Overview

• Deputy Prime Minister Ho Duc Phuc signed the resolution on September 9, formally launching the five-year pilot and paving the way for initial licenses.
• The framework confines issuance, trading, and settlement to domestically registered entities and requires all activity to be conducted in Vietnamese dong.
• Licensed participation runs through the Ministry of Finance, with foreign ownership in approved platforms capped at a minority stake of 49%.
• Authorities outline institutional backing requirements for charter capital contributions, and reported minimum capital thresholds are circulating as implementing rules are finalized.
• Cryptocurrencies are not recognized as legal tender, and officials are exploring sandboxes and special zones as well as reported partnerships such as Military Bank’s agreement with South Korea’s Dunamu.