3 major challenges of the crypto asset market in Vietnam

There will be more businesses entering the market.

The digital economy is being identified as a new growth engine of the economy. In particular, crypto assets are attracting the attention of many investors. Currently, the number of crypto asset accounts is double the number of securities accounts. Aiming to become an international financial center, many businesses are interested in this field.

On September 9, the Government issued Resolution 05/2025/NQ-CP on piloting the crypto asset market. This Resolution is considered an important foundation for the formation of a domestic crypto asset market, not only paving the way for innovation but also acting as a "filter", eliminating potentially risky models...

With this resolution, experts predict that in the near future there will be a series of Vietnamese enterprises participating in this field.

At the 2026 business forum with the theme "New growth space: Opportunities and strategies" on October 22 in Hanoi , crypto assets were one of the topics that many delegates were interested in.

According to Mr. Huynh Minh Tuan - founder of FIDT and Vice Chairman of APG Securities, crypto assets are being promoted in 2025 in an "open but controlled" direction with the turning point being the birth of Resolution 05/2025/NQ-CP.

Delegates discuss at the 2026 business forum.

“This is the first legal framework that officially recognizes crypto assets as legal assets for investment/exchange. This controlled pilot mechanism aims to manage risks, requiring organizations to meet high standards of transparency and technology. Regarding taxes, transactions will be temporarily applied as securities. The core goal is to protect investors and bring the market into a legal framework,” said Mr. Huynh Minh Tuan.

The first Vietnamese cryptocurrency exchange will soon be launched and operated. This is a large field, Vietnam has up to 21 million investment accounts in the cryptocurrency market, the transaction volume is also in the top 3 in the world. If this investment channel is controlled, it is expected that a large amount of money will be managed and there will be more resources to promote economic growth.

Mr. Nghiem Minh Hoang, Economic - Financial Expert, Vietnam Blockchain and Digital Asset Association (VBA), said that the cryptocurrency market and Resolution 05 are among the most interested topics from now until early 2026. The first participating businesses will have many opportunities, and businesses will be pioneers in participating in crypto exchanges. There are 850 exchanges in the world, and Vietnam is expected to have the first 5 exchanges.

In addition, there are opportunities to deploy new technologies, from crypto-asset related technology to legal compliance technology, international exchange interconnection technology. These are new technologies. The units participating in the crypto-asset pilot are all members of a very large financial ecosystem.

Assessing the opportunities of the digital asset market, Mr. Nguyen Viet Duc - VPBankS Digital Business Director said that digitalizing real assets is a step that has a positive impact on the financial market in general. His personal view is very positive about digital assets.

According to Mr. Duc, it is not easy for Vietnam to compete with the world in AI or traditional fields when many countries have taken very early steps. However, digital assets and crypto assets are possible.

"Currently, digital assets can be considered the most promising to promote and restructure the economy. Although it will take 2-3 years for the market to form, in my opinion, investors do not need to wait that long but can research and invest early to gain experience," Mr. Duc shared.

3 big challenges

Mr. Nghiem Minh Hoang (middle) - Economic - Financial Expert, Vietnam Blockchain and Digital Asset Association (VBA).

However, Mr. Nghiem Minh Hoang warned of three major challenges. First, legal challenges with constant policy changes and strict requirements such as charter capital of VND10,000 billion. "Everything will not be 'rosy' immediately," Mr. Hoang acknowledged, saying that the market needs 2-3 years to adapt.

The second is management experience and operating procedures, which Vietnam has no precedent for. The third is the challenge of mastering and managing a series of new technologies.

Agreeing with the cautious view, Mr. Le Bao Nguyen - Deputy General Director of SSID, said that this is a very risky market. Regulations such as the charter capital of 4,000 billion VND (according to the draft) show that this will be "a game for financial institutions, not startups".

“Up to now, Vietnam has not had a legitimate trading floor, so we will have to learn from international businesses. SSID is also recruiting personnel from international units to transfer and build standard processes and technologies. This shows that being behind is not bad, but being ahead is not necessarily good. The problem is to balance benefits and risks,” said Mr. Nguyen.

Mr. Nguyen also shared that SSID has had nearly 3 years of preparation, cooperating with leading organizations in the world and supporting management agencies in the policy-making process. The company has built a ready ecosystem, including infrastructure, investment funds, community and international partners.

Similarly, VPBankS also said it is ready to operate a crypto-asset trading floor. Mr. Nguyen Viet Duc said that VPBankS and its parent bank, VPBank, have great determination in this field.

"The cooperation and memorandum of understanding with partners will be announced soon. The total number of IT staff in the VPBank ecosystem is 3,000 - 4,000 people. Resources are available, partners are available, technology is available, and we are determined to participate in this field," said Mr. Duc.

Thu An

Source: https://doanhnghiepvn.vn/chuyen-doi-so/3-thach-thuc-lon-cua-thi-truong-tai-san-ma-hoa-tai-viet-nam/20251022030055856

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