Vietnam’s Bold New Digital Tech Legislation: A Comprehensive Overview
In a pivotal move for the tech industry, Vietnam’s National Assembly has sanctioned a groundbreaking digital technology law as of June 14. This legislation marks a significant milestone by imposing formal regulations on cryptocurrency assets. Additionally, it paves the way for advancements in artificial intelligence, semiconductor development, and more.
Government’s Approach to Digital Asset Classification
As reported by various local media sources, the new law categorizes digital assets into two distinct groups: virtual assets and cryptocurrency assets. Both categories mandate the use of encryption or other advanced digital technologies for transaction execution and verification. Importantly, these groups exclude securities, digital fiat currencies, and other financial instruments. Legislators are tasked with defining, by January 1, 2026, the entities authorized to issue, trade, or hold these digital tokens and the specific regulations they must comply with.
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Establishment of Regulatory Standards and Protections
According to reports, the legislation introduces stringent anti-money laundering and cybersecurity measures that align with global standards. Vietnam has been listed on the Financial Action Task Force (FATF) gray list since 2023, and this law represents a determined effort to remove this status. Regulatory bodies will establish comprehensive checks on transactions and platforms prior to the law’s implementation.
Ambitious Incentives for Technological Advancement
The scope of the legislation extends far beyond the realm of cryptocurrency. It introduces significant incentives, such as tax reductions, affordable land leases, and research and development grants for companies operating in AI, chip design, and data-center construction. Regional authorities are also required to support educational programs aimed at enhancing the skills of engineers and technology professionals. Educational institutions are set to integrate digital skills into their curricula, reflecting a broader ambition to compete with tech hubs like Singapore, Seoul, and Shenzhen.
Lessons from Previous Crypto Scams Drive Legislation
Vietnamese lawmakers remain acutely aware of the fraudulent schemes that plagued the market in 2024 and 2025. A notable incident occurred in February 2025, when authorities apprehended four individuals behind BitMiner, a fraudulent mining platform that defrauded over 200 victims of more than 4 billion VND (approximately $157,300). Similarly, in December 2024, Hanoi police thwarted a scheme known as Million Smiles before it attracted 300 potential investors. This scam had already duped roughly 100 businesses and 400 individuals, stealing 30 billion VND (around $1.17 million) by marketing a fictitious “Quantum Financial System” token.
The introduction of this new law signifies Vietnam’s determination to shape its technological future. By January 1, 2026, both companies and consumers will encounter new regulations and opportunities. If the regulatory framework is executed effectively, genuine projects are expected to thrive. However, any delays or lackluster implementation could prolong the country’s gray-list status and leave room for future scams. As of now, the clock is ticking.
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