Vietnam pilot the first crypto exchange at financial centers in March 2025!

Vietnam’s Deputy Minister of Finance Nguyen Duc Chi noticed a pilot program for fintech activities, including digital asset and cryptocurrency trading at financial centers, will be submitted to the Prime Minister this March. This move indicates numerous impacts and potentials for the crypto market overall. 

Vietnam’s government announcement 

According to Vietnam Government’s News, on the afternoon of March 5, 2025, Deputy Minister of Finance Nguyen Duc Chi made noteworthy remarks about the cryptocurrency sector during the regular government press conference.

He announced that Vietnam would launch its first pilot crypto exchange this March. According to him, this pilot initiative will provide individual and institutional investors with a legitimate trading platform.

This exchange stands out because of its clear legal framework, as it operates with official approval from the Vietnamese government. This movement ensures that investors’ rights are legally recognized and protected.

At the end of February, during a discussion with the Central Policy and Strategy Committee on economic growth targets, Vietnam General Secretary To Lam emphasized the need to explore the implementation of a controlled sandbox mechanism for establishing a digital asset exchange.

Motivations for the revolution

Vietnam has huge potential for integrating technology into finance, with the market showing strong adaptation to the cryptocurrency sector. According to the Vietnam Blockchain Association (VBA), Vietnam currently has the second-highest rate of cryptocurrency ownership in the world, with over 17 million people holding crypto assets—about 21.2% of the country’s total population. In terms of crypto ownership percentage, Vietnam surpasses the United States (15.6%) and only stands behind the UAE (30.4%). According to a market analysis report by Chainalysis, digital asset inflows into Vietnam reached $120 billion in 2023. 

At the moment, Vietnam doesn’t have a clear definition of digital assets. Existing regulations only cover fiat-backed electronic money, like crypto wallets or prepaid bank cards. Meanwhile, popular digital assets like Bitcoin (BTC) and Ethereum (ETH) still aren’t officially recognized.

The lack of a legal framework has also pushed many businesses to register in other countries like Singapore, Hong Kong, or the U.S. before operating in Vietnam, leading to tax revenue losses. From the users’ perspective, the legal uncertainty makes many traditional investors hesitant to enter the crypto market, as well as leads to skepticism and trading risks for investors. Therefore, establishing a legal framework to define and set valuation methods for digital assets as soon as possible will help businesses access bank funding, enabling them to secure investment capital.

Potentials for Vietnamese players

The issuance of a notice to establish a pilot crypto exchange in Vietnam offers several potentials for the market, particularly for business owners and investors. 

For Web3 and crypto businesses, this notice can open the opportunity to adopt blockchain and digital assets. Moreover, they can enhance their global competitiveness while enabling them to attract international investors. It would also provide new capital-raising opportunities, particularly for startups and small blockchain projects, by allowing them to issue tokens as an alternative to traditional financing methods like bank loans or stock issuance.

On the other hand, investors will be able to diversify their portfolios by adding cryptocurrencies or digital assets to options like stocks, real estate, or gold. The pilot exchange, backed by regulatory oversight, reduces fraud risks tied to scams, which have plagued Vietnam recently, such as multi-level marketing schemes with digital currencies. Finally, Vietnam’s strong crypto market, with 21% ownership in 2021-2022 and $120 billion in capital inflow by 2023, promises high profit potential for investors.