According to the chain analysis report (1), Vietnam is third in the global crypto adoption index. Formerly, cryptocurrencies are banned in the country but are trendy here. And there is a sizeable Vietnamese crypto community.
Country overview
#97
VietnamCountry stats
Rating Points
110
This indicator describes the overall rating of a given jurisdiction on several parameters according to cryptocurrency operations - market volume, crypto regulation, business climate, taxation framework.
Crypto Penetration
26%
Estimated percentage of crypto users out of the country's total population based on public data.
Legal Entities
0
Number of crypto companies registered in the country based on regulator data if available or other types of public data.
Regulation Points
0
An overall assessment of the granularity of crypto regulation in a given country. A high score is also given to countries where cryptocurrency transactions are highly regulated.
Amount of crypto users
25 324 000
Total amount of crypto users out of the country's total population based on public data.
Taxation points
20
This figure, according to our analysts' calculations, indicates the overall level of tax burden for cryptocurrency transactions in a given country. The higher the indicator, the lower the burden.
Market volume points
192.4
A rough estimate of this jurisdiction's retail crypto market relative to the rest of the world. The higher the indicator, the higher the market potential.
Status of crypto
No info
General status of cryptocurrency regulation in this jurisdiction.
Crypto payments
Ban
The legal status of cryptocurrency payments for goods and services in a given country based on information from regulators, public data and feedback from our community.
Security Level
Minor danger
The overall level of security in a given country based on open data.
Crypto Salaries
Ban
The legal status of cryptocurrency salaries to employers in a given country based on information from regulators, public data and feedback from our community.
Business Climate
No data
Overall assessment of the friendliness of this country for crypto-business. This indicator takes into account the cost of obtaining a license and the attitude towards crypto entities in the country.
Stablecoin Regulation
Basic
This indicator is evaluating the regulation of stablecoins in a given country. Complex regulation means that it is possible to issue steiblcoins and obtain a license for this activity. Basic regulation means that the issuance of stablecoins is possible, but not all legal aspects are defined in the law. Standard regulation means that there is a legal practice of steylcoin circulation in a given country.
Bad Factors
FATF Grey list
This section describes the unfavorable economic factors for crypto-business in a given country. These are countries that are under sanctions or on the FATF grey list and other factors.
Types of licenses
No licenses exist
Good
Medium
Bad
According to our rating, Vietnam has a Minor danger security level. The jurisdiction has 55.9 points (from 100) for safety level in Numbeo crime rating (2). The homicide level (3) is 1.5 per 100,000 inhabitants a year.
It’s illegal to pay crypto in Vietnam, according to the government portal (4).
Crypto salaries are also illegal in Vietnam as crypto payments.
In 2018, the State Bank of Vietnam banned (5) international crypto transactions for AML purposes. At the same time, based on Mercuryo estimations (6), about 21 mln of the local population (21%) owns crypto.
Moreover, on the official level, the government tries to find a way to enable crypto regulations. In 2022, the Vietnamese Blockchain Union was created under Decision No 343/QD-BNV of the Ministry of Home Affairs (7).
So, cryptocurrency is not banned in the country. For instance, in 2021, a local deputy member asked (8) the government to create clear crypto regulations. According to Cointelegraph (9), in October 2022, Pham Minh Chinh, the prime minister of Vietnam, suggested providing an AML bill for crypto regulation because “people still trade” crypto.
Furthermore, according to local media, RMIT Vietnam (10) global crypto exchanges such as Binance and Remittano freely operate in the country without any license.
In March 2023, the Strike payment platform launched (11) money transfer services from the US to Vietnam using crypto and the US dollar.
| Tax name | Index |
| PIT tax Max | 35% |
| PIT tax Min | 0% |
| Corporate tax (CIT) | 20% |
| Max Individual CGT (for crypto) | 0% |
| Min Individual CGT (for crypto) | 0% |
Based on RMIT Vietnam (12), there is no crypto tax framework in the country and no CGT tax on crypto profits. Other tax rates are given according to PWC tax summaries (13) with 0-35% PIT, 20% CIT, and 20% PIT rate for non-residents.
The amount of capital tax in Vietnam on crypto-income and such tax, in general, remains complex. Contact us if you have case information on this type of tax.
1)👉🏻Chainalysis. Global Crypto Adoption Index.
2)Crime Index by Country 2023 Mid-Year
3)List of countries by international homicide rate.
4)The Ministry of Finance of Viet Nam. Cryptocurrency under supervision
5)The Ministry of Finance of Viet Nam. Cryptocurrency under supervision
6)Mercuryo. Fintech on the rise: Vietnam
7)Vietnamplus. Vietnam Blockchain Union officially launched.
9) Cointelegraph Vietnam's prime minister calls for crypto regulation: Report
10)RMIT Vietnam. Vietnam's vibrant crypto scene needs a regulatory framework
11)Yahoo Finance. Strike Brings Lightning-Fast Money Transfers from the U.S. to Vietnam
12)RMIT Vietnam. Vietnam's vibrant crypto scene needs a regulatory framework