Vietnam Aims to Bridge Digital and Real-World Economies with Crypto Pilot

Vietnam is set to launch a five-year pilot program for its digital asset market, aiming to establish itself as a key player in Southeast Asia's emerging blockchain and cryptocurrency landscape. The initiative, which includes the planned opening of official digital asset exchanges in Ho Chi Minh City and Danang by the end of this year, signals the country’s strategic move toward integrating digital assets into the broader financial system. This step is seen as a direct response to the growing grassroots interest in crypto, which has already positioned Vietnam among the most crypto-adopted nations in the region [1].

Under the new regulatory framework, which will be fully implemented starting in 2026, local enterprises will gain legal access to a billion-dollar cryptoasset market. This development is expected to encourage innovation and attract investment, particularly from venture capital firms and multinational corporations with interests in digital finance. Kenny Li, co-founder and COO of Manta Network, emphasized that Vietnam’s proactive approach places it ahead of many of its regional counterparts, which continue to face regulatory uncertainty [1].

The pilot program is part of a broader government effort to modernize the financial sector and foster a more inclusive economic environment. By creating a structured and supportive regulatory environment, Vietnam aims to attract talent and capital from the global blockchain and web3 ecosystems. This includes developers, entrepreneurs, and investors in decentralized finance (DeFi), non-fungible tokens (NFTs), and blockchain-based solutions. The influx of expertise could lead to increased local innovation and create high-value job opportunities, potentially boosting Vietnam’s standing in regional digital economy rankings [1].

One of the key goals of the initiative is to bridge the gap between the digital and real-world economies. Kenny Li suggested that Vietnam could serve as a testbed for using digital assets to facilitate everyday transactions, such as purchasing goods in physical stores with cryptocurrency. While this concept has been discussed for years, no country has yet fully implemented it. With the support of upcoming conferences like GM Vietnam 2025 and the planned digital asset exchanges, the country is well-positioned to explore these opportunities at scale [1].

The pilot program also includes discussions on how digital assets can support small and medium-sized enterprises (SMEs). For instance, initial coin offerings (ICOs) could offer a new avenue for local businesses, such as coffee shops and restaurants, to raise capital without relying on traditional bank loans. This innovation could open up new funding channels and foster economic inclusivity [1].

While the government has not yet provided a detailed roadmap for the regulation of initial coin offerings or other specific mechanisms, it is clear that the broader policy direction is to create a transparent and trustworthy digital asset market. Exchanges will play a central role in this effort, ensuring that transactions are fair and that participants have confidence in the system [1].

Source: [1] Crypto ambitions: from early adopters to digital leaders (https://vir.com.vn/crypto-ambitions-from-early-adopters-to-digital-leaders-136017.html)