Vietnam has introduced a structured five-year pilot program for tokenized assets, establishing what could become Southeast Asia's most tightly controlled digital asset market. Government Resolution No. 05/2025/NQ-CP, signed on September 9, 2025, sets the regulatory framework, with operations potentially beginning as early as Q3 2026.
The pilot program runs through 2030 and aligns with Vietnam's goal for the digital economy to comprise at least 30% of GDP by that year. The framework requires every tokenized asset to be backed by real-world assets and issued by a Vietnamese entity.
Market Structure and Requirements
Five exchanges are currently progressing toward approval: VIX Crypto Assets Exchange JSC, Loc Phat Vietnam Crypto Assets Exchange (LPEX/SCEX), Vietnam Prosperity Crypto Assets Exchange (CAEX), Techcom Crypto Assets Exchange (TCEX), and Vietnam Digital Assets JSC. Each must meet a minimum charter capital of VND 10 trillion, approximately $383 million.
Licensed platforms must maintain Level 4 information security certification and are capped at 49% foreign ownership. All settlements must be conducted in Vietnamese Dong, and securities and fiat currencies are explicitly excluded from tokenizable asset categories.
Phased Rollout and Enforcement
Foreign investors receive initial access to the market. Domestic investors enter on a delayed timeline, required to use licensed providers six months after the first license is issued.
Decree No. 284, implemented in July 2026, introduces penalties for unlicensed trading effective September 1, 2026. Vietnam currently ranks among the top seven globally in crypto adoption with an estimated 17 million holders, most of whom operate outside formal regulatory structures.
Legal Framework
Vietnam's Law on Digital Technology Industry recently recognized digital assets as property, providing legal status for tokenized assets to be bought, sold, taxed, and litigated. Vietnam becomes the 46th country to grant digital assets this legal classification.
By requiring VND settlement and excluding fiat currencies from tokenization, the government creates a digital asset market that reinforces the domestic currency rather than undermining it. The structure ensures foreign investors must convert into Vietnamese Dong to participate, creating demand for the local currency.
