Recently, I noticed new progress in the regulation of Vietnam’s crypto market. Nguyen Duc Chi, Deputy Minister of Vietnam’s Ministry of Finance, revealed at an October press conference that the government plans to approve up to five companies to participate in a pilot licensing program for crypto exchanges, which represents a key turning point for Vietnam’s digital asset market.

Interestingly, Vietnam has always been relatively cautious about crypto. According to a report from VinaCapital fund management company, more than 17 million people in Vietnam have participated in digital asset trading, and this figure is a fairly high participation rate globally. However, the government clearly does not want to loosen controls all at once, and instead has chosen a restrained pilot approach—allowing only five companies to operate.

From a policy perspective, after the Ministry of Finance of Vietnam issued Resolution No. 05/2025/NQ-CP on September 9, it has already begun drafting detailed decrees and a policy framework. This framework covers areas such as taxation, accounting standards, trading fees, and compliance mechanisms. The Ministry of Finance is also coordinating with key departments such as the State Bank and the Ministry of Public Security, with the goal of establishing a stringent oversight system to prevent abuse and protect investors.

So far, no companies have formally applied to join the pilot program, but the government is quickly pushing forward preparations. This pilot plan for Vietnam’s crypto market reflects an interesting phenomenon—amid the global trend of strengthening cryptocurrency regulation, Vietnam has chosen a relatively open yet tightly controlled path. If the pilot goes smoothly, it could lay the groundwork for Vietnam to more broadly recognize and regulate crypto trading in the future. To be honest, this is a positive signal for Vietnam’s crypto ecosystem and is worth continued attention to subsequent policy developments.