Vietnam officially recognizes Digital Assets: A new era for the Digital Economy?

From 1 January 2026, the Law on Digital Technology Industry will officially take effect, marking a historic milestone as Vietnam, for the first time, formally incorporates digital assets into its legal framework. Beyond resolving long-standing issues around the legal identification of digital assets, the law also paves the way for the development of next-generation financial models in Vietnam.

From a “grey zone” to legally recognized assets

For more than a decade, Vietnam’s digital asset market has operated in a state of legal ambiguity, effectively “unprotected” by law. From 2026 onward, this landscape will fundamentally change.

For the first time within Vietnam’s legal system, digital assets are recognized as lawful property under the Civil Code. This recognition eliminates the legal grey zone and allows ownership, transfer, and inheritance rights over digital assets to be protected in the same manner as traditional assets. Accordingly, holders of digital assets may now exercise full civil rights, including gifting, inheritance, and legal protection in the event of disputes. 

The Law on Digital Technology Industry (“DTI Law”) also clearly classifies digital assets into distinct categories, each subject to different regulatory mechanisms:

• Virtual assets: A type of digital asset that may be used for exchange or investment purposes.
• Crypto assets: A type of digital asset that uses cryptographic or similar digital technologies to authenticate assets during creation, issuance, storage, and transfer.
• Other digital assets.

Excluded scope: Virtual assets and crypto assets do not include securities, central bank digital currencies, or other financial assets already governed by existing specialized laws.

A clear boundary: “Investment assets” are not “means of Payment”

While the law unlocks the legal status of digital assets, regulators continue to maintain a cautious and consistent stance on monetary security.

Previously, in Official Letter No. 5747/NHNN-PC dated 21 July 2017 responding to proposals on establishing Bitcoin and Litecoin mining centers, the State Bank of Vietnam stated: “Virtual currencies in general, and Bitcoin and Litecoin in particular, are not currencies and are not lawful means of payment under Vietnamese law. The issuance, provision, and use of virtual currencies in general, and Bitcoin and Litecoin in particular, as currency or means of payment (unlawful means of payment) are prohibited acts.”

Consistently, the DTI Law only refers to virtual assets as being used for exchange or investment purposes. This indicates that, to date, digital assets such as virtual currencies and cryptocurrencies are still not recognized as lawful means of payment in Vietnam.

However, the door remains open. This legal framework, combined with Resolution No. 05 on piloting the crypto asset market, creates unprecedented opportunities for the development of digital assets in Vietnam.

The Law on Digital Technology Industry and Resolution 05: A new launchpad for digital assets

In September 2025, nearly three months after the Law on Digital Technology Industry was passed, Resolution No. 05 on the pilot implementation of the crypto asset market in Vietnam officially came into effect.

If the DTI Law establishes a solid legal foundation, Resolution 05 provides practical operational rules. The Resolution adopts the same digital asset definitions set out in the Law to apply to the pilot mechanism. Without the Law “clearing the way,” Resolution 05 would lack a robust legal basis to license entities participating in crypto asset pilots.

The combined effect of the Law and Resolution 05 creates a “golden corridor” for Vietnam’s digital asset market. The sandbox mechanism allows enterprises to test new crypto asset products and services in a controlled environment over a five-year period. The use of crypto assets will transition from spontaneous activity to regulated participation through service providers licensed by the Ministry of Finance. Users will be able to open accounts and conduct transactions in a safer and more transparent manner.

The pilot framework also permits the offering and trading of crypto assets for foreign investors, enhancing Vietnam’s attractiveness as a regional digital technology hub. Notably, the legal and policy framework strengthens transparency and compliance with international anti-money laundering standards, supporting Vietnam’s objective of exiting the Financial Action Task Force (FATF) Grey List. The standardization of digital assets is also part of Vietnam’s broader strategy to have the digital economy contribute 30% of GDP by 2030 and to position the country as a regional technology hub.

9Pay: Ready for Vietnam’s next phase of digital economy growth

Recently, within the framework of the conference announcing the establishment of the International Financial Center (IFC) in Vietnam, chaired by the Prime Minister, 9Pay was confirmed as one of the first ten members of IFC in Da Nang.

Being recognized as an IFC member with a core business focus on other monetary intermediation, enables 9Pay to realize its vision of applying blockchain technology to optimize existing B2B services, particularly in collection and disbursement services and cross-border remittances. 9Pay’s presence is also viewed as a key link connecting international and domestic markets, contributing to the formation of a diversified financial ecosystem. 

Mr. Nguyen Quang Thinh, Director of 9Pay, stated: “As an IFC member, we are committed to complying with anti-money laundering standards and robust risk management practices, while researching and applying advanced payment solutions toward digital assets, digital payments, and digital banking. Our goal is to serve the needs of international e-wallet partners and applications entering the Vietnamese market, particularly in Da Nang.”

Reference: NO&T Asia Legal Review No.105 (September, 2025); Thuvienphapluat