Vietnam could formalize crypto assets, says FPT chairman

“In practice, Vietnam is already a hub for Blockchain and crypto. I believe that, very soon, Vietnam will formalize crypto assets. And it won't be long before crypto exchanges appear in Vietnam," said Mr. Truong Gia Binh, Chairman of FPT Corporation.

He was addressing the GM Vietnam 2025 event – Southeast Asia's largest Blockchain technology week, opened  on August 2.

Mr. Binh argued that Vietnam represents a golden opportunity for Blockchain and crypto, citing five key reasons.

First, Vietnam holds a unique position on the global geopolitical map. No other nation has signed comprehensive strategic partnerships—the highest level of cooperation—with 12 different countries.

Second, Vietnam is a rare country in the world maintaining a very high growth rate of around 8.5%, and it is projected to achieve double-digit growth from next year and for many years to come.

"This is how Vietnam plans for its future," Mr. Binh said. This plan is built on three crucial drivers that the world is also focusing on: digital transformation, artificial intelligence (AI) transformation, and green transformation. These transformations are also the core content of the Politburo's Resolution 57-NQ/TW on breakthroughs in science, technology, innovation and digital transformation.

Third, Vietnam was once absent from the global digital map. Today, however, it has risen, overcoming countless challenges to shine in the global digital space.

Fourth, and more importantly according to the FPT Chairman, is the country's position in Blockchain and Crypto.

Vietnam holds a very special status in the field of Blockchain and digital assets because, as Mr. Binh said, it is one of the very few nations that treats Blockchain as digital infrastructure and is integrating it deeply into the economy.

Last year, Vietnam approved the "National Strategy for the Application and Development of Blockchain Technology to 2025, with a vision to 2030." And this year, the "Law on Digital Technology Industry" was passed by the National Assembly, paving a legal path for the next generation of Blockchain startups, engineers, and innovators.

According to the FPT Chairman, Vietnam is already a dynamic Blockchain hub in Asia. Blockchain transactions have reached a scale of $35 million per year, one in five Vietnamese people owns digital or crypto assets, and the total transaction volume has hit $120 billion.

"The Vietnamese people are very receptive; they love new things and technology, which is an invaluable advantage," he noted.

Fifth, as stated, Vietnam is a golden opportunity for Blockchain and crypto. Mr. Binh concluded that there is just one thing missing that is essential in today's context—something that is already in progress and about to be launched: the formalization of digital assets.