Overview

• Deputy Prime Minister Ho Duc Phuc signed the resolution on Sept. 9, initiating a five-year pilot that governs digital asset issuance, trading and services.
• Only domestically registered companies may issue tokens or operate platforms, all activity settles in Vietnamese dong, and foreign ownership in licensed providers is capped at 49%.
• Exchange operators must hold at least 10 trillion VND (about $379 million) in charter capital, with at least 65% contributed by institutions and a defined share from banks, securities, fund managers, insurers or tech firms.
• Licensed firms face strict staffing and cybersecurity requirements, including experienced executives, certified technology and securities personnel, Level 4 information security, and asset-backed tokens with a prospectus published at least 15 days before an offering.
• Vietnamese holders and foreign investors may open accounts on licensed platforms, a six-month transition will follow the first license before unlicensed domestic trading is banned, no licenses have been announced yet, and a Dunamu–Military Bank tie-up signals early market preparation.