Vietnam Implements Tax on Cryptocurrency Transactions

Vietnam's Ministry of Finance has announced a new tax policy on cryptocurrency transactions. According to Foresight News, a 0.1% tax will be levied on each crypto asset transaction for both domestic and foreign investors, including residents and non-residents. Additionally, corporate investors earning income from transferring crypto assets will be subject to a 20% corporate income tax rate. Foreign institutional investors transferring crypto assets through service providers will also face a 0.1% tax per transaction. Notably, the transfer and trading of crypto assets will not incur value-added tax. This regulation took effect on March 27 and will remain in place during Vietnam's cryptocurrency pilot program until formal tax regulations are established.