Deputy Minister of Finance Nguyen Duc Chi. (Photo: VGP)
At the Government’s regular press conference in September, held on the afternoon of October 5, 2025, Deputy Minister Nguyen Duc Chi addressed a reporter’s question regarding the number of proposals received from businesses for pilot cryptocurrency transactions and the expected timeline for the first approvals.
Deputy Minister Nguyen Duc Chi stated that immediately after the Government issued Resolution No. 05/2025/NQ-CP on piloting the cryptocurrency market in Vietnam, the Ministry of Finance developed a detailed implementation plan. This included drafting specific decrees to facilitate the pilot cryptocurrency transaction market.
“We have assigned units to draft related content, such as tax policies for transactions, fees, and charges in cryptocurrency trading. We have also established accounting regulations for businesses and market participants. Notably, we have developed a coordination process between the Ministry of Finance and relevant agencies, including the Ministry of Public Security and the State Bank of Vietnam, to seek input and finalize licensing procedures,” said Deputy Minister Nguyen Duc Chi.
He added that, to date, the Ministry of Finance has not received any formal proposals from businesses. However, the Ministry is aware that several companies are preparing for this initiative, such as registering for cryptocurrency-related business activities and engaging in technical discussions with Ministry officials regarding IT infrastructure, staff capabilities, capital requirements, and operational processes. These efforts aim to ensure businesses are well-informed and can complete their proposals accurately and swiftly.
Additionally, a specific coordination process has been established with the Ministry of Finance to review, evaluate, and license cryptocurrency transaction market operations in accordance with Resolution No. 05.
“We hope to attract interest from multiple businesses, though the Government’s regulation caps the number at five. We are working expeditiously to ensure the earliest possible approval for qualified businesses to operate in Vietnam’s cryptocurrency market. We aim to accelerate this process before 2026. However, this timeline depends on whether businesses can meet the necessary requirements. With close collaboration between businesses and the Ministry’s functional units, we are optimistic about advancing this schedule,” emphasized Deputy Minister Nguyen Duc Chi.
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