It is legal to own, trade, and invest in cryptocurrencies, although creating tokens and providing them is strictly inhibited. The Ministry of Finance has already established a group to study cryptocurrencies earlier this year. It will be looking into the impact of digital currencies on the economy and constructing regulations around them. Along with monitoring the volatility of the market while considering other altcoins that display more stability and thus longevity. The country is also well aware of the benefits of taxing foreign exchanges for the services they offer.
Vietnam has also witnessed a rise in digital payments systems. This is partly motivated by the majority of people owning digital currencies. Although the use is quite limited as there is no policy in place for such currencies to flourish.
The new PM of Vietnam Phạm Minh Chinh is looking to get Vietnam back in the Crypto industry. He has also asked the Central Bank to take measures to establish a digital currency and take the time to learn about them. It is obvious that the country might be looking into CBDCs. Vietnam also wants to become a more competitive power by setting a strong policy before other countries and prepare it for an economy that will be backed by digital currency. The country also recognizes the influence that countries will have when more of their central banks begin to develop a currency of their own that is digital.