Vietnam's Prime Minister Pham Minh Chinh has pushed for positioning Vietnam as a key player in the crypto market, particularly in Southeast Asia. Vietnam's leaders are proposing a legal framework for digital assets that is expected to be implemented this month.
The goal is to regulate crypto ownership, transactions and use and address current ambiguities that defined Vietnam's approach to digital assets. By providing clarity to investors, businesses and financial institutions, Vietnam will become a good environment for crypto adoption and innovation.
new:
Vietnam's PM Pham Minh Chinh orders the Ministry of Finance and the central bank to propose digital asset regulations by March. pic.twitter.com/jnbicm12ko
– Bitcoin News (@bitcoinnewscom) March 3, 2025
After the Revolution: Vietnam will become crypto and digital
Historically, Vietnam has been cautious about its investment and economic development, and is shaped by a centrally planned economy. However, his峄沬's policy in the late 1980s shifted Vietnam to a market-oriented economy, initially focusing on agriculture and small-scale industries.
Over time, Vietnam expanded to welcome foreign direct investment and industry growth, particularly in the manufacturing, electronics and digital industries. Ultimately, by the early 2000s, multinational companies such as Samsung and Intel had established major facilities in the country.
Vietnam's current position, where developing countries are booming today, is evident due to its rapid urbanization, digital literacy and high crypto adoption rates. Furthermore, research shows that a large portion of the population uses crypto for remittances, investments and transactions.
Below is evidence of how Vietnam has grown as a global economic candidate.
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Today I will write about the city where I was born, raised, and currently live and work. Interaction with the X siblingsLocated on Vietnam's central coast, Da Nang City is a fascinating city known for its picturesque beaches… pic.twitter.com/tvgilzgk3i
– k铆nhc岷璶 (@knhcn9) November 4th, 2023
As one of the world's largest economic candidates, Vietnam offers the fertile ground for its proposed digital framework. The goal is to regulate crypto exchanges, wallet providers and token issuers, taking inspiration from the Singapore and Thailand regulatory models.
The Vietnamese framework then ensures that the country effectively addresses both local needs and global standards to reduce risk, reduce transaction costs for remittances and attract tech startups.
Vietnam leads crypto adoption in Southeast Asia
The impact of Vietnam's cryptographic framework on the global market is also significant. First, we will accelerate the legalization of cryptography in Southeast Asia, a region known for its dynamic cryptographic activity. By formalizing regulations, Vietnam sets an example for its neighboring countries.
Therefore, this will promote harmony of regional policies that will increase investor trust and liquidity, and increase trading volume. This relates to projects that bridge inventory and crypto.
Along with that, Vietnam's interest in integrating traditional finance with digital assets coincides with gaming ecosystems like Axie Infinity. And yes, Axie is a Vietnamese project with a market capitalization of $10 billion.
Vietnam is currently established as one of the world's crypto capitals. It is the world's top ranking in overall crypto adoption and second in defi adoption
– Kyros Ventures (@kyrosventures) September 6, 2021
Vietnam's successful framework attracts foreign investment, positions Vietnam as a blockchain innovation hub, and draws capital from established crypto markets such as Singapore and Dubai. This ultimately enhances Vietnam's global economic status. Vietnam's entry into regulated cryptographic codes will underpin the stability of the global market by reducing unregulated activities in the region.
Second, this framework can accelerate Vietnam's economic growth and strengthen its position as a developing powerhouse. It is expected to create jobs in the tech sector, increase tax revenue from crypto transactions, and boost Vietnam's appeal to global fintech companies.
Finally, as crypto adoption increases, it streamlines cross-border payments, reduces reliance on traditional banking and cost reductions, and boosts Vietnam's GDP growth by more than the projected annual 5.1%. The adoption of crypto will solidify Vietnam's goal to become the top global economy by 2050.
With the Crypto legal framework led by Pham Minh Chinh, Vietnam is critical for the country and the global crypto market.
“We must develop our economy to stand on our feet, but we must learn from the world and work together to build a prosperous country for the benefit of all.” – Ho Chi Minh
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Key takeout
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Vietnam today and how it has grown.
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Vietnam leads crypto adoption in Southeast Asia.
The post, with Pham Minh Chinh pushing Vietnam into the Cryptrace, first appeared in 99bitcoins.
