The Ministry of Finance has just completed the draft of the Personal Income Tax Law ( to replace ) and sent it to the Ministry of Justice for appraisal. An important new point in this draft is the inclusion of income from the transfer of digital assets into the taxable category, marking a significant step forward in the process of building a legal framework for the digital asset and cryptocurrency market in Vietnam.
Crypto transaction tax: 0.1% on the transfer value
According to the proposal, income from digital asset transactions will be subject to a tax rate of 0.1% on the transfer price for each transaction. This calculation method is similar to the tax applied to current securities trading activities.
Unlike some other types of income that are subject to a 5% tax on the portion exceeding 10 million VND, crypto tax is designed to encourage transparency and centralized management through licensed exchanges. Thus, when digital asset exchanges officially commence pilot operations in Vietnam, popular coins such as Bitcoin and Ethereum will be subject to tax when traded. It is estimated that 5 exchanges will be licensed for testing over 5 years.
Complete the legal framework for digital assets
Previously, the National Assembly approved the Law on Digital Technology Industry at the 9th session, which for the first time included "digital assets" within the scope of legislation. The Ministry of Fintech is also currently developing a draft resolution for the pilot trading of digital assets, aiming to establish a testing mechanism before expanding it into an official policy.
The parallel move between legalizing crypto transactions and establishing a tax collection mechanism indicates a clearer management direction from Vietnam: promoting technological innovation while ensuring budget revenue and controlling risks for investors.
Adding various new types of income to the taxable category
In addition to digital assets, the draft law also proposes to add many specific income items to the taxable category such as:
Income from the transfer of the national internet domain name “.vn”
Income from carbon credit transactions, green bonds
Income from the transfer of license plate numbers won in auction
Other property rights as prescribed by the Government
These items are all considered new forms of income, arising alongside the development of the digital economy and non-traditional business activities.
Approaching international practices
International experience shows that many countries have included income from digital assets under taxable income as part of capital gains. For example, China taxes income from the transfer of ownership of assets, including securities and real estate; while many Western countries treat income from crypto similarly to income from capital or financial investments.
With this proposal, Vietnam clearly demonstrates its orientation towards aligning with international practices while also providing a legal framework for the development of the domestic digital asset market.
Meaning for the Vietnamese crypto market
If approved, this policy will:
Officially recognizing crypto as a regulated and taxable asset.
Establish a foundation for the implementation of a licensed crypto exchange, ensuring transparent and legal operations.
Minimize legal risks for domestic investors while also helping to prevent tax evasion and money laundering.
The proposal to impose personal income tax on digital assets is not only a fiscal measure but also a turning point in the process of legalizing and integrating crypto into Vietnam's official financial system.
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Vietnam plans to impose a 0.1% tax on Bitcoin, Ethereum transactions.
The Ministry of Finance has just completed the draft of the Personal Income Tax Law ( to replace ) and sent it to the Ministry of Justice for appraisal. An important new point in this draft is the inclusion of income from the transfer of digital assets into the taxable category, marking a significant step forward in the process of building a legal framework for the digital asset and cryptocurrency market in Vietnam.
Crypto transaction tax: 0.1% on the transfer value
According to the proposal, income from digital asset transactions will be subject to a tax rate of 0.1% on the transfer price for each transaction. This calculation method is similar to the tax applied to current securities trading activities.
Unlike some other types of income that are subject to a 5% tax on the portion exceeding 10 million VND, crypto tax is designed to encourage transparency and centralized management through licensed exchanges. Thus, when digital asset exchanges officially commence pilot operations in Vietnam, popular coins such as Bitcoin and Ethereum will be subject to tax when traded. It is estimated that 5 exchanges will be licensed for testing over 5 years.
Complete the legal framework for digital assets
Previously, the National Assembly approved the Law on Digital Technology Industry at the 9th session, which for the first time included "digital assets" within the scope of legislation. The Ministry of Fintech is also currently developing a draft resolution for the pilot trading of digital assets, aiming to establish a testing mechanism before expanding it into an official policy.
The parallel move between legalizing crypto transactions and establishing a tax collection mechanism indicates a clearer management direction from Vietnam: promoting technological innovation while ensuring budget revenue and controlling risks for investors.
Adding various new types of income to the taxable category
In addition to digital assets, the draft law also proposes to add many specific income items to the taxable category such as:
These items are all considered new forms of income, arising alongside the development of the digital economy and non-traditional business activities.
Approaching international practices
International experience shows that many countries have included income from digital assets under taxable income as part of capital gains. For example, China taxes income from the transfer of ownership of assets, including securities and real estate; while many Western countries treat income from crypto similarly to income from capital or financial investments.
With this proposal, Vietnam clearly demonstrates its orientation towards aligning with international practices while also providing a legal framework for the development of the domestic digital asset market.
Meaning for the Vietnamese crypto market
If approved, this policy will:
The proposal to impose personal income tax on digital assets is not only a fiscal measure but also a turning point in the process of legalizing and integrating crypto into Vietnam's official financial system.
Vương Tiễn