The Vietnamese government's office held a routine press conference in Hanoi for 2025, focusing on the management of digital currencies and virtual assets. The government plans to promote the pilot operation of digital currency trading platforms and accelerate the establishment of relevant legal frameworks to foster compliant market development.
The General Secretary of the Communist Party of Vietnam, Su Lin, stated in the Central Committee for Strategy and Policy meeting on February 24 that Vietnam must keep pace with the development of the digital economy and cannot fall behind in managing virtual currencies, nor overlook the opportunities brought by modern financial trading methods.
Although Vietnam has already become one of the major global digital currency markets, the lack of a comprehensive legal regulatory system poses high risks, leading some companies to relocate their operations overseas.
The Deputy Minister of Finance, Nguyen De Chi, pointed out that the regulation of virtual assets and digital currencies is not only a challenge for Vietnam but also a topic actively being studied by many countries worldwide. Nations are striving to establish legal frameworks to enhance transaction transparency, reduce market risks, and support economic development.
Based on practical needs, the government has tasked the Ministry of Finance and relevant departments to accelerate the construction of the legal framework. Earlier this week, the government's executive committee convened a meeting chaired by the Prime Minister to hear the Ministry of Finance's report on virtual currency regulation and discuss pilot schemes.
Following the Prime Minister's instructions, the Ministry of Finance is required to submit a related report to the government by March 2025 and propose a resolution to allow the pilot operation of virtual currency trading platforms. These platforms will be managed by enterprises or institutions approved by the government and operate under a regulatory system to ensure market legality and protect investors' rights.
Meanwhile, the Ministry of Finance will lead, in cooperation with relevant departments, to expedite the formulation of regulations that allow Vietnamese enterprises and institutions to legally issue virtual assets, attracting capital to support production and business operations. This measure will not only help drive economic growth but also maintain Vietnam's competitiveness in the global digital finance sector.
The Prime Minister, Phan Minh Chinh, previously signed Directive No. 05, which clearly states that the national economic growth target for 2025 should exceed 8%, and key measures should be taken to promote growth and accelerate the disbursement of public investment funds.
At the government meeting, Phan Minh Chinh reiterated that the Ministry of Finance and the State Bank must submit legal regulatory plans for digital currencies and virtual assets to the government by March 2025. He requested that the pilot projects adopt a "implement while optimizing" strategy, gradually expanding the scope of the pilot to avoid rushing and excessive pursuit of perfection, ensuring steady progress in Vietnam's digital financial development.
