At the 2026 Business Forum themed “New Growth Spaces: Opportunities and Strategies,” Mr. Nghiêm Minh Hoàng, an economic and financial expert from the Vietnam Blockchain and Digital Asset Association, hailed Resolution 05 by the Government as “one of the most powerful catalysts” for the digital asset market and the nation’s digital financial transformation agenda.
He revealed that since 2020, the Association’s expert group has been collaborating with state agencies to establish a legal framework for this sector.
However, as the launch of the pilot cryptocurrency exchange platform nears, Mr. Hoàng emphasizes caution: “When everyone is excited and anxious, we must remain calm and cautious to clearly assess the issues.”
According to him, Resolution 05 identifies four key players in the digital asset ecosystem: exchange operators, regulatory bodies, investors (domestic and foreign), and token or digital asset issuers. Each group will face specific legal requirements during the upcoming trial phase.
Mr. Hoàng highlights three significant opportunities for early adopters in this market, starting with the “rosy outlook.”
Three Opportunities and Three Challenges
First, access to a massive market, new in Vietnam but familiar to global investors. He cites data showing over 21 million Vietnamese crypto trading accounts, with a 2025 transaction value estimated at $200 billion.
“This is an enormous market with vast potential. Early movers will seize the golden opportunity,” he stated.
Second, pioneering firms will dominate early infrastructure and branding, as Vietnam plans to license only five pilot exchanges initially.
Third, operating a crypto exchange requires cutting-edge fintech solutions—asset custody, security, data management, and international connectivity—all vital for Vietnam’s future fintech growth.
Speakers at the 2026 Business Forum discussing “New Growth Spaces: Opportunities and Strategies.”
However, he notes three major challenges alongside these opportunities.
First, legal barriers: While the Government shifted from “prohibition” to “experimentation,” the regulatory framework remains under development. Provisions on capital requirements, asset transfers, and investor classification need further validation.
“Legislation must lead, but full maturity will take at least 2–3 years,” Mr. Hoàng predicts.
Second, operational inexperience. He cites global multi-billion-dollar losses stemming not from technology but human and procedural failures—a critical risk for Vietnam’s debut in this arena.
Third, technological hurdles. Vietnam must simultaneously learn and localize blockchain, security, and custody solutions to meet international standards.
Addressing the “follower advantage,” Mr. Hoàng argues the high-risk nature of digital assets means no absolute winner. Late entrants benefit from improved regulations and transparency.
“The Government’s 10 trillion VND minimum capital requirement is a prudent investor protection measure,” he notes.
He sees 2026–2028 as a “crucial test” for Vietnamese exchange operators. Success yields financial gains and positions Vietnam in the regional digital finance race, where nations compete to set blockchain and crypto standards.
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