3 major challenges of the crypto asset market in Vietnam

Many businesses will enter the market.

The digital economy is being identified as a new growth engine of the economy. In particular, crypto assets are attracting the attention of many investors. Currently, the number of crypto asset accounts is double the number of securities accounts. Aiming to become an international financial center, many businesses are interested in this field.

On September 9, the Government issued Resolution 05/2025/NQ-CP on piloting the crypto asset market. This Resolution is considered an important foundation for the formation of a domestic crypto asset market, not only paving the way for innovation but also acting as a "filter", eliminating potentially risky models...

With this resolution, experts predict that a number of Vietnamese businesses will soon enter this sector.

At the 2026 Business Forum, themed "New Growth Spaces: Opportunities and Strategies," held on October 22nd in Hanoi , crypto assets were one of the topics of great interest to many delegates.

According to Mr. Huynh Minh Tuan, founder of FIDT and Vice Chairman of APG Securities, crypto assets are being promoted in 2025 in a "liberal but controlled" direction, with the turning point being the promulgation of Resolution 05/2025/NQ-CP.

Delegates discuss at the 2026 business forum.

“This is the first legal framework that officially recognizes crypto assets as legal assets for investment/exchange. This controlled pilot mechanism aims to manage risks, requiring organizations to meet high standards of transparency and technology. Regarding taxes, transactions will be temporarily applied as securities. The core goal is to protect investors and bring the market into a legal framework,” said Mr. Huynh Minh Tuan.

Vietnam's first cryptocurrency exchange is about to be launched and put into operation. This is a large sector; Vietnam has 21 million investment accounts in the cryptocurrency market, and its trading volume is among the top 3 in the world. If this investment channel is properly regulated, it is expected that a large amount of money will be managed, providing additional resources to boost economic growth.

Mr. Nghiem Minh Hoang, Economic - Financial Expert, Vietnam Blockchain and Digital Asset Association (VBA), said that the cryptocurrency market and Resolution 05 are among the most interested topics from now until early 2026. The first participating businesses will have many opportunities, and businesses will be pioneers in participating in crypto exchanges. There are 850 exchanges in the world, and Vietnam is expected to have the first 5 exchanges.

In addition, there are opportunities to deploy new technologies, from technologies related to crypto assets to technologies that comply with the law and technologies that connect to international exchanges. These are all new technologies. The entities participating in the crypto asset pilot program are all members of a very large financial ecosystem.

Commenting on the opportunities of the digital asset market, Mr. Nguyen Viet Duc - Director of Digital Business at VPBankS - believes that digitizing real assets is a step that will have a positive impact on the financial market in general. His personal view on digital assets is very positive.

According to Mr. Duc, it is not easy for Vietnam to compete with the world in AI or traditional fields, as many countries have taken steps very early on. However, it is possible to compete in the digital asset and cryptocurrency sectors.

"Currently, digital assets can be considered the most promising to promote and restructure the economy. Although it will take 2-3 years for the market to form, in my opinion, investors do not need to wait that long but can research and invest early to gain experience," Mr. Duc shared.

3 big challenges

Mr. Nghiem Minh Hoang (middle) - Economic - Financial Expert, Vietnam Blockchain and Digital Asset Association (VBA).

However, Mr. Nghiem Minh Hoang warned of three major challenges. First, legal challenges with constant policy changes and strict requirements such as charter capital of VND10,000 billion. "Everything will not be 'rosy' immediately," Mr. Hoang acknowledged, saying that the market needs 2-3 years to adapt.

Secondly, there is the challenge of management experience and operational procedures, as Vietnam has no precedent for this. Thirdly, there is the challenge of mastering and managing a range of new technologies.

Agreeing with the cautious viewpoint, Mr. Le Bao Nguyen - Deputy General Director of SSID, said that this is a very risky market. Regulations such as the charter capital requirement of 4,000 billion VND (according to the draft) show that this will be "a game for financial institutions, not for startups".

“Up to now, Vietnam has not had a legitimate trading floor, so we will have to learn from international businesses. SSID is also recruiting personnel from international units to transfer and build standard processes and technologies. This shows that being behind is not bad, but being ahead is not necessarily good. The problem is to balance benefits and risks,” said Mr. Nguyen.

Mr. Nguyen also shared that SSID had nearly three years of preparation, collaborating with leading global organizations and supporting regulatory agencies in the policy-making process. The company has built a ready ecosystem, including infrastructure, investment funds, a community, and international partners.

Similarly, VPBankS also stated its readiness to operate a cryptocurrency exchange platform. Mr. Nguyen Viet Duc said that VPBankS, along with its parent bank VPBank, has a strong commitment to this field.

"The cooperation and memorandum of understanding with partners will be announced soon. The total number of IT staff in the VPBank ecosystem is 3,000 - 4,000 people. Resources are available, partners are available, technology is available, and we are determined to participate in this field," said Mr. Duc.

Thu An

Source: https://doanhnghiepvn.vn/chuyen-doi-so/3-thach-thuc-lon-cua-thi-truong-tai-san-ma-hoa-tai-viet-nam/20251022030055856

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