The cryptocurrency ecosystem in Vietnam is entering a more clearly defined phase as Hanoi aggressively implements new policies and injects 600 billion VND in seed Capital to boost the digital asset sector. This is XEM a significant move in the context of Vietnam accelerating its transition to a digital economy and pursuing high growth targets in the 2026-2030 period.
At the Vietnam Corporate Governance Forum 2025 held on December 10th, Dr. Tran Quy – Director of the Vietnam Institute for Digital Economic Development – stated that the domestic cryptocurrency ecosystem is gradually taking shape with a clearer structure. However, according to him, digital assets are not simply about "digitizing" data, but rather the process of mapping real assets to the digital environment, where they need to be identified and managed using entirely new legal standards.
He emphasized that in the on-chain economy, transactions take place entirely in the digital space, so authentication and trust play a crucial Vai . While in real life, people identify each other through physical presence, in the blockchain environment, all data operates non-linearly and requires transparent, standardized monitoring mechanisms.
According to Mr. Quy's analysis, the digital asset ecosystem in Vietnam currently revolves around two main pillars: digital assets (VA) and digital asset service providers (VASPs). Alongside these are supporting entities such as valuation, custody, and technology verification, forming a structure similar to a traditional Capital market but operating on chain technology. He believes that Resolution 05/2025/NQ-CP – the foundational legal document for piloting the cryptocurrency market – only allowing five entities to participate in the trial is entirely reasonable. Similarly, just as the stock market only has two main exchanges, quantity is not the deciding factor; what matters is the operating mechanism and the ability to supervise.
The expert also mentioned the "hidden" part of the market – the period of many years when investors participated in the digital asset market spontaneously, even creating assets with just "a single press of the Enter key." Approximately 20% of Vietnamese investors have participated in this group. Resolution 05 aims to bring this part of the market into a structured framework, creating a bridge between informal activities and a regulated market. This bridge is based on two factors: strengthening trust through legislation and standardizing technology to mitigate risks.
From a local perspective, Mr. Tran Anh Tuan – Director of the Hanoi Department of Science and Technology – believes that policy is the decisive factor in competitiveness. Hanoi has a significant advantage thanks to the amended Capital City Law of 2024, which contains many provisions paving the way for science, technology, and innovation. The city is also applying a series of strategic resolutions of the Politburo and specialized laws to implement a pilot sandbox, in which digital assets are one of the four priority groups.
A notable highlight is that Hanoi became the first locality to establish a Venture Capital using the city's budget. The initial Capital of 600 billion VND attracted nearly 10 major investors, creating a strong resource to support technology businesses and digital asset projects in their early stages.
According to Mr. Tuan, Hanoi does not aim to compare itself with other localities in the country, but rather to compete according to regional and international standards. Although not yet officially designated as an international financial center, he believes that Hanoi will achieve this status soon thanks to its strategy of investing in high-quality human resources. The city is actively searching for data architects, chief technology engineers, and digital asset experts to build the foundation for new economic models.
