only displays the prices of over 100 popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, BNB, and DOGE, it marks a significant step for this technology-oriented securities company.
Earlier this year, SSI Asset Management Company Limited (SSIAM) – a member of SSI Securities Company – established the SSI Digital Ventures investment platform, committing to invest up to $200 million and planning to co-invest a total of $500 million in the fields of digital technology and blockchain in Southeast Asia.
SSI Digital Joint Stock Company (SSID), founded by Mr. Nguyen Duy Hung, Chairman of the Board of Directors of SSI, has implemented the Digital Technology and Blockchain Complex project on an area of 1.7 hectares in Hoa Lac High-tech Park (Hanoi). The project is oriented to become Vietnam’s leading R&D center and is preparing the foundation to become one of the first sandboxes to promote innovation and development in digital technology and blockchain.
It can be seen that while many organizations are still in the idea stage, the market has witnessed the first concrete actions of financial institutions to prepare for the new era – an era in which digital and cryptocurrencies become legal investment tools in Vietnam, unleashing the huge potential that already exists.
By Huy Khai
– 08:12, July 23, 2025
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