The rise in popularity of cryptocurrency in Vietnam

Vietnam has quickly become a global leader in crypto. Chainalysis Adoption Index 2025 ranks Vietnam 4th in the world. Industry Reports estimate Some 17 to 20 million Vietnamese, or about 17 to 20% of the population, now own cryptocurrencies. This far exceeds global averages, placing Vietnam among the top countries in crypto adoption.

As for transaction volumes, roughly $100-120 billion enters Vietnam in the form of crypto each year, or more than 25% of GDP, which far exceeds domestic measures as most trading currently takes place overseas.

Per capita, Vietnam ranks among the highest in Asia, reflecting the extent to which crypto use has penetrated daily life.

There is more.

70% unbanked, 80% on smartphones

The use of cryptocurrencies in Vietnam is driven by a young, tech-savvy population and economic pressures. Almost half of Vietnam’s 101 million people are under the age of 44, and a 2022 survey found that around 70% of crypto owners were aged 18 to 34.

Many young Vietnamese see crypto as an alternative store of value amid persistent inflation and limited access to banking services. About 70% of the country’s population is unbanked, so crypto, easy to use on a smartphone and not required by law, is interesting as a digital substitute.

In recent surveys, a small portion of the public has tried crypto. Estimates suggest that up to 21.2% of adults have used crypto at some point, but those numbers still represent millions of people nationwide.

$19 Billion in Fund Transfers → Crypto Killer App

Cross-border use is a key factor. Vietnam is one of the largest recipients of remittances in the world. About 16 billion dollars are sent home each year by Vietnamese workers abroad, a media report suggests. Traditional transfer fees are high, so many are turning to cryptocurrencies for faster and cheaper transfers rather than banks.

Meanwhile, VietnamMore reported that in 2022, remittances reached approximately $19 billion, placing Vietnam among the top 10 in the world and top 3 in Asia-Pacific.

These large flow of funds and a large unbanked population have helped propel the popular adoption of crypto beyond mere speculation.

Binance rules, but local exchanges are coming

Vietnam’s crypto scene is largely offshore and peer-to-peer, with no licensed domestic exchanges yet. VinaCapital reports that most of the country’s annual crypto volume, more than $100 billion, flows through platforms such as Binance and Bybit or through P2P exchanges and almost all activity passes through exchanges in Singapore, South Korea and Hong Kong.

However, global players are positioning themselves in favor of regulation. Korean Dunamu (Upbit operator) sign a memorandum of understanding (MOU) with Military Bank (MB) to build a compliant exchange, Binance is expansion education efforts, and Tether would test USDT transfers in Da Nang.

These are signs that large companies are preparing to enter Vietnam’s regulated market.

From the 2018 ban to the 2026 sandbox

Vietnam’s stance on crypto has evolved from bans to cautious regulation. In 2017, the State Bank forbidden the use of cryptocurrency as a means of payment, as of January 2018. Crypto remains illegal as legal tender

For years, the trade remained in a gray zone – unregulated but tolerated. This changed in mid-2025, when the National Assembly pass the Digital Technology Industry Law, which took effect in January 2026. Vietnam became the first country in Southeast Asia to recognize crypto as property and protect its owners, ending years of legal ambiguity.

End of 2025, Vietnam spear a pilot crypto market under Resolution 05/2025, a five-year sandbox for licensed exchanges. Only approved operators can offer exchanges, all in Vietnamese dong, with at least 10,000 billion VND (around $380 million) in capital and foreign participation capped at 49%. About five approved exchanges will join initially, with at least 35% coming from local banks or insurers. Non-compliant platforms will be phased out as Vietnam moves from offshore cryptocurrency trading to a regulated onshore system by 2026.

In 2024, the government spear the Vietnam Academy of Blockchain and AI innovation, which aims to train one million people in blockchain and other advanced technologies. These moves indicate that the government is gearing up to make crypto a household name in the country.

NDAChain + CBDC: Vietnam’s national ledger live

Vietnamese banks are preparing for crypto as regulations take shape. Military Bank (MB) partners with Korea’s Dunamu to launch an exchange, while Techcombank plans to issue digital assets and manage its own platform. VPBank is also exploring entry into the sector. Techcombank’s 1Matrix project is development the rails of blockchain for regulated finance.

Foreign players see Vietnam as the next frontier, and institutional investors are lining up to offer custody, exchange and tokenized asset services once the rules are finalized.

Mines and infrastructure in Vietnam

Unlike some neighbors, Vietnam is not a crypto mining hub. In fact, cryptocurrency mining is illegal in Vietnam from 2025, largely due to concerns over energy consumption and fraud. There is no significant domestic mining. Instead, the government has focused on creating a national blockchain infrastructure.

In July this year, Vietnam spear NDAChain, a three-tier national ledger designed to tokenize assets and facilitate VND on/off ramps. Telecommunications giants are also involved. The central bank has begin a CBDC research pilot project with leading public operators Viettel and MobiFone to explore a digital dong.

These measures show that Vietnam is building underlying systems to support digital assets in banking, payments and utilities.