Vietnam’s long-awaited digital asset trading pilot has yet to attract a single applicant, with the Ministry of Finance confirming that no companies have formally sought approval to join the program, according to The Investor Vietnam.
Deputy Finance Minister Nguyen Duc Chi said several enterprises are showing interest by expanding their business scopes to include digital assets, but none have submitted official proposals.
Under the government’s framework, only up to five participants will be allowed to join the pilot.
He added that the ministry is finalising procedures to identify qualified applicants and issue the first licences.
Chi said the government hopes to launch the pilot before 2026, though this remains a target rather than a confirmed timeline and will depend on how quickly companies can meet regulatory requirements.
The five-year pilot was introduced under Government Resolution No. 05/2025/NQ-CP, issued on 9 September 2025, to develop a regulated digital asset trading market in Vietnam.
Following the resolution, the Finance Ministry began drafting supporting regulations covering taxation, transaction fees, and accounting standards for businesses operating under the scheme.
It is also working with the State Bank of Vietnam, the Ministry of Public Security, and other government agencies to complete licensing and oversight processes for participating enterprises.
Vietnam’s National Assembly passed the Law on Digital Technology Industry on 14 June 2025, with the law taking effect from 1 January 2026, and formally recognising digital assets under Vietnamese law.
The pilot is part of broader efforts to shift crypto activity from offshore platforms into a supervised domestic market integrated with the financial system.
Analysts estimate that around 17 million Vietnamese currently trade digital assets, generating an estimated annual transaction volume of about US$100 billion.
Most of this activity occurs on overseas exchanges such as Binance, Bybit, and others based in Singapore, South Korea, and Hong Kong.
Observers note that strict eligibility criteria, including a minimum capital requirement of roughly VND 10 trillion (about US$400 million) and extensive compliance obligations, may be discouraging smaller fintech firms from applying.
Featured image: Edited by Fintech News Singapore, based on images by boggy and luckystep via Freepik.
