Vietnam to Draft Legal Framework for Digital Assets by March

Vietnam’s Prime Minister Pham Minh Chinh has instructed the Ministry of Finance and the State Bank of Vietnam to draft regulations for digital assets and currencies, with a proposal expected in March. This directive, part of Directive No. 05, aims to drive economic growth to at least 8% in 2025. Despite the absence of a legal framework, Vietnam ranks among the top countries globally in cryptocurrency ownership, according to a 2024 Triple-A report, prompting calls for regulation. Additionally, the central bank has been tasked with managing interest rates, exchange rates, and credit growth while ensuring transparency in banking practices. Stricter enforcement will target unfair competition among financial institutions.