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Vietnam’s much-anticipated digital asset trading pilot is moving forward — but no companies have formally applied to participate yet, according to Deputy Finance Minister Nguyen Duc Chi.
Speaking at a press briefing on Sunday, Chi confirmed that while several firms are preparing proposals, the Ministry of Finance has not received any official applications to join the program. The update comes nearly a month after the Vietnamese government issued Resolution No. 05/2025/NQ-CP, which formally greenlit a five-year pilot for regulated digital asset trading.
“As of now, the ministry has not received any proposals from enterprises,” Chi said, Vietnam's The Investor reported. “However, we are aware that several companies are preparing for this, including registering additional business lines to participate in the digital asset market.”
The pilot program — limited to a maximum of five participants — is part of a broader push to bring Vietnam’s fast-growing crypto sector under regulatory oversight. An estimated 17 million Vietnamese citizens currently trade cryptocurrencies, with annual volumes exceeding $100 billion, according to VinaCapital analysts. Nearly all activity today takes place on offshore exchanges such as Binance, Bybit, and others based in Singapore, South Korea, and Hong Kong.
Regulatory Framework Underway
Since the resolution was issued on September 9, the Ministry of Finance has been working to finalize the legal and technical infrastructure to support the pilot. That includes drafting decrees and regulations covering taxation and transaction fees, accounting standards, licensing procedures, and oordination with other agencies, including the State Bank of Vietnam and Ministry of Public Security
Chi emphasized that while the government aims to launch the pilot before 2026, the actual timeline depends on how quickly enterprises can meet the required conditions.
“We hope to launch this pilot before 2026. However, the progress will depend on how well enterprises can meet the required conditions,” he noted.
Policy Backdrop
Vietnam’s National Assembly passed the Law on Digital Technology Industry in July 2025, formally recognizing digital assets for the first time. The goal, according to government policy advisers, is to shift the country’s crypto activity from an informal, offshore-driven market to a regulated, onshore framework that is taxable and integrated into the domestic financial system.
Major players in Vietnam’s banking and finance sectors are reportedly exploring participation in the pilot. However, with no formal proposals submitted, the project remains in its pre-implementation phase.
