Vietnam Makes Strides in Blockchain and Digital Assets
Vietnam is making significant strides in the blockchain and digital asset space, with an estimated 17 million people in the country owning digital assets, ranking 7th globally. The inflow of capital into Vietnam from the blockchain market during the 2023-2024 period amounted to over $105 billion.
This information was shared by Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association (VBA), at a training session on the “Legal Framework and Identification of Crypto Asset Scams” for over 60 journalists and reporters from various media and television organizations. The event was organized by VBA in collaboration with 1Matrix on the evening of August 8.
Mr. Phan Duc Trung sharing information about the progress of the legal framework for digital assets
The training program was held against the backdrop of the government and ministries working expeditiously to establish and refine the legal framework for digital assets. Notably, the Ministry of Finance is currently drafting a resolution for a pilot program on digital asset exchanges, which will be presented to the government. Digital assets have also been legalized under the Law on Digital Technology Industry, passed by the National Assembly at the 9th session.
Given the significant number of digital asset owners in Vietnam, Mr. Phan Duc Trung emphasized the importance of a pilot program for digital asset exchanges in the country. The Vietnam Blockchain and Digital Asset Association is actively contributing insights and practical experiences to refine the draft decree for the pilot program. Mr. Trung outlined some key features of this pilot exchange.
According to Mr. Trung, the digital asset exchange will establish clear capital mobilization policies and attract enterprises and individuals to issue digital assets through transparent processes. The exchange will be responsible for the custody and management of underlying assets to ensure the security of digital assets. Additionally, it will provide periodic reports to the Ministry of Finance regarding issuance activities.
The VBA Chairman also shared that approximately five exchanges are expected to receive pilot licenses for digital asset trading. These exchanges will likely have the capability to connect with international exchanges to ensure liquidity and competitiveness. Moreover, popular digital assets such as Bitcoin and Ethereum are anticipated to be allowed for trading.
Emphasizing the role of the digital asset exchange, Mr. Trung stated that the initial orientation of the state management agency is to form a capital mobilization channel.
In the draft Law on Personal Income Tax (amended), the Ministry of Finance proposes that income from the transfer of digital assets (including virtual assets and encrypted assets) be subject to taxation. The condition for this taxation is that the buying and selling occur on a managed exchange with transparent and publicly disclosed prices and frequent transactions. The proposed tax rate is 0.1% of the transfer value for each transaction, similar to the rate currently applied to securities.
Commenting on the proposed tax rate, Mr. Phan Duc Trung expressed his view that it is too high. He suggested that such a high tax rate on transactions would make it challenging to compete with large digital asset exchanges in other countries. He recommended establishing a more appropriate tax rate, considering that, in addition to taxes, participants also have to pay fees to the exchange.
Ms. Nguyen Van Hien, Vice Chairman and General Secretary of the Association, added that although Vietnam started late in this field, the country is rapidly perfecting the legal framework for blockchain technology, digital assets, and related regulations. She emphasized that “The recognition of digital assets as legal not only creates a basis for protecting investors and handling violations but also encourages domestic enterprises to develop innovative models with legitimacy.”
Earlier, at the Government’s regular press conference on the evening of August 7, Deputy Minister of Finance Nguyen Duc Chi shared that the Ministry is developing a draft decree on the pilot implementation of digital asset transactions. The Ministry has studied the experiences of many countries in the region and internationally. Based on the directions of the Politburo and the Government, the Ministry of Finance will finalize the draft and submit it to the Government for issuance, possibly as early as August.
According to data from the VBA, the global population of digital asset owners is estimated to reach 562 million by 2024, a 33% increase compared to 2023. Projections indicate that the digital asset market will reach a size of $19 trillion by 2033. A survey by the Atlantic Council across 75 countries revealed that 45 countries recognize digital assets as legal, 20 countries partially ban them, and 10 countries impose a complete ban. Among the G20 countries, 12 have legalized digital assets.
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