Stablecoins in Vietnam
Stablecoins occupy a split position in Vietnam. Holding a stablecoin as a crypto asset is not prohibited, because the Law on Digital Technology Industry recognises crypto assets as property since 1 January 2026. Using a stablecoin as money is a different matter, and the State Bank of Vietnam does not recognise crypto, including stablecoins like USDT or USDC, as a lawful means of payment. The pilot exchange framework also restricts the local issuance of fiat backed tokens. Because several parts of this are still being detailed, we mark the position legal with restrictions and recommend confirming the current rules before acting.
Holding versus paying
The clearest way to read Vietnam is to separate holding from paying. On holding, the Law on Digital Technology Industry, in force from 1 January 2026, recognises digital assets, including crypto assets, as property, which gives a stablecoin balance a clearer legal footing than it had in the previous grey zone, as of 2026. On paying, the State Bank of Vietnam (SBV) is firm: crypto is not a lawful means of payment, and the Vietnamese dong is the only legal tender, under Decree No. 52/2024/ND-CP. Stablecoins are designed to track a currency value, but that design does not make them legal money in Vietnam, so using USDT, USDC, or any other stablecoin to pay for goods or services is prohibited and can carry administrative penalties.
Issuance is restricted under the pilot
Beyond use, there is the question of who can create stablecoins inside Vietnam. Resolution No. 05/2025/NQ-CP, which established the five year pilot for a licensed crypto asset market, restricts the issuance of crypto assets backed by fiat currencies or securities, the category that covers typical fiat backed stablecoins. Reported readings of the pilot indicate that tokens backed by real tangible assets are treated differently from tokens that simply reference a fiat currency. The practical effect is that domestic issuance of conventional fiat backed stablecoins is restricted while the framework is built, even though residents can still hold stablecoins issued abroad. The detailed scope, including how foreign issued stablecoins will be handled on any licensed Vietnamese exchange, is still developing as of 2026, so treat issuance as restricted and confirm the current rules with the Ministry of Finance (MOF).
Tax and practical use
There is no dedicated crypto tax in force in Vietnam as of January 2026, and the Ministry of Finance has published only a draft framework, which proposes a 0.1 percent levy on crypto transfers and is not enacted. Stablecoin transfers would sit within whatever final rules emerge, so do not assume any particular treatment, and keep records of conversions between stablecoins and dong. Tax is administered by the General Department of Taxation under the Ministry of Finance. In practice, stablecoins have been widely used by Vietnamese residents for trading and for moving value, often through peer to peer channels, but that practical use does not change the payment restriction or the issuance limits. Anyone relying on stablecoins should treat the legal position as transitional and confirm the current rules first. This is general information, not tax advice.
Compare exchanges accessible in Vietnam
See which platforms Vietnamese residents can access today, with their registrations and the transitional status as the licensed domestic market is built. Availability and the legal position can change quickly.
Compare available exchangesRegulator and sources
- Law on Digital Technology Industry, in force 1 January 2026, recognising crypto assets as property
- State Bank of Vietnam (SBV), sbv.gov.vn, on crypto including stablecoins not being a lawful means of payment, with Decree No. 52/2024/ND-CP
- Ministry of Finance (MOF), mof.gov.vn, and Resolution No. 05/2025/NQ-CP of 9 September 2025, which restricts issuance of crypto assets backed by fiat currencies or securities
- General Department of Taxation, under the Ministry of Finance, for the tax treatment of stablecoin transfers as the framework is finalised
Frequently asked questions
Are stablecoins legal to hold in Vietnam?
Holding stablecoins as a crypto asset is not prohibited in Vietnam, because the Law on Digital Technology Industry recognises crypto assets as property since 1 January 2026. What is restricted is using any crypto, including stablecoins, as a means of payment, which the State Bank of Vietnam does not permit.
Can I pay with USDT or USDC in Vietnam?
No. The State Bank of Vietnam does not recognise crypto, including stablecoins like USDT or USDC, as a lawful means of payment, and only the Vietnamese dong is legal tender. Using stablecoins to pay for goods or services is prohibited and can carry administrative penalties.
Can stablecoins be issued in Vietnam?
The pilot framework under Resolution No. 05/2025/NQ-CP restricts the issuance of crypto assets backed by fiat currencies or securities, which covers typical fiat backed stablecoins. The detailed scope is developing, so treat domestic issuance as restricted and confirm the current rules with the Ministry of Finance.
Are stablecoins taxed in Vietnam?
There is no dedicated crypto tax in force as of January 2026. The Ministry of Finance has published only a draft framework, which proposes a 0.1 percent transfer levy and is not enacted. Treat the position as developing and confirm your obligations with the General Department of Taxation before filing.
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