Vietnam Plans Regulatory Framework For Digital Assets And Currency

According to PANews, Vietnamese Prime Minister Pham Minh Chinh has directed the Ministry of Finance and the State Bank of Vietnam to draft regulations for digital assets and currencies, with a proposal expected by March. This directive is part of Directive No. 05, aiming to boost economic growth to at least 8% by 2025. Despite the absence of a legal framework, Vietnam ranks among the top globally in cryptocurrency holdings, as reported by Triple-A in 2024, prompting the government to enhance regulatory measures. Additionally, the State Bank of Vietnam is tasked with managing interest rates, exchange rates, and credit growth while ensuring transparency in banking operations. The government also plans to strengthen enforcement against unfair competition among financial institutions.