Vietnam has rapidly emerged as a global crypto leader. Chainalysis’s 2025 Adoption Index ranks Vietnam 4th worldwide. Industry reports estimate some 17–20 million Vietnamese, or some 17–20% of the population, now own crypto. This far outstrips global averages, putting Vietnam among the top countries for crypto adoption.
As for transaction volumes, roughly $100–120 billion flows into Vietnam in crypto each year, over 25% of GDP, far exceeding domestic measures, as most trading currently occurs offshore.
Per capita, Vietnam ranks among Asia’s highest, reflecting how deeply crypto use has penetrated everyday life.
There’s more.
70% Unbanked, 80% on Smartphones
Cryptocurrency use in Vietnam is driven by a young, tech-savvy population and economic pressures. Nearly half of Vietnam’s 101 million people are under age 44, and a 2022 survey found about 70% of crypto owners were aged 18–34.
Many younger Vietnamese see crypto as an alternative store of value amid persistent inflation and limited banking access. About 70% of the country’s population is unbanked, so crypto, easy on a smartphone and untaxed by law, appeals as a digital substitute.
In recent surveys, modest portions of the public have tried crypto. Estimates suggest that up to 21.2% of adults have used crypto at some point, but these numbers still represent millions of people nationwide.
$19 Bn in Remittances → Crypto’s Killer App
Cross-border use is a key factor. Vietnam is one of the world’s top remittance recipients. About $16 billion is sent home yearly by Vietnamese workers abroad, one news outlet suggests. Traditional remittance fees are high, so many turn to crypto for faster, cheaper transfers instead of banks.
Meanwhile, VietnamPlus reported that in 2022 remittances reached ~$19 billion, placing Vietnam among the top 10 globally and top 3 in Asia-Pacific.
This heavy remittance flow and a large unbanked population have helped propel grassroots crypto adoption 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 $100 billion-plus annual crypto volume flows through platforms like Binance and Bybit or via P2P trades and nearly all activity routes through exchanges in Singapore, South Korea, and Hong Kong.
Still, global players are positioning for regulation. Korea’s Dunamu (Upbit operator) signed a Memorandum of Understanding (MOU) with Military Bank (MB) to build a compliant exchange, Binance is expanding education efforts, and Tether is reportedly testing USDT transfers in Da Nang.
These are signs that major firms are gearing up for Vietnam’s regulated market.
From 2018 Ban to 2026 Sandbox
Vietnam’s stance on crypto has evolved from bans to cautious regulation. In 2017, the State Bank banned the use of Cryptocurrency as payment, effective January 2018. Crypto remains illegal as legal tender
For years, trading sat in a gray zone — unregulated but tolerated. That changed in mid-2025, when the National Assembly passed the Law on Digital Technology Industry, effective January 2026. Vietnam became the first country in Southeast Asia to recognize crypto as property and protect their owners, ending years of legal ambiguity.
In late 2025, Vietnam launched a pilot crypto market under Resolution 05/2025, a five-year sandbox for licensed exchanges. Only approved operators can offer trading, all in Vietnamese dong, with at least VND 10 trillion (about $380 million) in capital and foreign ownership capped at 49%. About five vetted exchanges will join initially, with at least 35% from local banks or insurers. Non-compliant platforms will be phased out as Vietnam shifts crypto trading from offshore to a regulated, onshore system by 2026.
In 2024, the government launched the Vietnam Academy of Blockchain and AI innovation, which aims to train one million people in blockchain and other advanced technologies. These moves are indicators that the government is gearing up to make crypto a household name in the country.
NDAChain + CBDC: Vietnam’s National Ledger Live
Vietnam’s banks are gearing up for crypto as regulation takes shape. Military Bank (MB) is partnering with Korea’s Dunamu to launch an exchange, while Techcombank plans to issue digital assets and run its own platform. VPBank is also exploring entry into the sector. Techcombank’s 1Matrix project is developing blockchain rails for regulated finance.
Foreign players view Vietnam as the next frontier, and institutional investors are lining up to offer custody, exchanges, and tokenized assets once the rules are finalized.
Mining and Infrastructure in Vietnam
Unlike some neighbors, Vietnam is not a crypto mining hub. In fact, crypto mining is illegal in Vietnam as of 2025, largely due to concerns over energy use and fraud. There are no significant domestic mining operations. Instead, the government’s focus has been on creating national blockchain infrastructure.
In July of this year, Vietnam launched NDAChain, a three-layer national ledger designed to tokenize assets and facilitate VND on/off ramps. Telecom giants are involved too. The central bank has begun a CBDC research pilot with Viettel and MobiFone, major state-owned carriers, to explore a digital dong.
These moves show Vietnam is building underlying systems to support digital assets in banking, payments, and public services.
2026: Taxable, Onshore, Mainstream
Vietnam’s crypto market is poised for mainstream adoption by 2026. Millions already invest, and regulators and banks are moving to formalize trading under new laws and pilot exchanges that aim to “repatriate” activity into taxable, regulated channels. Even a small transaction tax could bring in hundreds of millions. A 0.1 percent tax on $100 billion volume would lead to $100 million in revenue.
The government’s broader strategy, training a million blockchain professionals, funding crypto startups, and partnering globally, seeks to make crypto a pillar of digital growth. With a tech-savvy population and mounting economic pressures, 2025–2026 could mark crypto’s full integration into Vietnam’s financial system.
#Crypto #Adoption #Dong #Vietnam
Author: Ayanfe Fakunle
The editorial team at #DisruptionBanking has taken all precautions to ensure that no persons or organizations have been adversely affected or offered any sort of financial advice in this article. This article is most definitely not financial advice.
See Also:
North Korea’s Crypto Heists: Fueling a Rogue Regime in 2025 | Disruption Banking
The Rise in Popularity of Cryptocurrency in Russia | Disruption Banking
