In recent developments, the Vietnamese economy is on the verge of a significant shift, especially regarding virtual assets and blockchain technology. At the Vietnam Investment Forum 2025 held on June 3 in Hanoi, Mai Huy Tuan, the CEO of SSI Digital, expressed strong optimism about the establishment of a new virtual asset trading platform. Tuan believes that this initiative could potentially position virtual assets as a vital component of Vietnam’s economic landscape.
During his address, Tuan articulated that virtual assets hold the promise of being globally exported, which could facilitate foreign currency influx for Vietnam. The emergence of tech unicorns within the nation already reflects the potential of this sector, with numerous domestic projects valued at hundreds of millions of USD. These advancements represent not just a trend, but a movement that could reshape how the country’s economy operates.
Highlighting the proactive approach of several Vietnamese enterprises, Tuan disclosed that his firm has prepared over 200 specialized personnel and invested heavily in the necessary infrastructure and software. They are currently establishing partnerships with international leaders and custodians, eagerly waiting for a legal framework to officially launch their trading platform. The anticipation is palpable, as Tuan mentioned that SSI Digital has explored various operational models, including centralized and decentralized frameworks, with a commitment to adhering to global security standards.
In alignment with this perspective, Doan Mai Hanh, head of Sales and Trading at Techcom Securities, pointed out the essential role that regulatory bodies are playing in building a digital technology infrastructure. The acknowledgment of virtual assets as a legitimate asset class opens doors for service providers, businesses, and investors alike. This could encourage a diversification of investment portfolios and offer new fundraising channels for companies seeking capital.
An especially strategic player in this scenario is the banking sector, which Hanh emphasized should lead the charge into the virtual asset market, thanks to their financial stability and robust liquidity mechanisms. With effective identity verification and anti-money laundering processes already in place, banks can provide essential support and reliability in this burgeoning market. Furthermore, insurance companies can step in to offer solutions to mitigate the risks associated with virtual assets, which are notorious for their volatility.
However, the landscape is not entirely free of challenges. The Draft Resolution regarding the Pilot Implementation of the Virtual Asset Market dictates that businesses seeking to provide virtual asset exchange services must have a minimum charter capital of $400 million. This is viewed as a substantial barrier, raising questions about capital mobilization and governance in a still-unclear regulatory environment.
To Tran Hoa, deputy director of the Securities Market Development Department at the State Securities Commission of Vietnam, argued that while these requirements are justifiable, they might not be robust enough. He highlighted the need for companies operating as virtual asset service providers to possess significant capital, given their multifaceted responsibilities, which encompass exchanges, custodians, and brokerage operations. The goal is to ensure comprehensive operations that can effectively manage market conditions.
Internationally, practices vary widely. Some countries require virtual asset exchanges to provide proof of reserves or acquire insurance policies to safeguard investors. Unfortunately, Hoa acknowledged that such frameworks are not yet feasible in Vietnam, where local insurance options do not exist, and regulations surrounding virtual asset reserves are still nebulous. In light of this, the $400 million capital requirement is viewed as a flexible measure that allows companies to maintain operational agility while managing risks.
The urgency to pass a legal framework for the definition of virtual assets was underscored by Phan Duc Trung, chairman of the Vietnam Blockchain Association. He highlighted the growing public demand for digital asset opportunities and called on the government to expedite legislation. Many countries have already established laws regarding blockchain applications around key areas like taxation policies, investor protection, and licensing. Trung stressed that the impact of blockchain technology on the economy is substantial, and the regulatory environment will determine how effectively Vietnam can capitalize on it.
As digital assets begin to garner attention, it is crucial for Vietnam to define its legal landscape. This will not only allow for the effective flow of capital into securities and asset allocation but will also foster regional innovation and legitimacy within the digital asset realm.
In closing, the Vietnam Investment Forum 2025 illustrates the burgeoning atmosphere surrounding digital assets in Vietnam. As companies like SSI Digital prepare for the future, and with the government inching closer to regulatory clarity, the potential for virtual assets to contribute significantly to the Vietnamese economy becomes increasingly feasible. The dialogue among various stakeholders demonstrates a shared commitment to understanding and navigating this evolving landscape, as they work to cultivate a thriving environment for blockchain and virtual assets.
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