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Toggle55% of Vietnamese digital asset investors accept paying taxes but request to deduct losses. New survey reveals wishes about the legal framework, taxes and the future of the domestic cryptocurrency market.
As Vietnam has just officially piloted its first digital asset trading floor, the results of a new survey have revealed many remarkable perspectives on investor behavior and expectations. According to research published at the Vietnam Retail Banking Forum on September 18 in Ho Chi Minh City, up to 55% of investors are willing to pay taxes, but want to deduct losses - a significant difference compared to the traditional stock market.
Vietnam – the “underground power” of cryptocurrency
Associate Professor Dr. Tran Hung Son (University of Economics and Law, VNU-HCM) cited data from the Triple-A electronic payment gateway, saying that about 21.2% of Vietnam's population is holding digital assets, equivalent to tens of millions of people. This number puts Vietnam in the top 2 in the world in terms of cryptocurrency ownership rate.
This is also the reason why Resolution 05/2025 of the Government, issued earlier this year, has received special attention. This document, for the first time, creates an official legal corridor for cryptocurrency investment activities, which Capital long existed in a gray area.
What do investors care about when choosing a trading floor?
A survey of 523 investors (of which about 70 were directly involved in the crypto market) showed that:
“Peg” factors such as clear legal framework, transparency, safety, and social attitude are key decisions in choosing an exchange.
The “push” factors (such as bad experiences from international exchanges) or “pull” factors (expected advantages from domestic exchanges) are not enough to make them change.
This shows that if Vietnam builds a transparent, safe trading floor with a mechanism to protect investors' rights, the ability to retain and attract domestic Capital flows will be very high.
Tax policy – a hot spot for investors
One of the highlights of the survey was the openness towards tax policy. 55% of investors said they were willing to fulfill their tax obligations, but with the expectation that:
There are tax incentives for the first 3–5 years, similar to the experience when the stock market was first established.
Losses are deductible when trading digital assets, which is not currently available for stocks.
This proposal comes from the fact that the crypto market has a very large volatility and is more risky than stocks. If there is a loss deduction mechanism, investors will feel more fair and confident in participating in the market.
4 policy recommendations for sustainable development
From the survey results, Mr. Tran Hung Son proposed 4 key solutions:
Building trust and community: create a vibrant investment environment, take advantage of social effects instead of just promoting floor features.
Tax policy according to the roadmap: initially there should be incentives for the market to adapt and develop sustainably.
Perfecting the legal framework and trading system: ensuring transparency, reducing technical risks, and protecting investors.
Promote financial education: equip basic knowledge about digital assets to reduce confusion between traditional assets and crypto assets.
Latest story: global trends and their impact on Vietnam
Not only in Vietnam, the trend of establishing a legal framework for digital assets is also taking place strongly globally. In the US, after Mr. Donald Trump was re-elected and officially became President from the beginning of 2025, the new administration has made more open moves towards the crypto market.
This indirectly affects Vietnam, because US policies can become a reference for other countries, including Vietnam, to learn and apply. In particular, if the US opens more strongly to the crypto market, international Capital flows can shift to fast-growing and potential countries, such as Vietnam.
