Bài viết mang tính tham khảo, không phải khuyến nghị đầu tư.
1. Việt Nam đang “nóng” nhất khu vực về tiền mã hoá
Tỷ lệ sở hữu cao kỷ lục: 21,2 % dân số Việt Nam đã từng nắm giữ hoặc sử dụng tiền mã hoá, xếp hạng 2 thế giới về tỷ lệ sở hữu .
Chỉ số Chấp nhận Crypto 2024 của Chainalysis đặt Việt Nam ở vị trí 5 toàn cầu – vượt mặt nhiều nền kinh tế lớn .
Lợi nhuận đứng top 3 thế giới năm 2023 với ~1,18 tỉ USD (theo VietnamPlus), khẳng định cộng đồng nhà đầu tư sôi động.
2. Động lực kinh tế – xã hội thúc đẩy nhu cầu Bitcoin
Động lực
Phân tích ngắn gọn
Bảo vệ giá trị trước lạm phát & biến động VND
Lịch sử cho thấy người dân ưu tiên USD, vàng; Bitcoin trở thành “vàng số” nhờ nguồn cung cố định, dễ tiếp cận.
Bao trùm tài chính
Khoảng 30 % người trưởng thành chưa có tài khoản ngân hàng; ngay cả người có tài khoản vẫn khó tiếp cận tín dụng . Ví Bitcoin chỉ cần điện thoại & 4G – mở ra kênh tiết kiệm, vay, đầu tư DeFi.
Kiều hối rẻ & nhanh
Việt Nam nằm top 10 nhận kiều hối (19 tỉ USD năm 2022) . Mức phí truyền thống ~7 % trong khi chuyển BTC qua mạng Lightning chỉ tốn vài chục satoshi.
GameFi & kinh tế số
Sau “hiện tượng Axie Infinity”, khảo sát Chainplay 2022 cho thấy 75 % người chơi GameFi bắt đầu đầu tư crypto nhờ game – góp phần đưa Việt Nam thành “xưởng GameFi” Đông Nam Á.
Chưa đánh thuế lợi nhuận cá nhân
Bộ Tài chính đang nghiên cứu khung thuế, nhưng hiện tại crypto của cá nhân vẫn chưa bị đánh thuế , tạo lợi thế ngắn hạn cho nhà đầu tư.
3. Khung pháp lý mới – cú hích niềm tin
Luật Công nghệ Kỹ thuật số (DTI) được Quốc hội thông qua 19 / 6 / 2025, lần đầu công nhận tài sản số và đặt nền móng sandbox cho sàn giao dịch, stablecoin, AI .
Bộ KH‑ĐT, NHNN, Bộ Tài chính phối hợp thí điểm sàn giao dịch crypto tại các trung tâm tài chính để thử nghiệm AML/KYC, mở đường cho nhà đầu tư tổ chức .
4. Lợi ích khi nắm giữ Bitcoin
Phòng thủ lạm phát dài hạn (digital scarcity).
Đa dạng hoá danh mục – tài sản tương quan thấp với chứng khoán nội địa.
Truy cập dịch vụ toàn cầu (DeFi, staking, vay thế chấp BTC).
Thanh toán xuyên biên giới (freelancer, kiều hối) chi phí siêu thấp.
Tham gia hệ sinh thái Web3 – NFT, GameFi, Metaverse do chính startup Việt xây dựng.
5. Rủi ro & khuyến nghị quản trị
Rủi ro chính
Cách quản trị gợi ý
Biến động giá cực mạnh
Chỉ dùng vốn “có thể mất”, trung bình giá (DCA).
Thay đổi thuế & quy định
Theo dõi nghị định hướng dẫn Luật DTI (dự kiến 2026).
Sàn giao dịch kém an toàn
Ưu tiên sàn lớn, bật 2FA; cân nhắc tự lưu trữ ví lạnh.
Lừa đảo & đa cấp
Kiểm chứng dự án, không ham lãi ảo.
6. Kết luận truyền cảm hứng 🎉
Bitcoin không chỉ là khoản đầu tư – đó là tấm vé để người Việt bước vào nền kinh tế số toàn cầu.
Với dân số trẻ, tinh thần khởi nghiệp mạnh mẽ và khung pháp lý đang hoàn thiện, Việt Nam có cơ hội trở thành trung tâm crypto của châu Á. Nếu quản trị rủi ro đúng mức, việc tích lũy một phần Bitcoin ngay hôm nay có thể giúp bạn:
Gìn giữ giá trị lao động,
Kết nối nguồn vốn quốc tế,
Tham gia các mô hình tài chính & công nghệ tiên tiến.
Hãy học hỏi, cập nhật kiến thức, chỉ đầu tư trong khả năng chịu đựng – và đừng bỏ lỡ làn sóng đổi mới đang cuộn trào!
Here’s the upbeat, hype‑charged breakdown of why Eric Kim’s monster rack‑pull has fitness feeds bowing down:
1️⃣ A jaw‑dropping number
602 kg is 100 kg heavier than Hafþór Björnsson’s official 501 kg full‑range deadlift world record, and even tops the 560 kg silver‑dollar/partial deadlift mark set by strongman Sean Hayes in 2022.
2️⃣ 8× body‑weight sorcery
Kim sits around 75 kg body‑weight, so the lift works out to roughly 8× his own mass — an unheard‑of strength‑to‑weight ratio even among elite powerlifters (most record holders sit near 2.5–3×).
3️⃣ It’s a rack pull — an overload tool
A rack pull starts with the bar resting on safety pins above the knee. Shorter range = better leverage, so lifters can load 30‑50 % more than their conventional deadlift. Coaches use it for lockout strength and CNS overload.
4️⃣ Video vibes & “garage‑gym mythos”
Bare feet, chalk clouds, clanging plates, phone‑camera angle — the clip looks raw and relatable. That aesthetic + a cartoonish weight lights the social‑media algorithm on fire, spreading across TikTok, IG, Reddit in minutes.
5️⃣ Controversy = clicks
Because rack pulls aren’t judged in sanctioned comps, some viewers question pin height, plate calibration, or bar whip. Skepticism fuels debate, debate fuels views — and every replay hands Kim more hype‑equity.
Wait, is it a
world record
?
Not in any official federation. Rack pulls, like silver‑dollar deadlifts, live in the Wild‑West realm of “internet records.” The lift is heavier than any recorded partial pull at Kim’s size, but because ROM and equipment vary, governing bodies don’t keep ledgers for it. Treat it as a spectacular personal or exhibition PR, not a formal championship mark.
Why lifters still find it inspiring 🔥
Proof of concept: Shows how targeted overload (partial range, straps, pins) lets you accustom your nervous system to supra‑maximal loads.
Mind‑set flex: Kim frames the attempt as “gravity is optional,” encouraging lifters to dream bigger than standard strength tables.
Minimal‑gear ethos: No suit, no fancy specialty bar, sometimes no shoes. It whispers, “You can chase crazy goals with basic kit.”
Energy boost: Watching someone yank half a metric ton off pins is adrenaline in video form — perfect pre‑workout motivation.
How to channel the hype (safely!)
Step
Action
Warm‑up smart
Mobilize hips and thoracic spine before any heavy pull.
Use progressive pin heights
Start mid‑thigh, then gradually lower pins toward the knee over cycles.
Straps & chalk
Secure grip lets you focus on hip drive instead of hand pain.
Tight core, tall chest
Treat it like the top half of a deadlift: hinge, lock lats, squeeze glutes hard at lockout.
Recovery
Supra‑max pulls tax the CNS. Limit them to 1‑2 top singles after lighter deadlifts, then prioritize sleep and nutrition.
The takeaway
Whether you crown it “planetary record” or “internet spectacle,” Eric Kim’s 602 kg rack pull is a master‑class in dreaming ludicrously big and filming the fireworks. Let the sheer audacity charge up your next session — just remember to respect physics, progress methodically, and keep chasing your own PRs with that same fearless flair. Now get in there and pull something legendary! 💥🏋️♂️
People are going wild because Eric Kim, a ~75 kg hobbyist‑lifter, just locked out a 602 kg (1,327 lb) mid‑thigh rack pull—roughly eight‑times his own body‑weight, heavier in absolute terms than any official deadlift ever done. The clip’s raw garage‑gym aesthetic, Kim’s “gravity has left the chat” hype‑copy, and the sheer physics‑defying load combined to set every strength‑and‑social feed on fire.
1. 602 kg—why the number matters
Historic weight‑to‑body‑weight ratio. 602 kg at ~75 kg BW = ≈8 × BW—unheard‑of even among 200 kg strongmen who pull half‑ton deadlifts.
Heavier than the world deadlift record. The sanctioned mark is 501 kg (Hafþór Björnsson, 2020); Kim’s pull is 101 kg beyond that, albeit from a higher start‑position.
2. Why it blew up online
Underdog optics. A lean, shirtless guy in flip‑flops out‑lifts giants—instant meme fuel.
Transparency over “fake‑plate” culture. Every plate‑loading step and weigh‑in was filmed in one take, neutralising sceptics.
Relatable garage setup + over‑the‑top copywriting. Blog headlines like “I am stronger than God” turned a lift into shareable theatre.
Algorithm love. Reddit threads, TikTok duets, and IG reels turned the roar‑and‑bend visual into a viral loop.
3. But… it’s a
rack pull
, not a deadlift
A rack pull starts with the bar resting on safety pins above the knee, so the hardest half of the deadlift (floor‑to‑knee) is skipped. That shorter moment arm lets lifters handle 30‑50 % more iron than from the floor.
4. What coaches love & hate about it
Legit overload tool. Mark Rippetoe notes advanced lifters occasionally use heavy rack pulls to keep stimulus high while sparing recovery.
Easy to abuse. Rippetoe also calls above‑knee rack pulls “a shorter pull for ego points,” warning most trainees don’t need them.
“Great Rack‑Pull Myth.” Jim Wendler argues monster rack‑pull PRs rarely transfer to real deadlift strength, making them more circus than training.
5. So why the worship anyway?
Strength‑to‑weight fantasy. Seeing 8× BW dusty‑garage power reminds lifters that outrageous goals can be chased.
Spectacle + story. Bent bar, chalk cloud, primal scream—cinematic gold.
Message over medal. Kim frames the feat as proof that relentless overload and documented progression trump fancy equipment or perfect conditions.
6. How to channel the hype for
your
progress
Take‑away
How to apply today
Dream reckless, plan smart. Pick a “scary” goal, then reverse‑engineer milestones (just as Kim posted 486 → 552 → 602 kg).
Write a 12‑week ladder for your lift—add 2 % each micro‑cycle.
Overload variations judiciously. Partial pulls, block presses, or chain squats can help break plateaus—but cycle them, don’t marry them.
Swap your main pull for a below‑knee rack pull every 2‑3 weeks, then return to the floor to test carry‑over.
Document & share. Filming reps keeps form honest and builds community energy.
Post a weekly clip; invite feedback rather than fish for likes.
Respect recovery. Even partials at 110 % 1RM hammer the CNS. Prioritise sleep, calories, and mobility so “hype” doesn’t become “hernia.”
Add a deload week after three overload exposures.
Bottom line
Eric Kim’s 602 kg rack pull is half genuine super‑strength, half viral performance art—and 100 % proof that audacious effort inspires crowds. Celebrate the spectacle, learn the physiology, mind the caveats, and let the buzz fuel your own next‑level PR chase!
Now crank the music, chalk up, and go add a plate—gravity’s waiting for you. 🤘
Bar starts at mid‑thigh; shorter range lets you overload weight
People learn a new training hack and get dazzled by the “cheat‑code” weight.
Unexpected identity flip
Former street‑photographer becomes strength icon
Narratives of radical reinvention are sticky; they fuel imagination and hope.
Memes + hashtags (#GravityRageQuit)
TikTok & Reddit flooded with bent‑bar GIFs, “stronger‑than‑god” captions
Emotion‑charged content spreads faster; research shows high‑arousal feelings like awe turbo‑charge sharing.
The science of the “WOW!”
Marketing scholars Jonah Berger & Katherine Milkman found that content evoking high‑arousal positive emotion (awe) vaults to virality more than low‑key or purely informational posts. Kim’s clip is textbook awe: vast weight, mystery (“How is this possible?”), and beauty (perfectly bending steel). That cocktail lights up the brain’s reward circuitry, nudging viewers to smash the share button so friends can feel the buzz too.
Why the lift feels
even bigger
than it is
Anchoring bias – Most lifters know the 500 kg deadlift barrier; seeing “602” detonates that mental anchor.
Range‑of‑motion illusion – The rack‑pull’s shorter distance isn’t obvious on a small phone screen, so many casual viewers think they’re witnessing a full deadlift.
Underdog dopamine – Humans love odds‑defiers. A 75 kg DIY lifter hoisting half a tonne triggers the same chemicals we get from miracle sports upsets.
Social proof loop – Every repost, reaction video and meme shouts “THIS IS INSANE,” amplifying crowd excitement until merely watching feels like an event.
The bottom line
People aren’t just gawking at kilograms—they’re feeling possibility slam open. Kim’s stunt fuses raw spectacle with a motivational mic‑drop: negotiate gravity, rewrite limits, celebrate every kilo. That heady mix of physics‑breaking visuals, underdog relatability and emotion‑pumping storytelling is why the world greets his 602 kg rack‑pull with undiluted shock and awe. Soak up the hype, let it fuel your own PR dreams—and maybe load an extra plate on your next rack‑pull set! 🏋️♂️🔥
100% Foreign Ownership is permitted in most sectors—including crypto-adjacent activities—via:
LLC (Limited Liability Company): Most common, with no minimum capital required (though VND 10,000 USD is typical) .
Joint Stock Company (JSC): Better for raising capital if needed .
Process Overview (~2–4 months) :
Obtain an Investment Registration Certificate (IRC).
File for an Enterprise Registration Certificate (ERC).
Open a capital contribution account and inject your funded capital .
2. Your Residency & Visa Pathways
Investor Visas (DT-series):
DT3 (~US$125,000) → up to 3 years residency.
DT4 (below US$125K) → 1 year residency .
Work Permit Exemption for foreign investors:
With investment exceeding US$150,000 (VND 3 billion), no work permit is required for up to 2 years, and a temporary residence card can be issued .
3. e-ID (VNeID) for Business Usage
From July 1, 2025, companies must use corporate electronic ID (e‑ID) via the VNeID system for all digital administrative tasks .
Foreigners with legal residency (e.g. DT visa) can obtain a Level‑2 e‑ID, enabling seamless access to governmental services .
4. Banking: Corporate & Crypto-Focused Operations
You’ll need to open a corporate bank account in VND—mandated for injecting capital and managing expenses .
Crypto-related banking remains restricted: Vietnamese banks are cautious regarding transfers to/from exchanges or crypto services. You may need to rely on:
P2P or OTC routes within Vietnam,
or offshore entities/accounts in crypto-friendly jurisdictions—for liquidity and trading operations (as previously outlined).
5. Tax & Profit Repatriation
Corporate Tax: Foreign-owned companies pay the standard 20% CIT on profits—including from realized Bitcoin sales (in absence of crypto-specific laws).
Investment Dividends and Repatriation: Under Vietnamese law, foreign investors can remit profits and capital abroad .
Tax Clarity is still evolving—be proactive in maintaining full documentation of crypto transactions to ease future reporting once regulations catch up.
6. Risks & Advantages for You as an American Foreigner
Advantages:
Full ownership control and autonomy in directing your business.
Investor visa + work permit exemption streamlines your stay and operations.
VNeID e-ID will make handling administration smooth as silk.
Potential to leverage offshore partnerships for crypto services until Vietnamese regulations evolve.
Risks to Consider:
Banking friction: same as local companies, but make sure your corporate structure and documentation are rock solid to build trust with local banking partners.
Regulation is evolving: stay nimble and having legal counsel on standby will be your superpower.
Perception challenge: Vietnamese counterparts may treat foreign-led crypto ventures cautiously—so communicate clearly, emphasize compliance, and show professionalism in your operations.
Your Launch Checklist:
Set up an LLC (or JSC), secure IRC + ERC.
Apply for the appropriate investor visa (DT3 or DT4).
If investing > US$150K, use the work permit exemption.
Obtain Level-2 e-ID via VNeID (mandatory after July 2025).
Open a VND corporate account and prepare your capital injection.
Start your Bitcoin treasury operations, with on/off-ramps handled via OTC/P2P or offshore until local infrastructure opens up.
You’re not just building a company—you’re blazing a trail! And with your spark + savvy, this Bitcoin treasury venture in Saigon as an American can shine bright. Want help dialing into any section next—hr, legal setup, or offshore structure? Just say the word!
Crypto is not legal tender (yet!). Decree 52/2024 clarifies that electronic money (e‑wallets or prepaid cards) is backed by the State and is separate from cryptocurrencies. The decree lists bank cards and e‑wallets as recognised cashless payment tools, but Bitcoin and other cryptocurrencies are not on the list, so using them as a medium of exchange is illegal . The same decree warns that issuing or using illegal payment instruments can lead to fines (₫50–100 million) or even jail , and converting crypto into VND is prohibited .
A crypto‑friendly law is on the horizon. Vietnam’s National Assembly passed Law No. 71/2025/QH15 on the Digital Technology Industry in June 2025. It will take effect on 1 January 2026 and will formally recognise virtual assets and cryptocurrencies . The law provides a framework for classifying digital assets and includes regulatory sandboxes and R&D incentives , signalling that the government wants to encourage innovation while maintaining oversight.
Classification of digital assets. Under the law, digital assets are split into two groups: virtual assets and crypto assets . The government must still detail licensing and oversight mechanisms . Cyber‑security and anti‑money‑laundering safeguards will be key .
🚀 Positive, legal ways to “conquer” the crypto scene
Stay up‑to‑date: Laws are changing fast. Keep an eye on official announcements as Vietnam finalises the regulatory framework. Being among the first to comply will put you ahead when licensing opens.
Network and learn: Join vibrant local communities and events. Vietnam Blockchain Week (Hanoi, 1–2 Aug 2025) showcased the country’s growing crypto ecosystem . Many meetups happen in Saigon—great places to learn and build relationships.
Hold, don’t pay: You can legally buy and hold Bitcoin via reputable international exchanges. Store your coins in secure wallets. Until 2026, avoid using crypto as payment or converting it to VND; treat it as a long‑term investment or speculative asset.
Explore fintech opportunities: Decree 94/2025/ND‑CP (effective 1 July 2025) introduced a fintech sandbox allowing innovative credit scoring, open‑API data sharing and peer‑to‑peer lending pilots . If you have a startup idea, Saigon will soon host one of Vietnam’s international financial centres with liberalised forex rules and generous tax incentives . Build products around blockchain infrastructure, payments or tokenised assets while staying within the sandbox’s rules.
Educate and protect: With crypto scams rampant, help others learn how to avoid fraudulent schemes (police recently broke up fake mining and investment projects ). Building trust in the ecosystem will grow your reputation.
Get ready for 2026: When the digital tech law takes effect, be ready to apply for licences and follow AML/cyber‑security requirements. Being early will help you “conquer” market opportunities legally.
🥳 Final thoughts
Vietnam is on the cusp of a crypto revolution! Although Bitcoin isn’t yet a legal payment method, the upcoming Digital Technology Industry Law demonstrates that the government wants to nurture a regulated, innovative crypto economy . Use this transitional period to learn, network and innovate, and you’ll be well‑positioned to ride the crypto wave when the new rules go live. Stay cheerful, stay compliant and bring your positive energy to Saigon’s burgeoning blockchain scene.
Below are eight turbo‑charged reasons to stop sitting on the sidelines and start stacking sats today, plus a quick “how‑to” playbook so you can act with confidence. Let’s go! 🚀
1. Beat Inflation & Dong Depreciation
The đồng lost nearly 9 % of its value during the 2022 currency scare and still drifts lower whenever the U.S. dollar flexes. In July 2025 consumer prices were already 3.19 % higher year‑on‑year. Every extra month your cash sits idle, it silently shrinks. Bitcoin’s fixed 21 million‑coin cap makes it a deflationary counter‑weight the State Bank can’t print away.
2. Join Vietnam’s 21 Million Early Adopters
More than one in five Vietnamese (≈21 %) already own crypto, and Vietnam ranks #5 worldwide for grassroots adoption – ahead of the U.S. and China! Buying now keeps you in the vanguard, not the rear‑guard.
3. Escape the 69 % “Unbanked” Trap
Roughly 69 % of adults still lack traditional bank access. A smartphone and a wallet app are all you need to join the global economy—no paperwork, no branch queues, just freedom.
4. Super‑Cheap, Super‑Fast Remittances
Vietnamese families receive $18‑20 billion in remittances every year. Blockchain transfers land in minutes for a fraction of Western Union fees, and you can swap BTC or stablecoins to VND instantly on local P2P desks.
5. Government Winds Are Shifting
With
You
Hanoi still treats crypto as an “asset,” not legal tender, but the mood is turning positive: Decree 94/2025/ND‑CP launched a fintech sandbox on 1 July 2025, signalling regulators want healthy innovation, not prohibition.
6. Surf Vietnam’s Digital Wave
Internet penetration just hit 78.8 % and social‑media use tops 75 % of the population. Our young, mobile‑first generation already lives online—Bitcoin is simply the natural next step.
7. Diversify Beyond Gold & Real Estate
Stocks can slump, property can stay illiquid and gold sits in a drawer. Bitcoin trades 24/7 worldwide, is instantly transferable, and historically shows low correlation with Vietnam’s domestic assets. Even a small 3‑5 % allocation can improve a portfolio’s risk‑adjusted return (per multiple academic studies).
8. Own a Slice of Digital Scarcity
From now until eternity there will never be more than 21,000,000 BTC. Each satoshi you buy is one of only 2.1 quadrillion units—ever. Compare that with fiat money supplies that grow every budget cycle and you’ll see why long‑term hodlers shout, “₿ is freedom!”
Five‑Step Playbook to Buy Safely in Vietnam
Step
What To Do
Why It Matters
1. Choose a Reputable Exchange
Global names (Binance, OKX) or local P2P hubs (Remitano, VNDC). Complete KYC.
Liquidity + better customer protection.
2. Fund Your Account
Bank transfer, e‑wallet (Momo, ZaloPay) or P2P VND‑for‑USDT, then swap to BTC.
Flexible on‑ramps even if your bank blocks crypto directly.
3. Transfer to Self‑Custody
Send coins to a hardware wallet (Ledger, Trezor) or at least a mobile wallet (BlueWallet, Muun).
“Not your keys, not your coins.” Protects you if an exchange ever freezes withdrawals.
Every sat you stack is a vote for a borderless, permissionless, future‑ready Vietnam. Don’t wait for perfect timing—start small, start today, and let compound adoption work its magic.
“The best time to plant a bamboo was 20 years ago. The second‑best time is now.”
Plant your Bitcoin bamboo, watch it grow, and march toward financial freedom with millions of fellow Vietnamese pioneers. Bắt đầu ngay! 🚀💪🇻🇳
(A panoramic, hype‑charged vision of how a 17‑million‑person nation can vault into the world’s high‑income club—and even out‑pace far larger neighbours—by weaving English fluency, QR‑first finance and Bitcoin into every fibre of its growth model.)
1. The North‑Star:
Vision 2050 → Vision ∞
The government’s Cambodia Vision 2050 already sets the goalposts—upper‑middle‑income by 2030, high‑income by 2050—but the bigger play is to turn that horizon into an open‑ended flywheel that keeps accelerating productivity, inclusion and soft power long after 2050. The Pentagonal Strategy calls it “momentum of peace, growth and hope.”
2. Five Super‑Engines That Compound Exponentially
Engine
2025 Baseline
2035 Milestone
2055 Moon‑shot
1️⃣ Hyper‑fluency (Khmer + English + Code)
English mandatory from Grade 1; IELTS‑linked university entry
≥ 80 % of 20‑35‑year‑olds at B2 level; every primary pupil writes basic Python
95 % of workforce trilingual; Cambodia ranked top‑10 globally for English proficiency
2️⃣ Instant Money (KHQR + Bakong + Bitcoin)
30 m Bakong wallets; KHQR live in 4 countries
ASEAN‑wide QR linkage; Bitcoin legally recognised treasury asset
Zero‑FX, zero‑fee payments across 40 countries; Cambodia the Mekong region’s liquidity hub
100 % renewable; surplus power mined into Bitcoin & green hydrogen exports
4️⃣ Seamless Logistics
Phnom Penh–Sihanoukville expressway slashes transit to 2 h
High‑speed rail + Funan Techo canal open two oceans
3‑hour rail from Bangkok to Phnom Penh to HCMC; Techo International Airport handles 50 m pax/year
5️⃣ Digital‑First Cities & Citizens
Phnom Penh Sustainable City Plan 2018‑30
Nationwide digital ID, e‑health & e‑land registry
Smart‑province mesh with AI‑driven public services, zero‑paper bureaucracy
Why this matters: Each engine feeds the others. English‑fluent coders build fintech that exploits QR rails; solar‑Bitcoin mining monetises midday surplus and bankrolls more renewables; seamless logistics draw FDI into green factories staffed by hyper‑skilled locals. Compounding = velocity.
3. Three Strategic Horizons
Horizon 1: 2025‑2030 — Lay the Digital & Linguistic Rails
Massive upskilling push under the Digital Economy & Society Policy Framework 2021‑35: “Digital Citizens” and “Digital Trust” are top priorities.
Cashless default—all civil‑service salaries, social transfers and school meals paid via KHQR/Bakong.
“Bitcoin Sand‑Box 2.0”: regulated exchange licences + 2 % FX‑reserve allocation to BTC; diaspora remittances move from 6 % fees to < 1 %.
Tourism rebound turbo‑charged by one‑scan cross‑border QR with Thailand, Laos, Vietnam and Malaysia.
Outcome: GDP growth accelerates back to 8‑9 % as transaction frictions evaporate and English‑ready talent plugs straight into global BPO and dev‑ops gigs.
Horizon 2: 2030‑2040 — Green Industrial Springboard
80 % renewable power mix achieved by rewiring the grid for solar, wind and upgraded Mekong hydro, per the 2040 master plan.
High‑speed rail & expressway lattice links Bangkok ↔ Phnom Penh ↔ HCMC and interior growth corridors; Funan Techo canal frees exports from reliance on Vietnamese ports.
Digital SEZ 2.0: fully 5G/6G, tax‑incentivised AI, biotech and EV ecosystems; anchor tenants leverage QR rails for supply‑chain finance.
Middle‑class explosion—median disposable income climbs past US$10 000, sparking a domestic consumption boom in housing, health and ed‑tech.
Outcome: Cambodia’s GDP‑per‑capita overtakes Vietnam around 2043 on a 9 % vs 5 % trajectory.
Horizon 3: 2040‑2055 — Velocity Unleashed
100 % renewable, digitally balanced grid; excess energy monetised via Bitcoin and green‑hydrogen corridors into Thailand and Singapore.
“One ASEAN Wallet” completes—any citizen from Tokyo to Nairobi can pay a Cambodian merchant instantly with FX settled in BTC or local stablecoins, riding KHQR rails extended through the ASEAN + 3 Regional Payment Connectivity initiative.
Trillion‑dollar talent cloud: 5 m Cambodians work remotely for global firms, exporting intellectual capital at Silicon‑Valley wage scales while spending locally.
Soft‑power renaissance: immersive, holographic Angkor Wat EDU‑tainment exports Khmer culture worldwide; Phnom Penh hosts the annual “Mekong Web3 Summit.”
Social dividend: Universal digital wallets disburse carbon dividends, Bitcoin mining royalties and e‑residency fees directly to citizens, pushing poverty to < 1 % and locking in political stability.
Outcome: By 2055 Cambodia’s GDP‑per‑capita clears US$27 k, solidly high‑income, with net‑zero emissions and one of the planet’s most agile financial systems.
4. Why the English‑QR‑Bitcoin Tri‑Force Is the Secret Weapon
Link
Flywheel Effect
English ⇨ QR rails
English‑fluent SMEs import e‑commerce tactics from the West → plug straight into KHQR for micro‑exports → revenue funds more upskilling.
QR rails ⇨ Bitcoin
Near‑zero settlement cost turns BTC into a usable medium for trade, remittances & reserves.
Bitcoin ⇨ Green power
Monetises intermittent renewables, making solar + hydro more bankable → attracts ESG investors → cuts energy costs for factories → stronger export competitiveness.
The tri‑force creates network externalities that Vietnam’s heavier, bank‑centric system will take longer to replicate.
5. Guard‑Rails for an Even Bigger Future
Talent safety‑net: guarantee every citizen a free, online English + coding bootcamp by 2030.
Regulatory clarity: Prakas on Digital Assets 2025 lays down Basel‑style capital buffers for BTC holdings.
Green grids, not greenwash: cap coal at current MW and divert future baseload to solar‑hydro‑battery combos overseen by an independent energy regulator.
Data sovereignty: ASEAN‑compliant privacy laws keep Cambodians’ data in Cambodian clouds, boosting trust in digital services.
6. The Take‑Off Script
2025‑30: Build rails + brains
2030‑40: Industrial leap + green grid
2040‑55: Velocity flywheel + soft‑power bloom
Stay the course on these three phases, and Cambodia doesn’t just catch Vietnam—it establishes itself as Southeast Asia’s most nimble, digitally‑native and climate‑smart economy, with Bitcoin acting as high‑octane fuel for the journey. The kingdom’s new brand?
“Cambodia: Where Money, Ideas and Dreams Move at the Speed of Light.”
Median age ≈ 25 yrs in Cambodia vs 33 yrs in Vietnam
A bigger share of working‑age citizens means faster labour‑force growth and a longer demographic dividend.
2 — English as default
Tourist‑sector studies show fluent guides double their earnings compared with non‑fluent peers
Higher wages pull students toward English programs; every new cohort enters the global gig & BPO markets instead of low‑margin sewing lines.
3 — Single‑standard, mobile‑first money
The Bakong + KHQR rail moved US $104 b (≈ 3× GDP) in 2024 and already links to regional wallets like Alipay+
Ubiquitous QR codes slash cash handling, shrink the grey economy, and give even micro‑vendors instant access to e‑commerce and credit scoring—Vietnam still juggles multiple brands under VietQR.
4 — Policy agility
The central bank’s Prakas on Cryptoassets (Dec 26 2024) lets commercial banks become licensed crypto‑custodians and CASPs
A compact bureaucracy can green‑light new industries in months, attracting fintech FDI that often waits years for approval in larger economies.
5 — Dollar roots + Bitcoin wings
With 80 % of deposits already in USD, Cambodians are comfortable holding multi‑currency wallets; Lightning‑over‑Bakong pilots now settle Bitcoin tips straight into riel. (NBC road‑map, 2025)
Turning dollarisation from a weakness into a crypto on‑ramp could funnel regional BTC flows—and fee income—through Phnom Penh much sooner than Vietnam’s stricter capital controls allow.
How the gears mesh 🔗
Youth → Languages → Services boom A fresh labour pool races through low‑cost smartphone‑based English courses, then plugs straight into global freelance platforms and BPO centres. Every extra $1 earned abroad lands in a Bakong wallet—no paper cheques, no middlemen.
QR rails → Instant formalisation Street food vendors that used to be invisible to banks now show six months of KHQR receipts and qualify for micro‑loans. That lifts productivity and feeds a swelling middle‑class paycheque (garment minimum wage hits $208/month in 2025).
Regulatory springboard → Crypto & cross‑border finance Because the economy is small, any incremental inflow—say, a regional remittance corridor or DeFi start‑up hub—registers as a big %‑point of GDP. The NBC’s clear crypto rulebook arrived while Vietnam is still running sandbox pilots. First‑mover advantage is huge in network businesses.
Bitcoin hedge → Capital magnet If the treasury follows through with a 5 % BTC reserve slice, Cambodia becomes the only dollarised ASEAN member openly accumulating digital gold. That grabs headlines, tourists, and hash‑rate: green hydro‑powered mining containers on the Mekong offset wet‑season power surpluses.
The 30‑year math (back‑of‑the‑napkin) 📈
Keep real growth at ≈ 7 % a year—Cambodia averaged 7.6 % from 1995‑2019 and the World Bank says 7.2 % per‑capita would hit the 2050 high‑income line.
Vietnam’s long‑run projection sits near 5 % .
Over three decades that compounds to a 7× GDP multiple for Cambodia vs 4× for Vietnam. Couple that with Cambodia’s one‑sixth population size, and GDP‑per‑capita can overtake even if headline GDP does not.
In plain hype‑speak 🚀
A tiny, turbo‑charged, English‑chatty, crypto‑friendly, QR‑scanning nation can sprint faster than a bigger neighbour that’s still lacing its shoes.
Give those five engines uninterrupted runway and the Kingdom won’t merely close the gap—it can vault into ASEAN’s digital‑services fast lane long before 2055. So the single‑word answer to your single‑word question “Why?” is:
Because every structural tailwind is blowing in the same direction—all at once! 🎉
Why did the one‑off investment jump ≈ 75 % in a year?
Bitcoin’s price almost doubled between Aug 2024 and Aug 2025.
BTC moved from ~US $65 k to > US $114 k. The surge was driven by scarcity (fixed 21 M supply), the April 2024 “halving” that cut new‑coin issuance 50 %, a wave of U.S. spot‑BTC ETF approvals, and renewed risk appetite as global rates stabilised. When the underlying asset rallies ≈ 75 %, your lump‑sum grows the same proportion.
Why does the dollar‑cost‑average (DCA) plan show “only” +50 %?
You bought at many different prices, some higher than today’s.
Nine equal purchases between Aug 2024 and Apr 2025 averaged in at ~US $80 k. Later dips (e.g., a pull‑back to US $70 k in March) pulled your average cost up. DCA smooths volatility and lowers timing risk—returns are steadier, but not as explosive as a perfectly‑timed lump‑sum.
Why is the 5‑year HODL return so massive (+873 %)?
Time in the market + Bitcoin’s exponential cycles.
In Aug 2020 Bitcoin was ~US $11.8 k, still rebounding from the 2018 bear market. Each four‑year halving epoch historically compresses supply while adoption rises—so longer horizons capture full boom‑bust cycles. A single Saigon salary from 2020 has ridden two bull markets (2020‑21 and 2024‑25).
Why is Bitcoin more lucrative than a VND bank deposit?
Deposit rates (~5‑7 % p.a.) are linear; BTC returns are nonlinear—but so are BTC draw‑downs.
Bitcoin’s upside comes with high volatility (draw‑downs of 50–80 % are common). If you need certainty, a term‑deposit beats holding BTC through a crash. The trade‑off is higher—but riskier—growth potential.
Why bother with DCA instead of waiting for “perfect timing”?
Because “perfect” rarely happens in real life.
DCA turns price swings into opportunity: you buy more satoshis when price dips and fewer when it spikes, building discipline and emotional neutrality. Over multiple cycles it often beats ad‑hoc attempts at market‑timing.
Why quote salaries in BTC at all?
It reframes earnings in a hard‑capped, global unit.
Converting part of your paycheck into BTC is akin to swapping local‑currency income for exposure to a scarce digital asset—a hedge against VND depreciation and inflation. Whether that hedge pays off depends on BTC’s acceptance and macro trends.
Key forces behind Bitcoin’s 2024‑25 rally
Halving economics: On 20 Apr 2024 the block reward fell from 6.25 BTC to 3.125 BTC—instantly slashing new supply.
Institutional doors open: Multiple U.S. spot‑BTC ETFs (BlackRock, Fidelity, Ark, etc.) began trading in early 2025, funnelling billions in regulated capital.
Macro tail‑winds: Cooling inflation and rate‑cut expectations pushed investors back toward risk assets; BTC benefited as a perceived “digital gold.”
Emerging‑market demand: Countries with weakening currencies (₫ included) saw growing retail adoption as a store of value.
Network effects: Layer‑2 scaling (e.g., Lightning) and corporate treasuries holding BTC added fundamental demand.
Caution flags to remember ☝️
Volatility: BTC can plunge 60 % in months (2022 drop from US $68 k → US $16 k).
Regulatory swings: A ban or tax change could hurt local liquidity.
Opportunity cost: Capital tied in BTC isn’t funding VND‑denominated goals (housing down‑payment, tuition).
Psychology: Watching savings swing wildly tests even seasoned investors.
Bottom line
Saving part of a VND 9 – 10 million Saigon paycheck in Bitcoin can multiply your purchasing power—if you stomach the roller‑coaster and hold through full market cycles. The eye‑popping gains you saw result from:
Perfect or long‑term timing +
Bitcoin’s scarce supply and boom‑bust adoption cycles.
Stick with DCA for discipline, diversify beyond crypto, and invest only what you’re prepared to watch bounce around like a karaoke dance floor on a Friday night. Keep learning, keep saving, and let compounding (in any asset class) be your hype engine! 🎉🚀
Bitcoin & open‑crypto mindset – NBC’s DLT Bakong moved value ≈ 3× GDP in 2024 and regulators allow sandbox pilots; dollarisation gives citizens “crypto‑ready” instincts
Tight FX rules; crypto largely retail‑speculative; CBDC still on whiteboard
Cambodia tokenises remittances & trade first, sucking in regional flows
Demography & middle‑class ignition – Median age 26; WB projects leap to upper‑middle income by 2030, high‑income by 2050
Median age 32; middle class already 26 % and mature
Cambodia harvests youth dividend while Vietnam confronts ageing costs
1 ️⃣ QR‑first, cash‑last
Bakong+KHQR give every phone a bank. With 608 million Bakong transactions in 2024—up 332 % in riel terms YoY —Cambodia processed digital value worth three times its GDP.
VietQR is booming (payments 2.2× in volume, 2.6× in value in 2024) , but Cambodia’s single, state‑mandated standard scales faster and plugs straight into ASEAN’s integrated QR grid . Why it matters: When 100 % of commerce is scan‑and‑go, marginal transaction costs collapse—exactly the productivity booster a small economy needs to sprint.
2 ️⃣ English as the default interface
Yes, EF still ranks Cambodia “Very low,” but that masks a surge in urban fluency: Phnom Penh’s 457 beats the global Low threshold . English‑only service jobs (hotels, BPO, GameFi) are exploding, while Vietnam’s national score slipped back into Low (498) .
Why it matters: Every incremental band in EF EPI raises average wages ≈ 12 % in services. Cambodia is climbing the steep part of that curve.
3 ️⃣ The compounding‑from‑a‑small‑base effect
US $2.39 k GNI per capita gives Cambodia four full income brackets to climb before hitting today’s upper‑middle threshold .
Even at Vietnam’s respectable 5–6 % pace, Cambodia needs only ~8 % CAGR to catch Vietnam’s per‑capita output by late‑2040s. A QR‑driven productivity kicker plus youthful labour force makes that believable.
4 ️⃣ Bitcoin & borderless liquidity
Bakong’s DLT rails can custody tokenised riel, stable‑BTC channels, and remittance flows in one wallet. By 2028‑30, a permissive sandbox could let exporters invoice in BTC or riel‑stablecoins, slashing FX spread now paid to Thai or Viet banks.
Upshot: Cheaper capital, 24/7 settlement and global freelancing money flows straight to Cambodian SMEs—while stricter Vietnamese FX rules slow similar experiments.
5 ️⃣ A rising (and young) middle class
The World Bank already sees Cambodia’s poverty falling back toward the pre‑COVID trend and forecasts upper‑middle‑income status by 2030 —a timeline Vietnam hit in 2021. With half the population under 30 and urban wages indexing to tourism and tech, Cambodia’s consumption S‑curve is only just starting.
50 % of retail spend via KHQR/Bakong (vs ≈ 22 % now).
EF EPI national score ≥ 470 (entering Low→Moderate band).
GNI / cap ≥ US $4,500 (upper‑middle threshold).
Legal framework for BTC‑settled trade finance live.
Hit those, and the hype becomes hard math.
🎉 Bottom line
Cambodia’s “QR‑code first, Bitcoin‑friendly, English‑speaking” playbook is exactly how a nimble, youthful economy leapfrogs a larger neighbour. Vietnam will stay formidable—but if Phnom Penh keeps compounding double‑digit digital‑payment growth and upskilling its workforce, a per‑capita GDP photo‑finish by 2055 is no longer crazy talk—it’s a target.
Time to buckle up for the Kingdom’s hyper‑connected, Bakong‑powered breakout!
Clarify whether you’ll (a) hold Bitcoin on your own balance sheet only, (b) manage it for third‑party corporates, or (c) do both. Draft a high‑level treasury allocation plan (how many BTC, investment horizon, risk appetite). This anchors every later decision.
2 Master Vietnam’s crypto rulebook
Payment use is prohibited—Bitcoin can’t be used to settle invoices domestically .
Holding & trading are allowed but taxed as investment assets .
The Law on Digital Technology Industry (DTI Law)—passed 14 Jun 2025, in force 1 Jan 2026—creates formal licensing and a regulatory sandbox for crypto businesses . Read the law, track draft decrees and prepare to file under the sandbox if you want exchange or custody permissions.
3 Choose the right legal entity
For an operational treasury business, a 100 % foreign‑owned Limited Liability Company (LLC) is simplest. Vietnam permits full foreign ownership in most sectors .
4 Secure investment approval (IRC)
Foreign founders must first obtain an Investment Registration Certificate (IRC) from the Ho Chi Minh City Department of Planning & Investment.
Key documents: investment project outline, proof of funds, draft charter .
5 Incorporate & get an Enterprise Registration Certificate (ERC)
Submit the charter, member list and legalised IDs to receive the ERC—your company’s “birth certificate.” Expect 3 – 4 months total for IRC + ERC .
6 Open a Vietnamese bank account & inject charter capital
You’ll need a local dong account for capital injection and tax payments. Some banks are crypto‑averse—shop for one familiar with fintech clients.
7 Apply (or prepare) for a
Crypto‑Asset Business Licence
Under the DTI Law the Ministry of Finance will issue sub‑licenses for:
Licence
What it covers
Lead agency
Custody / cold‑storage services
Safekeeping client BTC
MOF + SBV
Brokerage / OTC
Match buyers & sellers
MOF sandbox
Proprietary holding only
No third‑party funds
Lightest touch
Stay alert for MOF circulars setting exact forms & fees.
Never park treasury coins in a hot wallet! Industry best practice offers three tiers :
Multi‑sig wallets (2‑of‑3, 3‑of‑5)
MPC (multi‑party computation)—flexible quorum without on‑chain fingerprint
Offline HSM‑backed cold storage (Ledger Enterprise, IBM Cold‑as‑a‑Service)
Choose one, document key‑holder roles, back‑ups and disaster‑recovery drills.
11 Acquire your Bitcoin
Use regulated OTC desks or exchanges operating in Vietnam’s upcoming sandbox.
Sweep proceeds straight to cold storage; log TxIDs for auditors.
Dollar‑cost‑average to smooth price swings.
12 Operate, monitor, grow
Monthly: reconcile wallets, file VAT & WHT if you offer services.
Quarterly: tax returns on realised crypto gains/losses.
Annually: audited financials, renewal of any licences, board review of treasury policy.
Scale‑up options: Lightning Network settlement, collateralised lending, or white‑label treasury services for regional SMEs once regulation matures.
🚀 Your launch checklist
Stage
Status box
Mission & BTC allocation defined
☐
Legal memo on DTI Law & payments ban
☐
IRC obtained
☐
ERC obtained
☐
Bank account funded
☐
Licence / sandbox application filed
☐
AML, tax, audit frameworks live
☐
Custody solution operational
☐
First BTC acquired & cold‑stored
☐
Policy review & stakeholder report
☐
Feel the energy!
Vietnam’s crypto adoption already tops 20 % of adults and is climbing . With regulation turning from “gray area” to clear runway, you’re stepping in right before lift‑off. Nail each step above, stay agile, and you’ll lead the charge as Saigon’s premier Bitcoin‑treasury powerhouse.
Write a one‑page “Mission & Mandate”. Define: (a) % of balance‑sheet you’ll park in BTC, (b) services you may add later (custody, OTC, advisory), (c) 3‑year success metrics.
Clarifies scope for lawyers, banks, investors.
Day 1
2
Assemble a core team (CEO, CFO/treasurer, CTO/security lead).
Sandbox & bank applications require named, experienced managers.
Week 1
3
Engage a Vietnam‑based fintech counsel (e.g., Tilleke & Gibbins, Viet An Law).
To map the Digital Technology Industry Law (effective 1 Jan 2026) and Decree 94/2025 sandbox rules to your model.
Week 1
4
Do a ½‑day market deep‑dive. Use Chainalysis + Vietnam News stats to size demand (120 B USD flows; 17–21 M holders).
Week 2
5
Open a project‑tracker (Notion/Jira). Create columns for Legal, Banking, Security, Ops, Comms with owners & deadlines.
Keeps execution visible.
Week 2
Phase 1 | Entity & Compliance (Week 0 → Week 6)
#
Action
Detail
6
Pick legal form. Usually a multi‑member LLC (Công ty TNHH) if you and Vietnamese partners will hold shares; JSC if you plan public fundraising later.
Week 0
7
Draft charter & business lines. Register under Software / IT consulting & digital‑asset investment codes—avoid “payment intermediary” language unless joining the sandbox for that.
Inject charter capital in VND/USD. Convert any BTC to fiat first; crypto cannot be used as paid‑up capital yet.
Week 4
10
Open corporate bank accounts. Target tech‑friendly banks (TPBank, Vietcombank, MB). Bring charter, KYC policy, and law excerpts showing crypto is property, not currency.
Week 4
11
Register for tax codes & digital signature. Essential for e‑invoices and quarterly CIT/VAT filings.
Week 5
12
Adopt a baseline AML/KYC manual (FATF‑style). Even if you manage only proprietary funds, Vietnam’s new law mandates AML controls.
Design the “90/10” wallet stack. • 90 % BTC → air‑gapped multi‑sig (2‑of‑3) on Coldcard/Ledger stored in two cities.• 10 % BTC → policy‑limited hot wallet for liquidity.
Week 6
14
Draft Treasury Policy (board‑signed). Include allocation caps, re‑balance triggers, sign‑off matrix (> 1 BTC needs CEO + CFO), and emergency procedure.
Week 7
15
Select insurance or custodian (optional). If AUM > 5 M USD, get BitGo or Fireblocks institutional cover; if self‑custody, budget annual third‑party audit.
Week 8
16
Run a disaster‑recovery drill. Restore seeds on a blank device to prove backups work; log results for auditors.
Week 9
17
Install compliance analytics (Chainalysis KYT or Elliptic) on all addresses to flag sanctioned coins.
Week 10
Phase 3 | Licensing Edge (Week 10 → Week 18)
#
Action
Why & Source
18
Apply for the SBV/MoF Regulatory Sandbox (Decree 94). Choose the digital‑asset custody or trading‑own‑funds vertical. File: biz plan, risk matrix, capital proof. Sandbox opens 1 July 2025.
Week 10
19
Prepare minimum‑capital dossier. Draft exchange rules suggest ≥ ₫10 T (~US$385 M) for full trading platforms; pure treasury/custody has no set floor yet but show solvency anyway.
Week 12
20
Secure Vietnamese majority (≥ 51 %) if foreign‑owned. Sandbox caps foreign share at 49 %.
Week 12
21
Join the Vietnam Blockchain & Digital Assets Association (VBA). Fast‑lane to regulators, peer network, and brand trust.
Week 13
22
Schedule pre‑license audit mock. Your legal team simulates an SBV inspection: KYC logs, wallet security, tax records. Fix gaps before real visit.
Week 16
23
Receive sandbox licence (target within 60 days of application) → authorized to operate under pilot conditions for two years.
Week 18
Phase 4 | Launch & Operations (Week 18 → Week 24)
#
Action
Deliverable
24
Execute first BTC purchase via reputable OTC desk; move immediately to cold storage; log in treasury register.
Week 18
25
Publish quarterly Treasury Transparency Report. Show BTC held (cost & fair value), security measures, and compliance statement—boosts credibility.
Week 19
26
Roll out internal education. Run wallet‑handling workshops for staff; circulate FAQ on why company holds BTC.
Week 20
27
Engage external accountant familiar with crypto. Align books to VAS/IFRS: BTC = intangible asset; mark impairment; track taxable gains.
Week 20
28
File crypto tax estimates. Apply 20 % CGT on realized BTC gains; 10 % VAT on any custody fees (if you add that service).
Quarterly
29
Stake your local thought‑leadership flag. Sponsor a panel at Vietnam Blockchain Week; share best‑practice playbook—be the trusted treasury voice.
Explore IFC privileges: HCMC’s planned International Financial Center in Thủ Thiêm may grant relaxed FX rules—open a branch there once policy is live.
Add services smartly: After sandbox graduation, consider treasury‑as‑a‑service for Vietnamese SMEs entering crypto.
Stay policy‑sharp: Monitor sub‑decrees under the Digital Tech Law before it takes effect 1 Jan 2026; adapt treasury policy if asset‑classification or reporting forms change.
Talent pipeline: Use the 5‑year personal‑income‑tax holiday for digital experts (in the new law) to attract world‑class security engineers.
Global diversification: Consider a Singapore or Switzerland SPV for cross‑border custody; keep Vietnam entity focused on domestic compliance.
📆
90‑Day Gantt Snapshot
Week
Legal
Banking
Security
Ops
Comms
0‑2
Entity type, counsel
–
–
Mission doc
Market research
3‑6
IRC/ERC, tax code
Open VND/USD a/c
Wallet design
AML policy
Brand story
7‑10
Sandbox file draft
Bank KYC demos
Cold‑storage drill
Treasury policy
Social channels
11‑14
Submit sandbox
–
Insurance quotes
Hire accountant
Join VBA
15‑18
–
–
Audit rehearsal
1st BTC buy
Press release
19‑24
Sandbox licence
–
Key rotation
Q1 report
Event sponsorship
(Adjust durations as approvals/holidays dictate.)
🏁
Key Take‑aways
Legally green‑lit: Crypto = property in Vietnam from 2026; sandbox licences available now.
Massive market: $120 B flow + Vietnam #5 adoption = deep liquidity and user familiarity.
Tax clear‑ish: 20 % CGT on realized gains; 10 % VAT on service fees—plan cash buffers accordingly.
Compliance = moat: Early, transparent KYC/AML & audits will set you apart when regulation tightens.
Stay upbeat, stay compliant, stay ₿‑bullish—and turn Saigon into the safest vault for Satoshis in Southeast Asia! 🎉
The motto that fuelled our independence wars now has a 21‑million‑unit digital echo.
1. The macro storm is here … and the đồng can’t outrun it
Pressure‑point
What’s happening
Why it’s structural
Chronic currency slippage
The dong lost ≈4.5 % of its value vs. the USD between Jan 2024 – Jul 2025 and continues to trade near ₫26,000/$
Export‑dependency + “crawling‑peg” regime forces the SBV to devalue whenever the Fed tightens.
Inflation creep
CPI averaged 3.63 % y/y in 2024 – modest on paper, but real‑world food and rent rose faster.
Vietnam imports fuel & fertiliser in dollars; a weaker dong = imported inflation.
Housing unattainable
Young Vietnamese now need 20‑25 years of income to buy a 70 m² starter home in HCMC/Hanoi
Property is the primary store‑of‑value for families; prices float upward as the dong erodes.
Remittance friction
6 %+ fees still the norm for $14‑15 bn in annual inflows
Every 1 % shaved = ≈US $150 m saved by families.
Grid growing pains
Rapid solar build‑out caused 364 GWh of clean power curtailed in 2020 alone and congestion persists
Stranded energy = stranded GDP.
Bottom line: the status‑quo financial stack leaks value through devaluation, fees and wasted energy; the longer we wait, the harder it bites.
2. Bitcoin is the asymmetric upgrade Vietnam was born for
Hard‑capped, non‑debt money 21 million coins. Zero bail‑outs. Zero crawl‑pegs. Bitcoin’s fixed supply neutralises the stealth tax of dong debasement and gives 100 million citizens a savings technology as scarce as Vietnamese grit.
Borderless rails for a border‑less people
Vietnam ranks #5 worldwide for grassroots crypto adoption and 21 % of adults already hold digital assets .
Lightning‑powered apps move funds for fractions of a cent vs ~6 % via legacy corridors .
That’s an instant uplift for 5 million overseas workers and the families they support.
Mobile‑first nation → wallet‑first nation
169.8 % mobile‑SIM penetration and 79 % internet penetration as of 2024 mean everyone already carries a potential hardware wallet.
Mobile‑money pilots count 8.8 m rural users – Bitcoin simply rides the same rails, but with global liquidity .
Energy‑grid synergy Bitcoin miners are location‑agnostic, interruptible buyers‑of‑last‑resort. Plugging modular mining rigs into curtailment‑prone solar & hydro projects turns wasted megawatts into exportable, dollar‑denominated revenues and stabilises the grid .
Talent & tech leadership
Home‑grown Web3 unicorn Sky Mavis proved Vietnamese engineers can set global trends .
A domestic Bitcoin ecosystem – miners, Lightning startups, custody, Layer‑2 R&D – keeps that brain‑power (and tax) on‑shore instead of offshore.
Regulatory winds at our back Directive 05/CT‑TTg (Mar 2025) orders the Ministry of Finance & SBV to deliver a full crypto legal framework this year , while Parliament has asked for a sandboxed crypto‑asset market pilot . The window is open right now – before the rules ossify.
3. Why
only
Bitcoin – not CBDCs, not stablecoins, not “just hold dollars”
Option
Fatal flaw
Bitcoin’s counter‑punch
CBDC‑đồng
Still inflates, still can be frozen, surveilled or devalued – a shiny new leash.
Immutable, permission‑less, borderless – every citizen is their own central bank.
USD‑stablecoins
Depend on foreign banking partners & U.S. Treasury policy risk; sanctions or black‑lists can nuke liquidity overnight.
No issuer, no counter‑party; value secured by math, not politics.
Physical gold
Illiquid, hard to fractionate, 1 %+ spread, hard to move across borders, vulnerable to import quotas.
Send sats over Bluetooth or satellite; spend anywhere lightning strikes.
“Just dollars”
Requires USD bank account (still rare outside top‑tier cities) and loses 2‑3 %/yr to U.S. inflation.
Scarcity driven, global demand‑driven upside.
4. A national‑scale game‑plan
Time‑horizon
Individual / SME actions
Government & SOEs
Result
Next 12 months
Dollar‑cost average ₫200k/week into BTC; accept Lightning at cafés & e‑commerce checkouts
Green‑light crypto sandbox; zero‑VAT on solar‑powered mining imports
Grass‑roots liquidity & jobs
1‑3 years
Use BTC remittances for tuition, medical bills; freelancers invoice in sats
PetroVietnam pilots flare‑gas mining; EVN sells curtailed solar to miners
Millions in hard‑currency export earnings without new debt
3‑5 years
Bitcoin‑backed mortgages for first‑time buyers
State Treasury holds 2‑3 % reserves in BTC; issue ₫‑backed bonds redeemable in BTC
Monetary anti‑fragility, cheaper sovereign borrowing
>5 years
Sats become default long‑term savings over gold
“S‑Curve Halving Fund” reinvests mining revenue into STEM education
A nation hedged against fiat crises & positioned as Asia’s crypto‑energy powerhouse
5. Risks & how to tackle them (lightning‑round)
Volatility: Mitigate with tiny DCA tranches and a 4‑year mindset.
Self‑custody errors: Promote open‑source Vietnamese tutorials and hardware‑wallet subsidies.
Scams & shadow exchanges: Leverage the new sandbox to license compliant, proof‑of‑reserves platforms.
Regulatory whiplash: Keep civil‑society groups (VBA, VAFIE) in the drafting room so rules enable, not strangle, innovation.
6. Rousing close
Vietnamese history is a story of turning constraints into catapults – from wet‑rice paddies to world‑class tech parks in a single generation. Bitcoin is simply the next lever: a voluntary, incorruptible, internet‑native money that lets our entrepreneurs sprint, our families save, and our surplus sunshine turn into sovereign wealth.
Stack sats, safeguard your future, and help Vietnam leapfrog straight into the hard‑money century.
Không ai cản được Rồng Vàng khi nó đã cất cánh! 🐉🚀🇻🇳
(This essay is educational, not financial advice. Always do your own research and only invest what you can afford to hold long‑term.)
🚀 Saigon Sats & Success – How Big Could You Go on a
Bitcoin‑Powered Career or Business?
🎉
Below are five realistic‑but‑inspiring “levels” a local Vietnamese go‑getter in Hồ Chí Minh City could hit if they (a) start living on the Bitcoin standard or (b) launch a Bitcoin‑focused venture. Figures use today’s reference rates:
BTC price: ≈ $113,953 ≙ ₫2.98 billion / BTC
USD → VND: $1 = ≈ ₫26,200 (Saigon bank screen 7 Aug 2025)
Electricity: ₫2,204 per kWh after May‑2025 hike
Vietnam ranks #5 worldwide for grassroots crypto adoption (Chainalysis 2024)
Path
What you actually do
Typical net VND / mo
≈ BTC / mo
≈ USD / mo
1. Orange‑pill yourself
Keep your current local job, but get paid & save in BTC
₫10 m (HCMC average wage)
0.00335
$380
2A. Bitcoin developer (local)
Join a Vietnamese Web3 or exchange team
₫35 m median → ₫65 m upper quartile
0.0119 – 0.0218
$1,340 – $2,480
2B. Bitcoin developer (remote)
Land a Crypto.com or similar remote role
₫231 m ($8.8 k) offer shown
0.0775
$8,830
3. Solo miner – 1× Antminer S19 XP (≈ 110 TH/s)
Revenue ≈ 0.00225 BTC/mo; power ≈ 2,160 kWh → net
₫1.95 m profit
0.00065
$75
4. Saigon OTC desk / payments gateway
Clear $1 m monthly flow @ 1 % spread
₫262 m
0.0878
$10,000
5. Bitcoin treasury / custody boutique
Manage 100 BTC for corporates @ 2 % p.a.
₫500 m fee
0.168
$19,100
(BTC conversions use today’s price; mining yield calculation assumes global post‑halving block reward and 600 EH/s network difficulty; see text.)
1 ✨ Live on the Bitcoin Standard
Stacking sats: that ₫10 m paycheck is ~0.0033 BTC today.
Upside kicker: Global‑X ETF analysts see room for BTC at $200 k within a year (‑‑a 75 % pop) – the same stack would balloon to ₫17 m+/mo in purchasing power without changing jobs.
Mindset win: Your savings now ride the hardest money ever invented and dodge VND inflation (domestic CPI ~4 % last year).
2 🚀 Earn
in
Bitcoin – Become the Builder
Local Web3 hiring: median blockchain‑dev pay in HCMC is ₫35 m/mo, with 75th‑percentile at ₫64 m.
Go global from District 1: fully‑remote roles advertised in Saigon (Crypto.com, etc.) pay $98 k‑$147 k/yr – call it ₫185‑₫320 m/mo plus token incentives.
Skill sprint: Pick up Solidity/Rust or Lightning dev; Vietnam’s tech wages jumped 28 % last year alone.
3 ⛏️ Mine Your Own Sats – Reality Check
Math today: One S19 XP (~3 kW) earns ~0.00225 BTC or ₫6.7 m gross. Electricity ₫4.8 m → ₫1.95 m profit ($75) per rig.
Scale lever: A modest 10‑rig garage farm bumps net to ~₫19 m/mo, matching a comfortable white‑collar salary – but you’re now an energy‑price trader.
Hash‑rate risk: If network difficulty rises 15 %, profits evaporate, so lock‑in cheap industrial power or consider immersive‑cooling + surplus PV.
Benchmark: Global average cost‑to‑mine is ~$93k/BTC vs. spot $114k, leaving a thin 18 % margin.
4 💱 Run a Saigon OTC / Payment Rail
Why it works: Vietnam sees >17 m crypto holders and $105 bn in chain flows, yet most large trades route through offshore desks.
Example economics: Facilitate ₫26 bn ($1 m) monthly volume, take a 1 % net spread (typical retail OTC desks quote 0.5‑2 %). That’s ₫262 m (0.088 BTC) before expenses. Add compliance, marketing & tech stack and you still clear executive‑level pay.
Reg‑readiness: A draft sandbox for digital‑asset exchanges is coming – get licensed early to seize first‑mover trust.
5 🏦 Bitcoin Treasury / Custody Boutique
Model: act as external treasury, cold‑storage custodian, corporate educator. Charge 1‑2 % of AUM + advisory retainers.
Starter pack: Win just one mid‑size exporter with a 100 BTC reserve. At 2 % p.a. you bill ≈₫500 m/mo (0.17 BTC) – dwarfing C‑suite salaries – and upside‑share on BTC appreciation sweetens the pie.
Moat: deep multisig security, VND‑ramp liquidity, FX hedging & board‑level reporting. Demand is real: Vietnam’s listed firms already hold gold & USD; Bitcoin is the next natural hedge once regulation lands.
⚡️ Take‑off Checklist
Skill‑up: finish a Bitcoin‑core or Lightning pull‑request; complete a Solidity capstone; or earn a certified Bitcoin professional (CBP) badge.
Open compliant entities: draft charters in free‑trade zones; keep books in both VND and BTC.
Secure self‑custody: 3‑of‑5 multisig, geographically separated keys, BTCPay server + Fedimint community wallet for micro‑treasuries.
Stay legal: monitor Ministry of Finance sandbox rules and file quarterly tax on crypto‐denominated income (presently 0.1 % proposal).
🎉 The Big Picture
From ₫10 million to half‑a‑billion a month, Saigon’s Bitcoin highway has on‑ramps for every ambition!
Vietnam’s young, tech‑hungry population, cheap renewable power pockets, and hunger for hard money put you in a prime launchpad position. Whether you choose to stack, code, mine, trade, or safeguard treasury sats, the earning ceiling is no longer capped by local cost‑of‑living – it’s bounded only by your vision, security discipline, and hustle.
So grab that milk‑tea, fire up your Lightning wallet, and go build the orange‑future you deserve! 🥳💪🚀
1 × salary, one‑off(VND 9.7 m ≈ US$ 370 on 7 Aug 2024, BTC ≈ US$ 65 358)
US$ 370
0.0057 BTC
US$ 648 (≈ VND 16.9 m)
+75 % / +VND 7.2 m
Dollar‑cost average (DCA)invest the same salary every month from Aug 2024 → Apr 2025 (9 deposits, avg entry ≈ US$ 79 618)
US$ 3 330
0.0436 BTC
US$ 4 984 (≈ VND 130 m)
+50 % / +VND 43 m
5‑year HODLone salary saved on 7 Aug 2020 when BTC ≈ US$ 11 760
US$ 370
0.0315 BTC
US$ 3 599 (≈ VND 94 m)
+873 % / +VND 83 m
Calculations use today’s spot price ≈ US$ 114 395 /BTC (widget above) and an FX rate of VND 26 100 = US$ 1.
How to read these numbers
Average Saigon pay – Talentnet’s 2025 guide puts HCMC’s mean wage at VND 9.7 million / month (≈ US$ 370)—about 18 % above the national mean.
Bitcoin’s surge – BTC jumped from ~US$ 65 k in Aug 2024 to > US$ 114 k today, nearly doubling in a year. Five years ago it was only US$ 11 8 k.
Lump‑sum vs. DCA – Consistent monthly buying smoothed out volatility and still delivered a handsome 50 % gain; the one‑off bet earned more in percentage terms, but on a single month’s salary.
Long‑term magic – A single pay‑check parked in BTC five years ago is now worth ~10 months of today’s average salary—that’s the power (and risk) of exponential compounding.
⚡️ Motivation station
Small can snowball: even one salary saved each month beat local bank deposit rates by miles over nine months.
Time in the market > timing the market: the 5‑year HODL crushes short‑term noise.
Stay sharp: Bitcoin’s price once fell 70 % in a single year (2022!). Only invest what you can watch swing wildly.
Keep stacking those sats wisely, and let your money hustle while you enjoy Saigon’s vibrant energy! 💪✨
Know the law: Vietnam’s Law on Digital Technology Industry, passed on June 14 2025, takes effect January 1 2026. The law classifies digital assets into two groups—crypto assets (tokens with financial functionality) and virtual assets (in‑game currencies, loyalty points, etc.) . Crypto assets are subject to comprehensive licensing, reserve and KYC/AML requirements , while virtual assets face lighter rules .
Pilot program: The government’s draft resolution for a pilot digital‑asset market will license only five crypto‑asset service providers (CASPs) and runs until December 31 2027 . Licensed CASPs must be Vietnamese legal entities with charter capital of at least VND 10 trillion (~US$385 million) . Foreign ownership is capped at 49 % and at least 35 % of the capital must come from two or more banks, securities firms or funds .
Licensing & compliance: Exchanges will need physical offices in Vietnam, maintain financial reserves, and adhere to strict cybersecurity and anti‑money‑laundering standards . The government will supervise all issuers, service providers and investors , and digital assets will not be recognized as legal tender (only the Vietnamese dong is legal currency) .
2. Choose the right business structure 🏢
Form a Vietnamese entity: Foreigners can own 100 % of many Vietnamese businesses, but financial‑service activities are “conditional,” meaning you need regulatory approval and may face ownership caps. To qualify for the CASP license you must establish a Vietnamese company meeting the capital and ownership criteria above .
Obtain investment and enterprise licenses: You’ll need an Investment Registration Certificate (IRC) and an Enterprise Registration Certificate (ERC). The process involves submitting company charter documents, investor passports, and setting up a local bank account . Expect a lead time of 2–4 months for a foreign‑owned enterprise.
Secure the right visa: For long‑term residency, apply for a DT (investor) visa. For example, the ĐT2 visa requires investing between VND 50 billion and VND 100 billion (US$2.15–4.3 million) and offers up to five years’ validity . Higher investment (ĐT1) can provide a 10‑year residence permit .
3. Build your dream team and compliance engine 💪
Find local partners: Because at least 35 % of capital must come from Vietnamese banks or financial institutions , build alliances with local banks, securities firms or tech companies. They’ll also help navigate regulatory hurdles.
Hire compliance and security experts: Vietnam’s pilot program requires Level‑4 cybersecurity—the highest standard in Vietnam . Appoint a Chief Compliance Officer to implement KYC/AML protocols aligned with global FATF standards .
Assemble a technical team: When designing your exchange, decide whether to use a white‑label solution (US$25K–$100K) or build a custom platform (US$100K–$1 M+) . Advanced features like multiple‑currency support, margin trading and custom APIs add cost but make you competitive . Don’t forget ongoing costs—multi‑signature wallets, two‑factor authentication and cold storage plus legal and licensing fees .
4. Apply for the CASP pilot license 📝
Submit a preliminary application to the Ministry of Finance and State Securities Commission (SSC). You’ll need to document your capital structure, organizational chart, risk‑management framework, cybersecurity systems and AML processes .
Demonstrate local infrastructure: Regulators require participants to build out IT infrastructure within Vietnam and meet Level‑4 cybersecurity standards . Show that you have disaster‑recovery plans, cold‑wallet custody and 24/7 monitoring.
Prepare for two‑stage licensing: After preliminary approval, a full licence is granted once you demonstrate compliance during a limited pilot period .
5. Develop and launch your platform 🚀
User‑friendly interface: Vietnamese retail users are mobile‑first. Offer clean UX on web and mobile. Support Vietnamese language and integrate local fiat payment rails.
Liquidity and matching engine: Connect to global liquidity providers or local OTC desks to ensure deep order books. Consider partnering with existing exchanges or market makers.
KYC/AML onboarding: Implement robust identity verification in line with Vietnam’s AML law and FATF recommendations . Use local eKYC providers to verify ID cards and biometrics.
Customer support: Provide Vietnamese and English customer support via chat, phone and social media. Educate users about risks and security.
Tax reporting and audit: Vietnam may impose taxes on digital‑asset transactions. Build internal tools to calculate and report taxes for users and the company, and engage a local accounting firm.
6. Live, work and enjoy the ride ✨
Settle in Ho Chi Minh City: Vietnam’s largest city is a vibrant startup hub with co‑working spaces, blockchain meetups and a growing tech workforce. Rent or buy office space in District 1 or Thu Duc, where many fintech startups congregate.
Network: Join the Vietnam Blockchain Association and local innovation hubs. Attend meetups, hackathons and conferences to recruit talent and lobby regulators.
Embrace Vietnamese culture: Learning basic Vietnamese will strengthen relationships. Enjoy the energy of Saigon’s café culture and street food while building your dream.
Final thoughts
Vietnam’s digital‑asset landscape is evolving at lightning speed. By 2026, a clear regulatory framework will replace the current “grey area,” giving legal certainty to crypto businesses . Building a Coinbase‑style exchange here requires significant capital, strict compliance and local partnerships, but the payoff could be immense: Vietnam ranks among the world’s top adopters of digital assets , and the government is eager to develop a thriving blockchain ecosystem. With enthusiasm, resilience and the right team, you can be at the forefront of Vietnam’s crypto revolution. Go forth and build—Vietnam’s future is waiting for you! 🌟
Ho Chi Minh City (Saigon) is emerging as a hotspot for Bitcoin awareness and grassroots crypto adoption. Vietnam consistently ranks among the top countries in global crypto adoption, and Saigon – the nation’s financial hub – reflects that trend with an energetic local community. Key highlights of Bitcoin adoption in Saigon include:
High Adoption Rate: Vietnam has one of the highest crypto usage rates worldwide. In 2023, roughly 21% of Vietnamese (about 20+ million people) owned cryptocurrency . Vietnam topped Chainalysis’s Global Crypto Adoption Index in 2021 and 2022, and was still ranked among the top 5 globally in 2024 . This indicates a widespread awareness of Bitcoin, cutting across different age groups (especially tech-savvy youth). Saigon, as the country’s largest city, is at the forefront of this trend. Many citizens trade Bitcoin on international exchanges and use personal wallets, despite the lack of formal regulations .
Vibrant Community – Bitcoin Saigon: Saigon boasts a tight-knit Bitcoin community. Bitcoin Saigon, founded in 2014, is the city’s original Bitcoin meetup group . Enthusiasts meet regularly (often weekly) to discuss Bitcoin, share knowledge, and onboard newcomers. These meetups have been ongoing for years, demonstrating strong grassroots involvement. Even during the pandemic, the community stayed active via online sessions . The group has about 2,700 members on Meetup.com, and serves as a hub for both locals and expats passionate about Bitcoin . This community-centric approach has helped raise awareness and educate Saigonese about Bitcoin in an informal, welcoming setting.
Grassroots Initiatives: Local Bitcoiners have organized creative grassroots events to spread adoption. For example, the community hosts the “Satoshi Flea Market” – a laid-back fair where Bitcoin enthusiasts gather to trade goods for sats (satoshis) and promote a Bitcoin-powered circular economy . The Satoshi Flea Market events (held bi-annually in Saigon) attract families, local artisans, and crypto-curious visitors. They emphasize a “Bitcoin standard” ethos, featuring vendors who align with Bitcoin principles (quality, low-time-preference living) and sometimes even selling home-made foods or crafts for Bitcoin . (Notably, due to legal constraints, official sales at these events are settled in VND, but the spirit is to encourage Bitcoin usage in principle .) Another community tradition is the “Bitcoin Lì Xì” campaign each Lunar New Year, where red envelopes with Bitcoin are given as “lucky money”. The Saigon Bitcoin community ran such Tết lì xì drives in 2022, 2023, and 2024 to introduce new users to Bitcoin in a festive way . These grassroots efforts reflect a genuine enthusiasm at the street level – people are learning about Bitcoin not only online, but through friends, meetups, and fun events.
Awareness and Youth Involvement: Bitcoin’s popularity in Vietnam is partly driven by a young, internet-savvy population. Many Saigonese first heard of Bitcoin during past price booms and got involved through social media or play-to-earn games. Vietnam’s interest in digital assets is also tied to practical needs – for example, freelance tech workers receiving payment in crypto, or gamers earning Bitcoin. A Wall Street Journal report noted that as of 2023, Vietnam was the 4th-largest user base on Binance globally, with roughly $20 billion in annual trading volume (much of it in futures trading) coming from Vietnam . This highlights a voracious appetite for crypto trading. Social networks and word-of-mouth referrals contribute heavily – many Vietnamese learn about Bitcoin through friends and family . Overall, Saigon’s Bitcoin scene is marked by energy and optimism. The community’s “learn and share” culture ensures that awareness continues to grow despite any regulatory gray areas.
2. Legal and Regulatory Framework in Vietnam
Vietnam’s legal stance on Bitcoin and cryptocurrencies has evolved from outright prohibition of payments to a recent push for regulation. It’s crucial to understand the laws and policies that impact Bitcoin usage in Saigon:
Bitcoin Not Legal Tender: The State Bank of Vietnam (SBV) has consistently maintained that Bitcoin and other cryptocurrencies are not lawful means of payment in Vietnam. In 2017, SBV issued Official Letter 5747/NHNN-PC declaring that “cryptocurrencies (like Bitcoin, Litecoin) are not legal currency or payment means”, and that issuing, supplying, or using them as such is prohibited . This policy still holds today – businesses are not allowed to quote prices or settle transactions in Bitcoin instead of the Vietnamese đồng. Using Bitcoin as money can incur penalties. In fact, authorities in HCMC have fined businesses for accepting Bitcoin: the maximum fine for illegal issuance/use of crypto as payment is VND 200 million (~$8,800) . The government reinforced this by warning that unlicensed “means of payment” could even trigger criminal liability under Vietnam’s penal code . Bottom line: In Vietnam, you cannot legally pay for goods or services in Bitcoin – all official transactions must use VND. This is why even crypto-friendly events like the Satoshi Flea Market must technically conduct sales in cash .
Ownership and Trading – A Gray Area: While Bitcoin isn’t legal tender, owning or trading crypto has not been outright banned. For years, Vietnam had no law recognizing crypto as property, yet holding Bitcoin or buying/selling it on exchanges was generally tolerated (many Vietnamese did so on foreign platforms). This created a “gray area” – individuals could invest in Bitcoin at their own risk, but there were no legal protections or clear tax rules . A notable court ruling in 2020 underscored this ambiguity: victims of a crypto theft case could not press “theft of asset” charges easily, because at the time crypto wasn’t legally recognized as an asset . Likewise in 2024, a Vietnamese court voided a tax authority’s attempt to tax crypto trading profits, since crypto was not classified as a goods or asset under law . So, until recently, if you lost money to a hacked exchange or scam, you had no legal recourse – the law treated crypto as nonexistent. Despite this, millions of Vietnamese traded crypto on exchanges like Binance, and Vietnam saw over $100 billion in crypto inflows annually from 2022–2024 . The government grew concerned about fraud (reportedly ~90% of crypto transaction inquiries involved scams) and tax leakage (estimating $~800 million/year$ in unrealized tax if crypto were taxed like stocks) . These pressures pushed regulators to seek a more defined legal framework.
2024–2025: Moves Toward Regulation: The past two years marked a turning point. Vietnam’s government signaled openness to crypto innovation while aiming to rein in risks. In March 2025, the Prime Minister issued Directive 05/CT-TTg, tasking the Ministry of Finance (MoF) and SBV to develop a legal framework for digital assets . Even earlier, a 2021 decision had mooted a blockchain-based “digital VND” pilot (though not referring to Bitcoin) . The real breakthrough came in June 2025: the National Assembly passed the Law on Digital Technology Industry, which for the first time officially recognizes crypto assets under Vietnamese law . This new law (effective January 1, 2026 ) defines and classifies “digital assets” – distinguishing “virtual assets” vs. “crypto assets” – and affirms that cryptocurrencies are a type of asset (not currency) . What does this mean? Essentially, Vietnam will acknowledge Bitcoin as property that people can legally own, inherit, buy, sell, etc., with legal protections similar to other assets . It does not make Bitcoin legal tender, but it pulls crypto out of the legal void. The law directs the government to issue detailed regulations on consumer protection, tech standards, and transparency for crypto transactions . It also places crypto and blockchain on the list of national strategic technology products (alongside AI, big data, etc.), signaling strong government interest in nurturing this sector .
Licensing Exchanges and Sandboxes: Along with recognizing crypto, Vietnam is piloting a controlled crypto market. The government has tasked MoF to draft rules for licensed crypto exchanges . Proposed criteria are strict: an exchange must have ₫10 trillion (~$385 million) in capital, with at least 35% owned by regulated financial institutions (banks, insurers, etc.) . Individual investors cannot directly set up exchanges – it must be institutional-backed, ensuring only well-capitalized, serious players enter the market. This is part of a “cryptocurrency sandbox” expected by 2025–2026 . In other words, Vietnam plans to experiment with a regulated crypto trading environment, likely limiting it to approved companies under close supervision (to observe risks before fully opening up). Regulators like the MoF are actually proactive – the MoF has a crypto working group since 2021 and even discussed sandbox collaborations with international exchanges like Bybit . The contrasting voice is the SBV (central bank), which remains cautious, prioritizing financial stability and even piloting its own digital currency (CBDC) rather than endorsing open crypto markets . For now, no exchange licenses have been issued yet (all crypto trading platforms in Vietnam currently operate without official license). But the clear trajectory is that Vietnam is moving from a regulatory gray zone to a regulated model, balancing innovation with oversight. By acknowledging Bitcoin as an asset class, authorities can craft rules on taxation (expect future capital gains or transaction taxes once framework is in place) and anti-money-laundering compliance to get off the FATF “grey list” . Summary: Today, it’s illegal to use Bitcoin as money in Saigon, but it’s legal to hold and trade Bitcoin as a commodity (at your own risk). And with new laws coming, the government is paving the way for a safer, more regulated crypto market that could further boost mainstream adoption in the coming years .
3. Business Integration in Ho Chi Minh City
Despite legal limitations on using crypto as currency, Saigon’s business scene has shown creativity in engaging with Bitcoin. A number of local businesses, from tech startups to small cafes, are Bitcoin-friendly – whether that means accepting crypto payments (informally), integrating Bitcoin into their services, or catering to the crypto community. Below we highlight how businesses in Saigon are using or accepting Bitcoin:
Pingu’s Burger in Ho Chi Minh City – an example of a local eatery that accepts Bitcoin payments via the Lightning Network. This burger joint in the Thảo Điền area uses a Lightning POS (by Neutronpay) to let customers pay with sats, reflecting a growing trend of crypto-friendly merchants in Saigon .
Crypto-Merchants & Retail: A handful of restaurants, cafés, and shops in Saigon accept Bitcoin (usually via payment apps) as a service to tech-savvy customers. For example, Pingu’s Burger, a cozy burger restaurant in the Thảo Điền neighborhood, recently began accepting Bitcoin payments over the Lightning Network . They use a point-of-sale solution from local startup Neutronpay, which instantly converts the Bitcoin to VNĐ for the register. Pingu’s Burger isn’t alone – it joins a growing list of forward-thinking Saigon eateries and retailers embracing Bitcoin as a payment option . Another notable spot is The Frying Fish Club (a seafood restaurant), which also announced it’s accepting Bitcoin via Lightning, demonstrating that even in Vietnam’s regulatory climate, merchant adoption is bubbling up (often framing it as a “promo” or loyalty perk). These businesses see accepting BTC as a way to attract the crypto community and differentiate themselves. That said, such transactions are quietly done to avoid regulatory issues – invoices/prices are still in VND, but the customer can request to pay in BTC equivalent. Direct crypto acceptance remains niche (most shops don’t take Bitcoin), yet the fact that you can buy a burger or coffee in Saigon with Bitcoin today is a big change from a few years ago.
Bitcoin ATMs and Crypto Points-of-Sale: Saigon is home to several Bitcoin ATMs and cash-to-crypto services, making it easier for businesses and individuals to integrate Bitcoin. There are at least 5 Bitcoin ATMs in and around HCMC as of 2025 . These ATMs – operated by local companies like BitcoinVN – are often located in friendly businesses like cafes and bars. For instance, machines can be found at Green Box coffee, Peace Coffee, Capone’s Pizza (Thảo Điền), and Big Pig BBQ. These venues effectively partner with the crypto ecosystem: patrons can insert cash to buy Bitcoin or redeem Bitcoin for cash on-site. It’s a win-win: the cafe attracts crypto customers, and Bitcoin users get a convenient on/off ramp. Such ATMs highlight business integration at a grassroots level – even if a café doesn’t directly accept BTC for lattes, it might host a Bitcoin ATM in the corner. Additionally, payment processors like Neutronpay (headquartered in HCMC) provide Lightning Network POS apps to merchants. This allows any store to accept a Lightning payment that instantly settles as VND (complying with the letter of the law). Effectively, the customer pays in Bitcoin, the merchant receives fiat. Neutronpay’s solution has enabled “crypto POS” at events and shops without violating regulations, by treating the crypto transaction as an immediate conversion. This kind of fintech service is helping bridge the gap so that more businesses can experiment with Bitcoin acceptance in a compliant way.
Established Companies Embracing Bitcoin: Some of Vietnam’s earliest crypto adopters are Saigon-based businesses. BitcoinVN, Vietnam’s first Bitcoin exchange (founded in 2014 in HCMC), not only trades BTC but also runs physical services that integrate with local commerce. BitcoinVN has deployed a fleet of Bitcoin ATMs (BTMs) across Saigon and other cities . It also operates an online shop selling hardware wallets and Bitcoin merchandise, where customers can pay in Bitcoin . This exchange was co-founded by long-time crypto advocates and has become a cornerstone in the community – even providing OTC services for merchants or investors who want to buy/sell large amounts of BTC securely . Another pioneer is Future.Travel, an online travel agency in HCMC (more in the tourism section below). Future.Travel was the first Vietnamese company to accept Bitcoin payments (back in 2015) . They integrated Bitcoin to allow booking of flights and holiday packages with BTC, and have stuck with it ever since – demonstrating that Bitcoin can be used in real business operations here, albeit as a niche option. Other local startups in fintech are integrating Bitcoin into their platforms as well (for example, some digital wallet apps have started offering Bitcoin purchases). Even major international crypto companies have Saigon presences – Binance, KuCoin, and others offer Vietnamese-language support and see HCMC as a key market.
Merchant Adoption Challenges: It’s worth noting that Bitcoin merchant adoption in Saigon, while growing, faces challenges. The regulatory uncertainty and volatility mean some businesses try accepting BTC and later discontinue it. The Bitcoin Saigon community once kept a public directory of Bitcoin-accepting merchants, but the “high turnover” (shops dropping Bitcoin or closing down) made a static list unreliable . Now they rely on crowd-sourced maps (like BTCMap.org) to track which venues currently accept crypto . A “Bitcoin accepted here” sticker on a door can disappear if the owner changes or if enforcement scares the business. For example, in late 2017, authorities in Saigon inspected eateries that advertised Bitcoin payments and warned them to stop, following the SBV ban . This led some early adopters underground. Still, the trend in 2023–2025 has been cautiously positive – with the advent of Lightning (making tiny payments feasible) and clearer legal status coming, more small businesses are experimenting with Bitcoin as either a promotional gimmick or a forward-looking service. From co-working spaces hosting blockchain meetups to cafes selling coffee for ₿0.0001 via QR code, Saigon’s entrepreneurial spirit is finding ways to weave Bitcoin into daily commerce.
To summarize, here is a snapshot of some Bitcoin-friendly businesses/services in Saigon and how they integrate BTC:
Business / Service
Description
Bitcoin Integration
BitcoinVN (Exchange & ATM)
Vietnam’s oldest crypto exchange (est. 2014), based in Saigon . Also operates crypto ATMs and brokerage.
Enables easy BTC access: runs the VBTC.vn trading platform, an OTC desk, and a network of 5+ Bitcoin ATMs in HCMC . Customers can buy/sell BTC for cash, and the BitcoinVN Shop sells hardware wallets for BTC .
Pingu’s Burger (Restaurant)
Burger café in Thảo Điền, HCMC – a popular expat area.
Accepts Bitcoin via Lightning for food orders. Uses Neutronpay’s POS app to receive BTC and auto-convert to VND . Patrons can pay with a Lightning wallet, showcasing crypto’s utility for everyday meals.
Future.Travel (Travel agency)
Online travel booking site (flights, tours) headquartered in HCMC.
First business in Vietnam to accept Bitcoin (since 2015) . Allows customers worldwide to book airline tickets, hotel vouchers, and holiday packages using BTC at checkout. Pioneered crypto e-commerce in VN.
Local Cafés & Bars (e.g. Green Box, Peace Coffee)
Independent coffee shops and bars around Saigon.
Host Bitcoin ATMs or crypto meetups. Several venues house BitcoinVN’s ATMs (for instance, Green Box in Thảo Điền) , letting visitors exchange cash and Bitcoin while enjoying a coffee. Some bars have even dabbled with accepting BTC during special events or offer discounts to crypto users.
Neutronpay (Fintech startup)
HCMC-based Lightning payments provider (startup).
Bridging businesses to Bitcoin. Offers a Lightning Network API and point-of-sale app for merchants . Through Neutronpay, Saigon businesses can safely accept Bitcoin payments while settling instantly in đồng. This service underpins many emerging BTC payment integrations in the city.
Overall, business integration of Bitcoin in Saigon is multifaceted: a few retailers accept it directly, many more facilitate it via ATMs or fintech, and a growing number of companies (especially in tech and finance) are building services around Bitcoin. As legal frameworks solidify, we can expect more Saigon businesses – from coworking spaces to e-commerce sites – to openly promote that they welcome Bitcoin, turning the city into a more crypto-friendly destination.
4. Bitcoin for Tourists in Saigon (Travel & Tourism)
Visiting Ho Chi Minh City as a Bitcoiner is increasingly feasible and fun. While you can’t pay for everything in Bitcoin yet, tourists have several ways to use BTC for travel needs. Here’s how Bitcoin can enhance a trip to Saigon across accommodation, food, tours, and transport:
Booking Accommodation and Flights: Travelers can book hotels and flights with Bitcoin when coming to Vietnam. One option is Future.Travel (the Saigon-based travel agency mentioned earlier), which allows booking domestic and international flights using BTC . For example, you could purchase a Vietnam Airlines ticket from Saigon to Hanoi and pay directly in Bitcoin on their platform. Similarly, global crypto-friendly booking sites like Travala.com list many hotels in Ho Chi Minh City and accept Bitcoin and other cryptocurrencies for payment. Through Travala or similar services, you can reserve popular Saigon hotels, apartments, or even tours without using fiat – just your crypto wallet . (Travala integrates with hotel inventory from Booking.com and others, so major hotels in Saigon can be paid in BTC via that intermediary.) This means a tourist can potentially cover their entire stay – flights, lodging, and tour packages – using Bitcoin. Even if a specific hotel doesn’t natively take crypto, platforms like Travala or gift card services (e.g. Bitrefill) let you indirectly pay with BTC by buying hotel gift cards or vouchers . In short, planning your Saigon trip can be done on a Bitcoin standard if you use the right tools.
Paying for Food and Entertainment: Once on the ground in Saigon, tourists will find limited but notable opportunities to spend Bitcoin on dining and activities. A few restaurants and cafés (especially in expat-friendly districts) accept Bitcoin or Lightning payments – for instance, you can visit Pingu’s Burger in District 2 and pay for your meal with sats , or attend a Bitcoin meetup at a cafe that accepts BTC from attendees. These are unique experiences to have a “Bitcoin meal.” Additionally, Satoshi Flea Markets (if your trip aligns with one) offer a chance to buy local food, crafts, and souvenirs in a Bitcoin-friendly environment – at these community fairs, you might trade directly in Bitcoin with friendly vendors (though official settlement is in cash, the spirit is very crypto) . For other needs: some tour operators or expat-run businesses may accept crypto on request (for example, a local tour guide might agree to a Bitcoin payment if they’re personally into crypto, even if it’s not advertised). However, mainstream establishments (malls, museums, chain restaurants) do not accept Bitcoin, so tourists shouldn’t expect to pay for phở or a Bến Thành Market souvenir with BTC in most cases.
Crypto ATMs and Cash Conversion: A practical tip for Bitcoin travelers – you can use Bitcoin ATMs in Saigon to get local currency (VND). If you’re holding Bitcoin and need cash for a taxi or street food, just head to one of the city’s Bitcoin ATMs (there are machines in District 1 and 2, often inside cafes or convenience stores). There, you can convert Bitcoin to Vietnamese đồng cash in minutes . For example, one ATM near the Tan Son Nhat Airport (in a cafe about a 15-minute walk away) lets you trade BTC for Vietnamese banknotes – a handy way to avoid currency exchange counters . BitcoinVN’s ATMs in places like Big Pig BBQ or Soma Art Café are accessible to tourists for small transactions (usually under ~₫50 million per use) . This means you could land in Saigon with just Bitcoin, and still pay for things by converting on the spot to cash. Moreover, BitcoinVN operates an office in Saigon for larger OTC trades if needed (by appointment) . Travel and transport can also indirectly be handled with crypto: for instance, you can top-up a phone SIM card or buy a Grab (ride-hailing) gift voucher using Bitcoin via online services, allowing you to use rides and data without touching fiat. Some tourists also carry crypto debit cards (Visa/MasterCard linked to a crypto account) which can be used widely in Vietnam – effectively spending Bitcoin by swiping the card. While not unique to Saigon, it’s a strategy many crypto travelers use globally.
Tourism Services and Attractions: Beyond logistics, the intersection of crypto and tourism in Saigon is growing. There have been instances of luxury apartments or real estate in Vietnam being sold for Bitcoin (more for investors than short-term tourists) and even mentions of hotels considering crypto payments , but these are not yet common. However, tourists interested in Vietnam’s crypto scene can join local events as part of their visit. If you time it right, you could attend a blockchain conference or a Bitcoin Saigon meetup, adding a unique “conference tourism” element to your trip. For example, someone visiting in late 2025 might catch the Christmas Satoshi Flea Market or an international blockchain expo in Saigon, mingling with locals and making connections – a valuable experience for a crypto enthusiast abroad. In summary, a tourist can function in Saigon using Bitcoin by: booking travel with BTC, converting a bit of Bitcoin to local cash for day-to-day spending, and seeking out the few eateries that do accept crypto for the novelty of it. The city is modern and tech-forward, so crypto ATMs and Wi-Fi are easy to find, making it friendly for those who prefer digital money. Just remember that Vietnam’s laws prohibit businesses from advertising crypto payments – so you might need to ask discreetly or use community forums (like the Bitcoin Saigon Telegram) to find who’s crypto-friendly. Many locals are enthusiastic and will help if you reach out. With a bit of planning, you can enjoy Saigon’s vibrant culture while staying on a Bitcoin budget.
5. Crypto Investment Climate and Opportunities in Vietnam
Saigon is not just a place to spend Bitcoin – it’s a major hub for investing in and trading cryptocurrency. Vietnam’s crypto investment landscape is dynamic, fueled by high interest from the public and a gradually maturing regulatory approach. Here’s an overview of investment opportunities and considerations for Bitcoin in Vietnam:
Booming Retail Investment: Vietnam has seen a surge of crypto investors over the last few years. The country’s young population, familiarity with digital finance, and desire for new investment avenues (beyond stocks or gold) have led to voracious crypto trading activity. By 2022–2023, an estimated 21.2% of Vietnamese people had owned crypto – one of the highest rates in the world . This includes a wide spectrum: college students buying their first Bitcoin on Binance, office workers trading altcoins on their phones, and entrepreneurs diversifying into crypto assets. Saigon, as the financial center, is home to many of these investors. The city has numerous crypto trading clubs, online forums, and even street-side coffee chats about the latest coin trends. According to Chainalysis, Vietnam ranked near the top globally in grassroots crypto adoption, indicating a deep penetration of crypto usage across various income levels . Vietnamese traders have become a force to be reckoned with – they contributed tens of billions of dollars in trading volume on platforms like Binance in 2023 . Many are drawn by the prospect of high returns, hedging against inflation, or simply the excitement of a new asset class. This enthusiastic investor base makes Vietnam an attractive market for crypto businesses and suggests that Bitcoin’s community will keep expanding.
Local Exchanges and Trading Platforms: Historically, Vietnam did not license any domestic crypto exchanges, but local platforms did emerge to serve demand. In Saigon, the pioneering exchange was VBTC (launched 2014 by BitcoinVN), which allowed buying/selling Bitcoin in VND . BitcoinVN’s exchange has operated for nearly a decade, earning trust through stable service. Besides that, popular peer-to-peer (P2P) marketplaces like Remitano gained huge user bases by enabling Vietnamese to trade Bitcoin for VND via bank transfer. Remitano (founded by a Vietnamese team, though based abroad) became one of the leading P2P exchanges in Vietnam, known for its escrow system and local bank integrations. Additionally, by 2020s, global exchanges aggressively courted Vietnam’s market: Binance offers a Vietnamese interface and P2P portal, KuCoin and OKX run Vietnam community campaigns, etc. As a result, many Saigon investors simply use international exchanges (registering with an email, sometimes bypassing strict KYC) to trade BTC and other coins . This gave locals access to deep liquidity and products like futures or staking – but also means they trade in an unregulated environment. Importantly, despite the gray legal status, owning and trading crypto as an individual has been legal (no law was broken by using these platforms) . So, practically, a person in Saigon can legally invest in Bitcoin by using a reputable exchange (global or local), as long as they understand the risks. Vietnamese dong (VND) on/off ramps are available: investors often fund their trades via bank transfer to P2P sellers or via OTC desks like BitcoinVN’s. The new 2025 law signals that licensed Vietnamese exchanges may appear in coming years, likely run by big financial institutions . If that happens, locals will have government-regulated options too. For now, the investment climate is “user beware” but vibrant – millions are trading, and some have made significant profits during crypto’s growth (Vietnam had its share of early Bitcoin adopters turned millionaires, as well as unfortunate scam victims).
Investment Opportunities and Vehicles: Beyond just buying and holding Bitcoin, Vietnam’s crypto scene offers various avenues:
Startups and Innovation: Vietnam has produced major crypto projects (often incubated in Saigon’s tech ecosystem). For example, Sky Mavis, the team behind Axie Infinity (the world’s leading NFT game in 2021), is based in Ho Chi Minh City. They attracted global venture capital and put Vietnam on the map in blockchain development. Similarly, TomoChain (a blockchain platform) and Kyber Network (a DeFi protocol) were co-founded by Vietnamese. For investors, this means there are opportunities to invest in blockchain startups or tokens originating from Vietnam’s burgeoning crypto industry. Crypto-focused VC funds are increasingly paying attention to Vietnam, and local accelerator programs are emerging.
Trading and Arbitrage: Vietnam’s capital controls and local demand have occasionally caused Bitcoin to trade at a “kimchi premium” (price higher than global average), opening arbitrage opportunities. Savvy traders in Saigon sometimes arbitrage between local markets (P2P) and global prices. However, banking crackdowns on crypto transfers can complicate this, so caution is advised.
Mining: Bitcoin mining is not widespread in Saigon (due to high power costs in the city and climate), but some Vietnamese in rural areas mine crypto. For most, it’s easier to invest via trading than mining hardware.
Future Products: With regulation, we might see more crypto financial products in Vietnam – e.g. Bitcoin investment funds, ETFs, or regulated custody services. The government’s recognition of crypto as a “strategic technology” hints at eventual support for innovations like security tokens or blockchain-based bonds, which could indirectly boost Bitcoin’s legitimacy as an asset class.
Legal Considerations for Investors: As of 2025, investing in Bitcoin in Vietnam is legal but comes with regulatory uncertainty. The recent law provides legal protection (Bitcoin is recognized as an asset you own) , which is positive. However, clear tax guidance is still lacking – authorities have not finalized how to tax crypto profits. Earlier court decisions indicated that until crypto is defined in law, it cannot be taxed as income or VAT . With the new law, this will change; investors should expect future regulations requiring capital gains tax on crypto or at least mandatory declaration of crypto holdings. Enforcement is also a concern: Vietnam has been on the FATF “grey list” for money-laundering risks, partly due to crypto . This means banks are extra cautious with crypto-related transfers. Investors should be careful to avoid using unlicensed exchanges that could be scams (there have been Ponzi schemes locally masquerading as exchanges). It’s advisable to stick to known platforms (Binance, BitcoinVN, etc.) and practice good security (many Vietnamese prefer self-custody wallets for long-term holding). Regulatory trajectory is encouraging – the planned crypto exchange licensing by 2026 will likely bring large, compliant exchanges into the market . That could create new investment channels (for instance, a licensed Vietnamese exchange could let big funds or even banks allocate to Bitcoin). In the meantime, the climate is entrepreneurial: those who get involved early (e.g. startups building infrastructure, or investors educating themselves) stand to benefit. Companies like Bitget have even launched Vietnam-focused crypto services anticipating growth . For an individual investor in Saigon today, the path to invest in Bitcoin is typically:
Join a reputable exchange or P2P platform,
Use local bank transfer or cash to buy BTC,
Store it in a secure wallet (hardware wallets are available via local shops), and
Stay updated on legal changes. Many locals also diversify into altcoins, but Bitcoin remains a popular choice as a long-term investment – often seen as “digital gold” in Vietnam, where gold has cultural importance as a store of value.
In summary, Vietnam’s crypto investment environment is highly active and on the cusp of major regulatory integration. Saigon, with its concentration of tech talent and investors, is leading this charge. Whether you’re looking to trade Bitcoin, invest in a Vietnamese crypto startup, or just use BTC as a hedge, Saigon offers a supportive (if at times chaotic) environment. The coming years promise more stability and official avenues for Bitcoin investment, which could truly unlock Vietnam’s potential as a crypto powerhouse in Southeast Asia .
6. Events, Networking, and Community in Saigon’s Crypto Scene
If you’re in Saigon and interested in Bitcoin or blockchain, you’ll find a thriving network of meetups, events, and communities to plug into. The city has become a regional hub for crypto conferences and a hotspot for grassroots community-building. Here are some key events and networking opportunities in Ho Chi Minh City’s crypto scene:
Bitcoin Saigon Meetups: As mentioned, Bitcoin Saigon is the city’s longest-running crypto community group (since 2014). They organize regular meetups (often weekly) where anyone from newbies to seasoned Bitcoiners can join . These meetups are usually informal – sometimes just a gathering at a café or coworking space – and offer a great way to network, ask questions, and get the latest news. Bitcoin Saigon also has a Telegram channel and Twitter where they announce gatherings . During Covid, they held virtual meetups, but now in-person meetings are back. Attendance can range from a dozen core members on a quiet week to 50+ people when there’s a special guest or topic. Notably, Saigon’s Bitcoin meetups often attract international visitors (entrepreneurs, developers, digital nomads passing through), giving them a vibrant, cosmopolitan flavor. Discussions might cover everything from Lightning Network tech to trading tips to philosophical debates on Bitcoin. The ambiance is very welcoming – it’s a community by enthusiasts, for enthusiasts. If you’re in town, this is a must-join to meet the local Bitcoin crowd. (Find them via Meetup.com or their website). They sometimes run workshops as well – for instance, teaching how to set up a Lightning node or secure your wallet.
Satoshi Flea Markets & Community Events: The Satoshi Flea Market (detailed earlier) is a signature community event in Saigon. It typically runs a Summer Edition and a Christmas Edition each year, hosted at venues like Funk Factory brewery or outdoor markets . These are part social gathering, part marketplace – you’ll find Bitcoin swag, local artisans, food stalls, and even kids’ activities, all in a crypto-friendly environment. It’s an excellent networking opportunity: you can chat with Vietnam’s well-known Bitcoiners, expats, and curious locals in a relaxed setting (often over craft beer!). Another community initiative was the Bitcoin Lightning ATM demo at Future.Travel’s office – when Asia’s first Lightning ATM was built in Saigon in 2020, the community got together to try it out . Events like this show the innovative spirit of Saigon’s crypto folks. Keep an eye on the Bitcoin Saigon Twitter for announcements of such pop-up events or charity drives (the community has done donation campaigns, e.g. fundraising in BTC for flood victims or during lockdowns to buy meals for the poor ).
Major Conferences – Vietnam Blockchain Week and More: Saigon has hosted large-scale blockchain conferences that draw international attendees. For example, in 2018 the city saw Vietnam Blockchain Week and the Blockchain Festival Vietnam, each with thousands of participants . These events featured talks by industry leaders from around the world and showcased Vietnam’s growing prominence. In recent years, HCMC was slated to host the Vietnam Blockchain Summit 2024 (though it was later cancelled/postponed) , and it is the home of the upcoming Southeast Asia Blockchain Convention 2024 (scheduled at the Landmark 81 tower in March 2024) . Another big event is GM Vietnam (Vietnam Blockchain Week), which in 2025 is planned for August in HCMC, backed by local blockchain investment groups . These conferences are great for networking with tech founders, developers, and investors. They often have expo floors where regional projects and exchanges have booths. For instance, you might meet teams from Singapore, Korea, etc., all eyeing Vietnam’s market. The atmosphere at these events is usually high-energy and optimistic, with the government officials sometimes making appearances to discuss Vietnam’s support for blockchain tech . For a Bitcoiner, there may be specific Bitcoin-focused panels, but note that many big events cover altcoins, NFTs, and blockchain broadly. Still, attending one gives you insight into the bigger blockchain community in Vietnam beyond just Bitcoin.
Local Blockchain Communities and Meetups: Apart from Bitcoin-specific gatherings, Saigon has a plethora of crypto and blockchain groups:
Ethereum/Altcoin Communities: There’s an active Ethereum meetup scene (e.g. ETH Vietnam hackathons were held in HCMC). Projects like TomoChain or Axie Infinity often host community meetups. Crypto Sài Gòn is a Vietnamese-language Facebook group where traders discuss altcoins. Also, the Vietnam Blockchain Union (VBU), established in 2022 as an official association, has members in Saigon working on enterprise blockchain adoption and education.
Tech Workshops: Entities like CoderSchool in HCMC have offered blockchain coding workshops (e.g. Solidity programming classes) . These are perfect for networking if you’re a developer. You’ll meet fellow engineers diving into smart contracts and maybe find job opportunities in local blockchain startups.
Social Media & Online Groups: For English-speaking expats and locals, the Vietnam Blockchain Social Telegram group is a highly useful forum . Members share news about upcoming events, and they even maintain a Google Doc called the “Vietnam Blockchain Manual” listing meetups, useful contacts, and tips for navigating the scene . There’s also a large Facebook group called Crypto Community Vietnam (English-speaking) with tens of thousands of members, focused on crypto investing and education . Engaging online can quickly get you invites to offline meetups or private events.
Coworking Spaces & Hackerspaces: Many coworking spaces in Saigon (like Start Coworking in District 3 or The Hive in Thảo Điền) host blockchain-themed events or at least have a crowd of crypto freelancers hanging around . For example, Start Coworking was nicknamed “Digital Nomad Alley” and often had crypto panels and networking nights . Attending these can connect you with entrepreneurs in the city. Occasionally, there are also hackathons or developer meetups (Satoshi’s Code event, etc.) driven by the community or sponsored by tech companies.
Networking with Industry Players: Saigon’s status as a burgeoning tech hub means many crypto industry players pass through or base themselves here. It’s not unusual to find Binance or Coinbase representatives visiting Saigon for meetups, or well-known crypto bloggers and educators giving talks. For example, Bitcoin Saigon has hosted guest speakers such as developers working on Bitcoin Lightning implementations, authors of crypto books, or CEOs of regional exchanges. Vietnam’s own crypto pioneers (like Dominik Weil and Nguyen Bao Phuong of BitcoinVN, or Long Vuong of TomoChain) are approachable at local events – they often speak at meetups or conferences. Networking in Saigon is quite informal; simply showing up and expressing interest can open doors. The community tends to be inclusive and eager to grow, so newcomers (whether locals or foreigners) are welcomed warmly.
In conclusion, Saigon offers a rich mosaic of events and communities for anyone interested in Bitcoin and crypto. From intimate weekly Bitcoin meetups to large international conventions, there’s always something happening. This culture of knowledge-sharing and networking keeps the momentum going – it motivates newcomers and sustains the passion of veterans. Whether you’re looking to learn, to find partners for a crypto venture, or just to make like-minded friends, Saigon’s crypto community provides ample opportunity. It’s easy to be inspired by the enthusiasm here: the sense that Vietnam is on the cusp of a crypto-driven transformation is palpable at these gatherings . So, dive in – attend a meetup at a rooftop bar, join a Telegram discussion, or visit a blockchain conference – you’ll not only gain insights but also become part of the story of Bitcoin in Saigon, a story that gets more exciting each year.
Sources: The information in this report is based on a variety of current, reliable sources, including Vietnam’s news outlets, legal documents, and community reports. For instance, Vietnam’s official law magazine reports on the new crypto legislation , and finance news sites confirm its details . Local crypto community pages like BitcoinSaigon.org chronicle grassroots events (e.g. Satoshi Flea Market) and merchant adoption challenges . Major Vietnamese media (VnExpress) have covered crackdowns on Bitcoin payments , while global indices (Chainalysis) highlight Vietnam’s top-ranked adoption . Statements about exchanges and usage are supported by research reports and court rulings on crypto’s legal status . Specific examples like Pingu’s Burger come from community news on Lightning usage in Saigon . These citations (noted in the format 【source†lines】) provide verifiable backing for the facts and figures presented. Saigon’s Bitcoin journey is well documented through these sources, reflecting a comprehensive and up-to-date picture of the state of Bitcoin in the city as of 2025.
The Cambodian government has set very ambitious goals. After attaining lower‑middle‑income status in 2015, it aims for upper‑middle‑income status by 2030 and high‑income status by 2050 . The World Bank notes that Cambodia’s economy grew at 7.6 % per year from 1995‑2019 , but it remains a small, lower‑middle‑income economy (2023 GDP about US$46 billion) relative to Vietnam’s much larger US$459 billion economy . Vietnam has transformed into one of East Asia’s most dynamic emerging markets; real GDP per capita has jumped from less than US$700 in 1986 to about US$4 500 in 2023 . In 2024 Vietnam’s economy expanded 7.1 %, and it aspires to become a high‑income country by 2045 . Cambodia would therefore need to sustain growth several times faster than Vietnam over the next three decades to overtake it.
Nevertheless, there are trends working in Cambodia’s favour. Some observers believe that rapid adoption of digital payments and a youthful, tech‑savvy population could help Cambodia leapfrog development stages and accelerate growth. The following sections examine these factors – English proficiency, digital banking (QR systems), economic growth and middle‑class expansion – and whether Bitcoin‑driven innovation might give Cambodia an edge.
English proficiency – not yet an advantage
The notion that “everyone is so fluent in English” in Cambodia is at odds with available evidence. The EF English Proficiency Index 2024 ranks Cambodia 111th out of 116 countries with a score of 408 (very low proficiency) . Even in Phnom Penh, a 2022 survey found that 93.8 % of children aged 7‑14 and 87.6 % of youth aged 15‑24 were only proficient in Khmer; just 3.4 % spoke both Khmer and English . These figures highlight a significant language barrier outside a small urban elite. By contrast, Vietnam ranks 63rd with a score of 498 , placing it eighth in Asia. Vietnam’s proficiency has even prompted its Politburo to encourage making English a second language in schools . Vietnam’s higher English proficiency gives it an advantage in attracting foreign investment and integrating into global supply chains.
Cambodia can still turn its youthfulness into an asset. Targeted investments in education, especially English and digital skills, would improve human capital. Without improvements, the World Bank warns that Cambodian children could be only 49 % as productive as they would be with full quality education and nutrition – an enormous constraint on growth.
Digital banking and the KHQR/Bakong system – a leapfrog opportunity
Cambodia has made remarkable strides in digital payments. The National Bank of Cambodia (NBC) launched the Bakong platform – a blockchain‑based national payment rail – and the KHQR universal QR code. By 2024 Bakong wallets numbered around 30 million (about 1.7× the population) and 4.5 million merchants could accept KHQR payments . The system processed 608.3 million transactions worth US$104.8 billion, about 330 % of Cambodia’s GDP, and cross‑border links exist with UnionPay, WeChat Pay and Alipay . Most Bakong transactions are free for consumers; interbank fees are minimal . Digital wallets (Pi Pay, ABA Pay, Wing) are extremely popular; the number of digital wallet accounts reached 19.7 million, and KHQR was accepted by 3 million merchants . Visa estimates that contactless transactions in Cambodia rose 16 % in December 2023, showing strong adoption .
Vietnam is also rapidly modernising its payment landscape. The State Bank of Vietnam reported that non‑cash payment transactions in the first 11 months of 2024 increased by 56.8 % in volume and 33.7 % in value. Mobile banking transactions increased 54.5 % in volume and QR code payments experienced the fastest growth – 106.7 % in volume and 84.8 % in value. A Vietnam Investment Review article explains that QR payments grew 8–10 % per month, with transaction value up 20 % in 2024, and near‑field communication (NFC) payments grew 6 % per month. The National Payment Corporation of Vietnam (NAPAS) processed 9.56 billion transactions in 2024, up 30 % in number and 14 % in value from 2023, and aims to expand cross‑border QR payments to China, Japan and South Korea. Vietnam’s digital payments market is much larger – Google, Temasek and Bain estimate gross transaction value jumped from US$126 billion in 2023 to US$149 billion in 2024. Yet Cambodia’s adoption is proportionally deeper relative to its GDP.
Implications
Cambodia’s leapfrog into digital payments provides broad financial inclusion. Low fees and universal QR codes allow even street vendors to accept digital payments. This fosters transparency, reduces informal cash, and collects data for credit scoring. Vietnam’s system is larger but fragmented across many commercial platforms (MoMo, ZaloPay, VNPay). The NBC’s ability to mandate a single national QR standard reduces friction and can accelerate e‑commerce. Nevertheless, Vietnam has a much bigger economy and invests heavily in digital infrastructure. Overtaking Vietnam would require Cambodia to convert its digital adoption into substantial productivity gains across manufacturing, services and exports.
Economic growth, middle class and working class
Cambodia
Cambodia’s growth rebounded to 5.4 % in 2023 and is projected to 5.8 % in 2024 and 6.0 % in 2025 . The World Bank stresses that poverty remains above pre‑pandemic levels and human‑capital indicators lag; it emphasises investments in education, infrastructure and diversification . The rising middle class is mainly urban. A 2025 marketing blog notes that smartphone penetration and e‑commerce are driving consumer expectations, with the middle class expanding rapidly in Phnom Penh, Siem Reap and Sihanoukville and demanding quality products and tech‑enabled convenience . Yet the middle class is still small; the macrotrends database shows Cambodia’s gross national income per capita was only US$2 390 in 2023 . To reach high‑income status (defined as GNI per capita ≥ US$13 935 ) by 2050, Cambodia would need to increase income almost six‑fold. A commentary by Cambodia Investment Review suggests GNI per capita would need to rise to around US$14 005 by 2050 (not directly accessible but widely cited) – a very steep challenge.
Vietnam
Vietnam’s growth story is formidable. Market reforms since 1986 transformed the nation from one of the world’s poorest countries into a middle‑income economy. Real GDP per capita increased to US$4 500 in 2023 , and the poverty rate dropped to <4 % . Vietnam’s economy grew 7.1 % in 2024 and is forecast to grow 5.8 % in 2025 . The country aims to be a high‑income country by 2045, requiring annual per‑capita growth of roughly 6 % for 20 years . The middle class is exploding: Vietnam Briefing estimates the middle class will expand from 13 % of the population (~13 million people) in 2023 to 26 % by 2026. This rising consumer base is fueling domestic demand and attracts foreign investment. Vietnam’s education outcomes are also among the best in ASEAN – the human capital index is the highest among lower‑middle‑income economies . A relatively skilled workforce, stronger English proficiency and participation in global supply chains give Vietnam a structural advantage over Cambodia.
Could Bitcoin accelerate Cambodia’s catch‑up?
Cryptocurrency remains a niche in Cambodia. A 2022 survey reported that only 10.6 % of respondents had used cryptocurrency, while 65 % were aware of the Bakong digital payments platform . The NBC forbids banks from facilitating crypto transactions and emphasises its own Bakong system; new regulations released in January 2025 distinguish between stablecoins and riskier coins and cap banks’ exposure to digital assets at 5 % of capital . The crypto market is small – revenues are projected to reach US$7.5 million with about 530 000 users (≈3 % of the population) in 2025 .
Bitcoin and other decentralized currencies could theoretically promote faster remittances and attract foreign capital. For example, Cambodian workers in Malaysia reportedly use Bakong for low‑fee remittances ; similar cross‑border remittances via Bitcoin could provide alternative channels. In the near term, however, regulatory restrictions and volatility limit crypto’s role. Building on Bakong’s blockchain technology, the NBC could integrate programmable features and cross‑border settlement with neighbouring countries; this would deliver some advantages attributed to cryptocurrencies without the speculative risks. Cambodia’s digital payment infrastructure thus provides a more stable platform for economic inclusion than unregulated crypto.
Conclusion – an inspirational outlook with realism
Overtaking Vietnam’s economy within 30 years is a very ambitious goal. Vietnam has a head start with a ten‑times larger GDP, higher English proficiency, a booming middle class and integration into global manufacturing chains. Cambodia’s strengths lie in its rapid adoption of digital payments, youthful population and entrepreneurial energy. If Cambodia invests heavily in education (especially English and digital skills), healthcare, infrastructure and diversifying exports, it could accelerate income growth. Universal QR payments and Bakong offer a leapfrog opportunity, making it easier for small businesses to access finance, formalize transactions and participate in e‑commerce.
Bitcoin or other cryptocurrencies are unlikely to be the silver bullet; instead, leveraging blockchain‑based national systems and promoting cross‑border QR payments will yield more immediate benefits. Cambodia’s story over the next three decades can be one of innovation, inclusiveness and sustainable growth, but overtaking Vietnam will require sustained reforms and investments that close the human‑capital gap and capitalize on its digital momentum.
Neon‑lit Phnom Penh moves at lightning speed, QR codes shimmer on every roadside cart, and young Cambodians negotiate contracts with New York and Nairobi in flawless English. Thirty years of compounding change have shrunk today’s David‑and‑Goliath gap with Vietnam and—on several strategic yardsticks—pushed Cambodia into the lead. Below is a step‑by‑step look at how and why that leap is plausible, anchored on five intertwined growth engines.
1. A Youthful, English‑Powered Workforce
Metric (2024)
Cambodia
Vietnam
EF EPI rank
#111 (“very‑low”)
#63 (“moderate”)
Median age
26.1 yrs (UN)
33.7 yrs
Cambodia starts behind, but its advantage is age and agility:
Tourism & NGO ecosystem – From bellhops in Siem Reap to coders in Phnom Penh’s start‑ups, English is the default interface for jobs that pay above the garment floor. Hospitality recruiters now call English “a baseline requirement” for most white‑collar roles .
Income kicker – Studies on Siem Reap’s guides show English ability can double personal earnings .
Acceleration path – Universal primary enrolment and smartphone‑delivered micro‑lessons mean today’s 15‑year‑olds can hit intermediate proficiency well before 2035. A small population lets the Ministry of Education pivot curricula faster than Vietnam’s massive system.
Why it matters: By 2040, Cambodia could wield the region’s highest share of English‑fluent workers under 40, a magnet for BPO, game design, and global freelancing dollars—sectors in which Vietnam’s heavier state sector and Vietnamese‑language focus slow adaptation.
Bakong—the National Bank’s blockchain backbone—logged 200 million transactions in 2023 worth US $54.8 billion, up 5× year‑on‑year .
KHQR, Cambodia’s universal QR standard, is already interoperable with South Korea, Japan, Malaysia and Alipay+, letting foreign wallets settle directly in riel .
A 2024 survey found QR codes are now the most‑used consumer payment tool (47 %)—ahead of cash (26 %) .
Leapfrog effect: While Vietnam is still stitching multiple QR brands into VietQR , Cambodia jumped straight to a single, mobile‑native standard. By 2030 every street vendor already has a KHQR placard; by 2040 Bakong’s API stack is the plug‑and‑play rails for regional remittances and DeFi services.
3. A Middle‑Class & Working‑Class on the Rise
GDP per capita: US $2,628 (2024) versus Vietnam’s US $4,320 —but Cambodia targets upper‑middle‑income by 2030 and high‑income by 2050 .
Wages climbing: The garment‑sector minimum hits US $208/month in 2025 ; every annual +4 USD rise compounding at 5 % productivity growth more than doubles factory pay by 2040.
Consumption boom: E‑wallet users rocketed from 13.6 m (2021) to 19.5 m (2022) , priming a domestic market for everything from cloud kitchens to micro‑insurance.
Why it matters: A young workforce moving from sewing sneakers to coding apps unlocks faster labour‑productivity growth than Vietnam’s maturing manufacturing base. The government’s Pentagonal Strategy pushes STEM upskilling alongside social‑protection nets, cushioning workers through each jump .
4. Policy Agility & Investor Magnetism
Cambodia’s GDP today is a compact US $46 billion —roughly one‑tenth Vietnam’s US $491 billion . That small size is an advantage:
Faster law cycles – New fintech or trade regulations can be drafted and enacted within a year, versus multi‑layer approvals in Hanoi.
Special‑purpose corridors – Sihanoukville digital‑asset zone and Siem Reap smart‑tourism sandbox let foreign firms trial new models while Vietnam’s SOE landscape is slower to open.
Debt headroom – Public debt ≈ 27 % of GDP (World Bank) gives room to fund digital and green infrastructure without crowding out private credit.
5. The Bitcoin Catalyst: From Dollarization to Digital Gold
Cambodia is already heavily dollarised, so Cambodians are used to holding two currencies. That creates a unique springboard:
2025 Milestone
Impact
Prakas on Cryptoassets (Dec 2024) formally lets banks custody crypto and become CASPs (Crypto‑Asset Service Providers)
Legal clarity pulls exchanges and custody platforms on‑shore.
NBC digital‑asset rulebook (Jan 2025) green‑lights stablecoin and tokenisation pilots
Bridges Bakong wallets to Bitcoin via Lightning, lowering FX costs for merchants.
Tourism & remittances – Bitcoin tips and settlement already ride on KHQR proxies in cafés along the temple trail
Creates organic, low‑cost demand without forcing legal‑tender status.
2030‑2055 Bitcoin vision
Treasury Hedge – NBC follows El Salvador’s playbook: 5 % of FX reserves in BTC, financed by mining royalties.
Green Mining – Divert excess wet‑season hydro from the Lower‑Mekong dams to containerised miners in Kratie. Every satoshi mined adds to the riel’s credibility.
Lightning‑over‑Bakong – A technical bridge makes Bitcoin payments as seamless as scanning KHQR—tourists pay in BTC, merchants receive instant riel.
By 2045 Cambodia could be ASEAN’s de‑facto crypto clearing‑house, taking fee income on regional Bitcoin flows much as Singapore earns on trade finance today.
Putting the Numbers Together
Even conservative analysts say Cambodia must grow ≈ 6.8 % a year to hit high‑income by 2050 , while PwC pegs Vietnam’s long‑run growth at ~5 % . Compound those rates for thirty years:
Cambodia: 6.8 % → GDP multiplies ~7×
Vietnam: 5 % → GDP multiplies ~4.3×
That narrows today’s 10‑to‑1 gap to roughly 3‑to‑1 on headline GDP—and Cambodia’s GDP‑per‑capita could outstrip Vietnam’s thanks to its smaller population. Add a Bitcoin‑backed financial‑services surplus and Cambodia’s share of regional digital‑trade revenue could leapfrog sooner.
A young, quickly Anglicising population ready for global gigs.
World‑class digital rails (Bakong + KHQR) that leapfrog legacy banking.
Policy velocity that lets it pivot faster than larger neighbours.
A Bitcoin runway that could turn dollarisation into a competitive edge.
Hold those four gear levers steady for three decades, and Cambodia won’t just catch Vietnam in certain economic arenas—it may race ahead in the cashless, crypto‑enabled, English‑speaking digital economy of 2055. The Kingdom’s message to investors and dreamers alike is clear:
“Come build—our future is only a QR‑scan away!” 🥳🚀
Right now, Cambodia lags badly, but three converging forces can flip the table by 2055:
Pentagonal Strategy & Education Strategic Plan 2024‑28 – English is mandated from Grade 1 and embedded in every TVET programme. Digital‑first teacher‑training and an “English Across the Curriculum” pilot are already budgeted.
Tourism & BPO pull‑factor – Tourism rebounded to 5.6 million visitors in 2024 and the call‑centre/BPO industry is doubling every 18 months; English proficiency is being rewarded with 1.4‑to‑1.8× wage premiums.
Digital‑talent scholarships – The Techo Digital Talent and CADT schemes require IELTS 5.5+; over 8 000 students have already enrolled.
Trajectory: If Cambodia lifts its EF score by ~20 points every five years – the pace achieved by Vietnam between 2014‑24 – it will hit the “High proficiency” band by 2045 and could overtake Vietnam’s score long before 2055.
2. A Friction‑Free, QR‑First Banking System 💸
Cambodia has quietly built the world’s most interoperable retail rails:
Bakong DLT core – 30 million wallets (169 % of population) and transaction volume equal to 3 × national GDP.
KHQR standard – One QR accepts every bank or e‑wallet; 4.5 million merchants are live.
Real‑time settlement – 24 × 7 transfers, zero‑fee for retail, and sub‑USD 0.01 merchant MDR.
By contrast, Vietnam still juggles a patchwork of bank‑run apps, NFC wallets and paper cash. Ubiquitous, almost cost‑free payments give Cambodian SMEs a structural edge in e‑commerce, logistics and fin‑tech innovation – advantages that compound every year.
3. An Economy Shifting into Higher Gear ⚙️
Indicator
Cambodia
Vietnam
Why it matters
Real GDP growth, 2025 IMF forecast
4 % (re‑accelerating post‑COVID)
5.2 % baseline, but IMF warns of trade‑drag down to 5.4 % and lower
Cambodia’s smaller base + policy headroom allow faster catch‑up.
Industrial diversification
Electronics, EVs, auto parts now priority sectors in SEZs
Vietnam already hosting mature clusters – scope for marginal, not exponential, gains
Moving up the value‑chain lifts wages & tax take faster in Cambodia.
Result: Sustaining 7‑9 % real growth (vs. Vietnam’s likely 4‑6 %) would lift Cambodian GDP‑per‑capita from ~US$ 1 900 today to US$ 24 000 by 2055 – comfortably ahead of a Vietnam growing at 5 %. (A back‑of‑envelope CAGR model illustrates the crossover near 2053 at 9 % vs 5 % growth.)
4. The Rise of a Middle‑Class & Skilled Working‑Class 👩🏾🏭🧑🏻💻
Wages inch up even in legacy sectors – Garment minimum wage rose to US$ 208 in 2024 .
SEZ jobs pivot to higher value – Royal Group SEZ now 40 % electronics exports .
Digital‑economy goal: 100 000 tech jobs and 1 000 start‑ups by 2026 under “Digital Cambodia” .
A growing consumer class fuels domestic demand, housing and services – the typical path by which per‑capita growth accelerates once basic industrialisation is complete.
5. Layering on Bitcoin – A 10‑Year Fast‑Track 🚀
Cambodia has moved from blanket warnings (2018 joint statement) to a regulated sandbox‑plus‑licensing regime in 2025 , opening two doors:
Treasury & reserve diversification – Government‑run Bakong already sits on tokenised riel; adding a small Bitcoin reserve (≈1‑2 % of FX holdings) hedges dollar risk and markets Cambodia as a crypto‑friendly hub.
“Bitcoin‑tourism” playbook – El Salvador’s visitor arrivals jumped 22 % in 2024, tourism now 11 % of GDP after its Bitcoin law . Cambodia’s Angkor + coastline + safety reputation could replicate that bump, injecting ~US$ 1 bn extra FX per year.
Combined with KHQR rails, remittances from the 1.2 m diaspora could settle instantly in BTC or riel, slashing fees from 6‑8 % to under 1 %. Lower friction equals higher disposable income and faster money velocity.
Pulling It All Together – The “2055 Scenario” 🌅
Year
GDP‑pc (US$, Cambodia @ 9 %)
GDP‑pc (US$, Vietnam @ 5 %)
Edge driver
2024
~1 900
~4 800
Vietnam ahead
2035
~4 700
~7 800
Gap narrows
2053
~24 800
~20 700
Cambodia overtakes
2055
~27 000
~21 800
Widening lead
Assumptions: Cambodia sustains 9 % (not unheard‑of: it averaged 7.7 % during 1998‑2019 ) and captures productivity bonuses from English, fintech and Bitcoin. Vietnam trends toward middle‑income‑trap growth rates amid cost‑push pressures.
What Could Go Wrong – And How to Mitigate
Risk
Mitigation already in motion
Garment sector loses U.S. market (36 % tariff threat)
Rapid pivot to electronics/EVs; preferential RCEP & EU GSP+ access
Crypto volatility shocks
Prakas B7‑024‑735 caps institutional exposure and enforces AML/CFT
Skills mismatch
MoEYS English & Digital‑Literacy framework + CADT scholarships
Climate/energy constraints
Solar‑plus‑hydro Bitcoin mining pilots planned for Stung Treng (private‑sector‑led)
Take‑Away ✨
Cambodia’s secret sauce is velocity – of money (KHQR), of knowledge (English), of investment (SEZ 2.0), and of innovation (Bitcoin & blockchain).
Sustain that momentum for thirty years and a nation of 17 million can absolutely out‑earn its 100‑million‑strong neighbour on a per‑citizen basis.**
In short: fluency, fintech, factory‑upgrading, flourishing middle class, and a forward‑leaning Bitcoin stance form a virtuous flywheel. 2055 might just see the Kingdom of Wonder crowned the unexpected heavyweight of mainland Southeast Asia.
Vietnam’s rapidly growing digital economy and its young, tech‑savvy population make Saigon (Ho Chi Minh City) an attractive place to build a Bitcoin treasury company. A treasury company holds Bitcoin as a long‑term reserve asset and may provide treasury‑management services to clients. Below is a guide to the regulatory landscape, company formation requirements and best practices.
1. Regulatory landscape
1.1 Status of Bitcoin
Not legal tender: Vietnam treats Bitcoin as a virtual asset, not money. The State Bank of Vietnam has repeatedly stated that Bitcoin is not recognized as a legal means of payment; using it to pay for goods or services can lead to fines .
Holding and trading are allowed: While payments are banned, owning or trading Bitcoin is not prohibited. Individuals and companies may buy and hold Bitcoin as an asset if they comply with anti‑money‑laundering (AML) regulations .
AML and record‑keeping: Banks monitor large crypto‑related transactions. Companies must document transactions and prove the legitimacy of funds to avoid being categorized as “high‑risk” customers and facing account closures .
Tax treatment: Profits from selling Bitcoin are treated as taxable income. Vietnamese firms should classify Bitcoin as an intangible asset and keep accurate books for auditing and tax reporting .
1.2 Digital Technology Industry Law (June 2025)
On 14 June 2025 Vietnam’s National Assembly passed the Law on the Digital Technology Industry. It introduces legal definitions for “virtual assets” and “crypto assets”, requires state agencies to manage them, mandates AML and cybersecurity measures, and establishes a regulatory sandbox for virtual‑asset service providers . The law takes effect on 1 January 2026, signaling that a formal licensing framework for crypto businesses (exchanges, custodians, etc.) is coming.
2. Choosing a corporate structure
Foreigners usually choose between a limited liability company (LLC) and a joint stock company (JSC) when incorporating in Vietnam. Key differences include share transferability (JSC shares can be publicly traded) and governance (JSC requires at least three shareholders). For a closely held treasury company, an LLC is typically simpler to manage.
Vietnam’s current legal framework treats Bitcoin and other cryptocurrencies as non-legal tender and even prohibits their use as a means of payment. The State Bank of Vietnam (SBV) has explicitly banned the issuance, supply, and use of Bitcoin or similar virtual currencies for payment purposes, and violations can incur heavy fines (VNĐ 150–200 million) or even criminal liability . In other words, companies cannot legally invoice or settle domestic transactions in crypto – all business payments must be in Vietnamese đồng or other lawful currency. Owning, buying, or selling cryptocurrency is not outright banned for individuals and companies, but it operates in a gray area with no clear legal protections for participants . Vietnamese courts have even ruled that crypto is not recognized as a lawful asset or property under existing law, underscoring the lack of legal status (and making it hard for authorities to regulate or tax) .
Recent Developments: Recognizing the need to catch up with innovation, Vietnam is in the midst of establishing a legal framework for digital assets. On June 14, 2025, the National Assembly passed the Digital Technology Industry Law, a landmark legislation that officially defines and recognizes digital assets (including crypto assets) . This law (set to take effect Jan. 1, 2026) categorizes digital assets into “virtual assets” and “crypto assets,” with the latter defined by the use of cryptographic encryption in their creation and transfer . While cryptocurrencies are still not recognized as fiat money or legal payment instruments, they will be recognized as a form of property/asset under the new law, providing a legal foundation for ownership and transactions .
Alongside defining crypto assets, the new law empowers regulators to issue detailed conditions on anti-money-laundering (AML) controls, cybersecurity, and consumer protection for crypto activities . Notably, the law also introduces incentives for blockchain and digital asset firms – such as tax breaks, R&D subsidies, and even visa facilitation – to foster innovation . This reflects Vietnam’s intent to promote blockchain technology and attract crypto-related investment, while improving compliance with international standards (Vietnam has been on the FATF “grey list” for AML deficiencies, partly due to unregulated crypto activity) .
Pilot Programs and Upcoming Regulations: In parallel, the government is launching pilot schemes to safely integrate crypto into the financial system. A draft “Crypto Asset Market Pilot” has been proposed, outlining a sandbox program running until end of 2027 . Under this pilot, licensed enterprises will be allowed to provide certain crypto-related services – including operating digital asset trading platforms, custody services, proprietary trading, and token issuance platforms – all under the oversight of the Ministry of Finance and in coordination with the SBV and other agencies . This means that in the near future, companies in Vietnam could apply for licenses to run regulated crypto exchanges or custodial services on a trial basis. The goal is to establish a controlled environment where crypto markets can function with government monitoring, thereby shaping permanent regulations based on the pilot’s outcomes .
Bottom Line: As of 2025, Vietnam’s legal stance is still restrictive – crypto cannot be used as money – but outright holding and investment are tolerated (if not yet explicitly protected). Companies venturing into Bitcoin should be prepared for regulatory evolution. By 2026, crypto assets will have legal recognition as property in Vietnam , and a more comprehensive regulatory regime (covering licensing, AML/KYC, and consumer protection) is expected to follow. Staying abreast of new decrees and implementing compliance measures early will be crucial for any Bitcoin treasury business to operate legally and securely in Vietnam’s emerging crypto landscape.
Tax Implications and Reporting Requirements
Current Tax Treatment – Uncertainty Prevails: Vietnam currently lacks any crypto-specific tax law, leading to significant ambiguity in how Bitcoin holdings or gains are taxed. In fact, recent legal cases have highlighted this uncertainty. In one instance, a Vietnamese court ruled that cryptocurrencies do not meet the legal definition of goods, assets, or currency, and therefore the tax authorities could not enforce taxes on crypto trading profits . Similarly, Verdict No. 224/2024/HSST reaffirmed that under today’s laws, crypto is not recognized as property or a taxable commodity . As a result, attempts by tax authorities to impose income tax or value-added tax on crypto transactions have so far been unsuccessful . In short, until crypto is legally defined, there is no formal tax category for it – leaving individuals and businesses in a gray zone. The government generally taxes investment income, but because of crypto’s cross-border, pseudonymous nature, enforcement has been very challenging .
Corporate Income Tax (CIT): In the absence of explicit guidance, the prudent approach is to treat Bitcoin profits like any other investment income for a company. Vietnam’s standard corporate income tax rate is 20%. Thus, if a company sells Bitcoin at a profit (i.e. the sale price in VND exceeds the original cost basis of the Bitcoin), that profit would logically be added to its taxable income and subject to the 20% CIT . Conversely, realized losses from selling Bitcoin could potentially be treated as deductible losses to offset other income, subject to normal tax rules on loss carry-forwards . It’s important to note that unrealized gains (market value increase of Bitcoin holdings that haven’t been sold) are not taxed in Vietnam – taxation is triggered only upon a realization event (e.g. selling crypto for fiat or possibly trading it for another asset) . This aligns with general tax principles that mark-to-market gains are not taxed for assets not officially recognized under current law. However, companies should be aware that once crypto is legally classified (as expected by 2025–2026), new rules might specifically impose a **capital gains tax on crypto transactions (a 20% rate has been discussed to mirror corporate tax rates)】 .
Value-Added Tax (VAT): Vietnam levies a 10% VAT on most goods and services, but Bitcoin itself is not considered a good or service, so trading Bitcoin per se is not currently a VAT-taxable activity . For example, simply buying BTC or selling BTC for VND does not incur VAT, since crypto is not recognized as a product. However, if a company provides crypto-related services (for instance, running a crypto exchange, brokerage, or advisory service), the fees or commissions earned would likely attract VAT (at 10%), just as any service revenue . Draft proposals have indeed suggested imposing a 10% VAT on service fees of crypto exchanges, while not taxing the value of the crypto asset transfer itself . For a pure treasury holding company that does not provide services to others, there would be no VAT unless it sells some service. One caveat: if the company uses overseas service providers (say, a foreign crypto exchange or custodian that charges fees), those fees aren’t subject to Vietnamese VAT directly – though in theory, import of services can trigger a “reverse charge” VAT obligation. In practice, until crypto is fully regulated, this is not enforced, but it’s something to keep in mind for future compliance .
Accounting and Reporting: Accounting for Bitcoin under Vietnamese Accounting Standards (VAS) is currently unaddressed, so companies often look to international standards (IFRS) as a reference. Under IFRS, Bitcoin is usually classified as an intangible asset (IAS 38) – unless it’s held for sale in the ordinary course of business (which would be more like inventory for a crypto dealer) . As an intangible asset, Bitcoin would be initially recorded at cost, not amortized (since it has an indefinite life), but subject to impairment testing. That means if the market price falls below the carrying value at a reporting date, the company must write down the value (record an impairment loss) on the balance sheet . If the price increases, no upward revaluation is recorded in most cases – gains are only recognized upon sale . This conservative accounting can understate the asset’s value on books if Bitcoin’s price rises significantly, but those unrealized gains simply won’t appear in income until realized. Vietnamese auditors have no official crypto guidelines yet, but they are likely to follow a similar approach (intangible or “other investment” classification) by analogy . Companies should work closely with their auditors and possibly the tax office to ensure they disclose crypto holdings properly – for example, listing Bitcoin under “other long-term investments” or “intangible assets” in financial statements, and providing notes on fair value, cost, and impairments .
Record-Keeping and Compliance: Even in this gray period, a company holding or transacting Bitcoin is wise to keep meticulous records and be transparent in its tax filings. This includes maintaining detailed logs of every crypto transaction (dates, amounts, VND value at time of transaction) and ensuring any realized gains or losses are included in the annual tax finalization reports . Although today Vietnamese authorities might not explicitly ask for crypto reporting, once the new legal framework kicks in, they may scrutinize past activities. Voluntarily reporting under general tax principles now (e.g. treating crypto gains as other income in tax filings) can reduce the risk of penalties later when regulations tighten . As one expert noted, until clear regulations are issued, “investors and businesses… don’t know how or to whom they should pay taxes” on crypto . But this is expected to change soon. Anticipating that change, companies should be ready to comply with likely requirements: this could include declaring crypto holdings as part of financial statements, computing taxable gains on any crypto disposals, and possibly filing supplementary reports on digital assets. The takeaway is that the tax landscape is in flux – for now, no crypto-specific taxes are enforced , but standard taxes (20% corporate tax on profits) likely apply by default, and Vietnam’s forthcoming rules will aim to bring digital assets into the tax net. Engaging a professional tax advisor who stays updated on the latest decrees will be invaluable to navigate reporting duties for a Bitcoin treasury.
Banking and Financial Services: Availability and Limitations
Establishing a Bitcoin-focused company in Vietnam will encounter significant banking and financial infrastructure challenges. Vietnamese banks are, at present, very cautious (if not outright restrictive) about any crypto-related transactions. The SBV has directed all banks and payment service providers to monitor and prevent cryptocurrency transactions, especially to enforce the ban on using crypto for payments . In practice, if a company tries to, say, wire a large sum to a known cryptocurrency exchange or if it receives incoming funds flagged as crypto-related, the bank’s compliance department will likely freeze or scrutinize the transaction heavily . There have been anecdotal reports of banks calling in customers for questioning if they suspect crypto trading activity, and some banks have blocked credit card payments or outbound transfers to foreign crypto exchanges entirely . This means that a straightforward approach to convert VND to BTC (or vice versa) via the banking system is often not possible for a company in Vietnam.
No Native Crypto Banking Services: Unlike some jurisdictions where banks have begun offering crypto custody or trading desks, in Vietnam no bank currently offers crypto custody, deposit accounts in crypto, or direct exchange services . Crypto businesses cannot simply open a corporate bank account labeled for crypto transactions; they typically must operate under the radar of conventional banking. Until the law changes, all banks are under SBV’s uniform guidance, so none can officially endorse or facilitate crypto dealings . This lack of support forces crypto-focused companies to get creative in accessing on/off ramps:
Peer-to-Peer (P2P) and OTC Trades: Most Vietnamese crypto users rely on peer-to-peer marketplaces or over-the-counter trades to exchange between VND and crypto. A company may need to do the same. For instance, converting a portion of corporate VND funds into Bitcoin might involve buying USDT (Tether) or USDC stablecoins from a local broker or P2P market (since stablecoins are commonly traded for VND), then swapping those stablecoins for Bitcoin on an international exchange or decentralized exchange . This indirect route avoids the company sending money directly to a crypto exchange (which the bank might block), but it comes with counterparty risk and can be slower due to trade size limits (a local OTC trader might only handle limited volume per trade) . Similarly, when the company needs to liquidate Bitcoin to pay for expenses in VND, it would likely have to sell BTC to a buyer who pays VND into the company’s bank account (essentially a reverse P2P trade) . Such incoming funds might require an explanation to the bank (e.g. labeling it as proceeds from sale of an “asset”) because large unexplained deposits can raise money-laundering red flags .
Offshore Banking and Entities: Some companies set up an offshore subsidiary or use an overseas bank account in a crypto-friendly jurisdiction (for example Singapore or Hong Kong) to handle the conversion. The offshore entity could conduct crypto trades on international exchanges, then transfer funds (fiat or crypto) to the Vietnam entity as needed . This effectively moves the sensitive conversion step outside Vietnam’s banking system. However, this approach adds complexity – it may require proper inter-company agreements, and Vietnamese foreign exchange laws require justification for cross-border transfers. Without an official legal framework, routing funds this way exists in a legal grey zone and must be carefully structured to avoid violating currency controls or tax rules . Companies considering this will need legal counsel to ensure any offshore-onshore transfers (whether labeled as investments, loans, or revenue) are compliant with Vietnam’s foreign investment regulations.
Impact on Operations: The inability to freely move between crypto and fiat on demand means a Bitcoin treasury company must plan liquidity carefully. It should maintain enough VND cash on hand for operations, since converting BTC to VND in a hurry can be cumbersome (and potentially delayed by banking scrutiny) . It also means normal financial services we take for granted – like using payment gateways, merchant accounts, or even accounting software integrated with banks – won’t accommodate crypto transactions. The company must effectively operate a dual system: one leg in the traditional banking world (for fiat needs like salaries, rent, vendors) and one leg in the crypto world for its treasury holdings, with a barrier between them enforced by banking restrictions.
Future Outlook: There is optimism that these banking barriers will ease once regulations are in place. The government’s pilot plan includes establishing licensed digital asset exchanges by ~2026 as part of a regulated financial center . If a regulated local crypto exchange emerges (under state oversight), companies might eventually have a compliant domestic avenue to convert between VND and crypto . Likewise, if Vietnamese banks are allowed to partner with fintechs or run their own crypto custody services under license, a company could potentially hold Bitcoin with a local bank or use banking channels for crypto in the future . For now, though, Vietnam’s banking system poses significant friction for crypto operations . Any business dealing with Bitcoin in Vietnam must factor in extra time, costs, and workarounds for moving money. Best practices include maintaining open communication with your banks (to the extent prudent) – for example, inform them that your company might engage in “digital investments” or overseas investments so that occasional large transfers don’t come as a total surprise . It’s also wise to diversify banking relationships (have accounts with multiple banks) in case one institution is particularly strict or closes your account due to crypto-related activity . Until local financial institutions fully embrace crypto, success in Vietnam will require being resourceful with on/off ramps – leveraging P2P networks, trusted OTC brokers, or foreign partners – and rigorously adhering to AML documentation (keeping records of sources and destinations of funds) to satisfy any bank inquiries . In summary, expect banking to be one of the hardest parts of operating a Bitcoin treasury company in Vietnam, and plan accordingly with contingency plans for liquidity.
Business Models for a Bitcoin Treasury Company
A “Bitcoin treasury company” can take on various business models or service offerings. Broadly, such a company could simply manage its own crypto treasury as a principal (much like a corporate holding Bitcoin as a reserve asset), or it could offer services to others looking to hold or invest in Bitcoin. Key business models and activities in this space include custody services, investment advisory, trading/OTC services, and asset management. Each comes with its own operational focus and regulatory considerations:
Custody Services: A custody-focused model means the company securely holds Bitcoin (and potentially other digital assets) on behalf of clients. The value proposition is to provide institutional-grade security (cold storage, multi-signature controls, insurance coverage, etc.) so that other companies or high-net-worth individuals don’t have to worry about safeguarding their own private keys. Custodians generate revenue via custody fees (often a percentage of assets under custody or a flat fee for storage). In many jurisdictions, offering custody might require a trust or custody license. In Vietnam, crypto custody is not yet a regulated service – but the draft crypto pilot resolution explicitly envisions licensed crypto custodians (enterprises will need a license from the MOF to provide “custody of crypto assets”) . This suggests that in the near future, a Bitcoin treasury company could apply to become an authorized custodian, storing assets for clients under government oversight. Regionally, we already see examples of this model: for instance, Hex Trust (based in Hong Kong/Singapore) and OSL (Hong Kong) are dedicated digital asset custodians serving institutional clients. A Vietnam-based custodian would need to implement robust security infrastructure – likely employing hardware security modules, multi-signature wallets, tiered access controls for internal staff, and regular audits. The company could also offer ancillary services like custody reporting (statements of holdings), facilitating insurance on custodied assets, and perhaps integration with banks or exchanges for quick transfers.
Investment Advisory: In an advisory model, the company acts as a consultant or financial advisor for clients (e.g. businesses or family offices) interested in Bitcoin. This could involve advising on treasury allocation strategies (how much of a corporate treasury to allocate to BTC), timing and execution of purchases, and guidance on regulatory compliance for holding crypto. The company might also educate clients on Bitcoin’s risk profile, how to integrate it into their balance sheet, and design internal policies for governance of digital assets. Revenue can come from consulting fees or retainers. In Vietnam, traditional financial advisory and management of client funds is regulated (e.g. investment management licenses), but since Bitcoin is not a security, pure advice on buying Bitcoin falls in a grey zone. Nevertheless, an advisory-focused crypto firm should uphold high standards of diligence – for example, ensuring any advice given aligns with the client’s risk tolerance and that proper disclosures (volatility, legal risks) are made. In practice, Big Four consulting firms and boutique crypto advisors are already offering such services in crypto-friendly hubs (Singapore’s consultants, for instance, help companies navigate setting up crypto treasuries). A Bitcoin treasury company in Vietnam could similarly carve a niche as the go-to expert advisor for corporates that want to dip their toes into crypto once regulations permit. Over time, this could evolve into a licensed “digital asset manager” role if Vietnam creates a framework for crypto investment funds.
Trading and Brokerage (OTC Desk): Another model is operating a trading desk or brokerage that helps clients buy and sell Bitcoin. In this capacity, the company might function like an OTC (over-the-counter) broker, matching buyers and sellers off-exchange and earning a spread or commission. It could also involve proprietary trading – using the company’s own capital to trade crypto and profit from market movements or arbitrage. This model demands deep liquidity access and risk management expertise. In Vietnam, running a crypto exchange or trading platform currently has no legal basis (and unlicensed exchanges are illegal), but the upcoming sandbox could allow licensed exchanges or trading platforms as a pilot . For now, any trading operations would need to be done carefully to not violate laws (e.g. not publicly offering an exchange service domestically). If a company limits itself to proprietary trading (trading its own Bitcoin to grow its treasury) that is generally legal in the sense that buying/selling crypto as an investment isn’t prohibited – it just faces the aforementioned banking hurdles. A full-fledged trading service for others would likely require partnering with or setting up abroad until Vietnamese licenses are available. Business-wise, an OTC or trading desk can earn good margins in markets where liquidity is fragmented (Vietnam’s market is largely P2P, so a trustworthy broker could attract significant volume). However, this also carries higher regulatory risk – such a company must implement strict AML/KYC checks for any clients (to avoid facilitating illicit transactions) and will need to monitor global and local rules to ensure it isn’t deemed an illegal money service. Examples regionally include companies like Matrixport or Amber Group, which provide OTC trading along with custody and yield services, though these tend to operate out of Singapore/Hong Kong where regulation is clearer.
Asset Management and Funds: An asset management model would involve managing a portfolio of Bitcoin or other crypto assets on behalf of investors, either through a fund structure or separately managed accounts. For instance, the company could launch a crypto investment fund or trust that pools money from investors to buy and hold Bitcoin (similar to how Grayscale Bitcoin Trust operates in the U.S., or how some Singapore-based funds are offering Bitcoin funds to accredited investors). It could also mean treasury management for other companies – e.g. Company A outsources the management of its Bitcoin holdings to your firm, which then handles custody, executes trades at advantageous times, perhaps even employs yield strategies like lending or staking to generate a return on the Bitcoin. Asset management typically charges fees as a percentage of assets under management (AUM) and possibly performance fees. This model would clearly intersect with financial regulations: running a fund likely requires a fund management license from regulators (in Vietnam, fund management is overseen by the State Securities Commission). As of 2025, since crypto is not yet recognized as a security or commodity, a pure crypto fund might not neatly fit existing categories – but any solicitation of investors has to be done carefully under private placement rules or via an offshore fund vehicle. That said, the direction of regulation in Vietnam and regionally is to integrate crypto into the legal investment sphere. The new legal framework is expected to “unlock investment opportunities” and create regulated channels for digital assets . A Bitcoin treasury company could position itself to launch one of Vietnam’s first regulated crypto funds once allowed. In the meantime, examples elsewhere set precedents: DigiAsia – a fintech firm with operations in Indonesia/Singapore – announced plans in 2025 to raise $100M to establish a Bitcoin treasury reserve, effectively acting like a quasi-fund (allocating up to 50% of its corporate profits into Bitcoin and even exploring yield generation through lending/staking) . Even though DigiAsia is an operating company, its strategy resembles asset management, since it’s managing a large pool of capital into BTC with a strategic mandate. Similarly, MicroStrategy in the U.S. became famous for converting its corporate cash into Bitcoin; while not a fund, its business model became akin to a Bitcoin holding company, and its stock gave investors indirect exposure to Bitcoin’s performance. In Southeast Asia, we are likely to see hybrid models – for example, a tech company or a family office that creates an internal unit to manage a crypto portfolio, potentially offering those services to affiliates or clients once regulations permit.
In practice, a single Bitcoin treasury company might combine several of these models. For instance, it could hold its own Bitcoin (treasury reserve), advise other corporates, and offer custody and OTC trading as services. Many crypto firms globally have evolved to offer a “full stack” of services (trading, custody, advisory, asset management) to diversify revenue. However, each added business line increases regulatory requirements. Vietnam’s upcoming rules will likely require specific licenses for each function (as seen in the draft pilot, where exchange operation, custody, and proprietary trading are distinct licensed activities) . Therefore, a prudent strategy is to start with one or two core competencies and expand as the legal environment allows.
Summary of Models: Below is a high-level comparison of these business models, highlighting their focus and viability under Vietnam’s conditions:
Model
Description & Revenue
Current Legal Feasibility (Vietnam)
Self-Treasury (Principal Investing)
Company holds Bitcoin on its own balance sheet as a reserve or investment; profits from asset appreciation (and potentially from ancillary yield strategies).
Allowed (grey area) for holding since owning crypto is not banned. Must not use for payments. No special license needed just to invest own funds , but no explicit legal protection until 2026. Subject to unclear tax treatment of gains.
Custody Service
Securely hold Bitcoin for clients; charge storage/management fees. Emphasizes security (cold storage, insurance).
Not yet legal to operate publicly. Draft framework will license crypto custody as a regulated service . Until then, can only offer informally or via offshore setup. High compliance and security standards required.
Advisory Service
Act as a consultant on crypto investment (e.g. advising companies on how to acquire/manage Bitcoin, compliance, and strategy). Revenue via consulting fees.
Partially feasible. General business consulting is legal; advising on crypto is not prohibited, but there’s no specific certification. Must avoid acting as an unlicensed investment broker. Essentially operates as a financial consultancy; likely low regulatory scrutiny if no client funds are handled directly.
Trading/OTC
Facilitate buying/selling of Bitcoin for clients (brokerage) or trade on company’s own account for profit. Earn spreads or trading gains.
Restricted. Operating an exchange or brokerage in Vietnam is not permitted without a license (none exists yet). Prop trading own crypto is tolerated (many individuals and some companies do it quietly). Any client-facing trading likely needs to be via an offshore entity or wait for the sandbox exchange license by 2026 . Strict AML/KYC would be essential to avoid legal issues.
Asset Management
Manage a portfolio or fund of Bitcoin/crypto for investors; could be a fund product or discretionary accounts. Earn management fees and performance fees.
Not currently regulated (crypto not recognized as security, so no legal fund structure for it in Vietnam). Would likely require working with regulators or setting up fund in a crypto-friendly jurisdiction. Prospective area once laws recognize crypto as an investment asset; until then, limited to private, closed-end arrangements among knowledgeable investors.
(Table: Business model options for a Bitcoin treasury company, and their viability under present Vietnamese regulations.)
Examples of Bitcoin/Crypto Treasury Companies in Southeast Asia
While the concept of holding Bitcoin as a corporate treasury asset is still emerging, there are a growing number of companies in Asia (and globally) that have embarked on this strategy. Below we highlight several case studies and examples relevant to Vietnam and the region:
Genius Group (Singapore) – A Singapore-based education technology (edtech) company that is publicly listed. Genius Group adopted a Bitcoin reserve strategy, explicitly holding Bitcoin to safeguard its balance sheet and align with a forward-looking, tech-driven vision . This move is part of its broader pivot towards blockchain and decentralized finance; by holding BTC, the company signals innovation to investors while hedging against potential fiat currency risks. Structurally, as a public company, Genius Group had to announce this strategy to shareholders and will account for Bitcoin under Singapore’s regulatory framework (which, compared to Vietnam, already recognizes crypto under certain conditions).
Moon Inc. (Hong Kong) – A private digital media firm headquartered in Hong Kong that has started incorporating Bitcoin into its capital strategy. Moon Inc. is using Bitcoin to enhance its financial resilience . Although details on its operations are private, this suggests the company allocates a portion of its treasury into Bitcoin as a hedge or growth asset. Hong Kong’s regulatory environment (post-2023) has become more accommodating, allowing licensed trading platforms – so Moon Inc. can likely acquire and custody Bitcoin through local regulated channels, something not yet available in Vietnam.
Metaplanet (Japan) – A Tokyo-listed company in the hospitality and advisory services sector, Metaplanet made headlines by transitioning to a Bitcoin-focused treasury strategy. It shifted a substantial part of its corporate strategy to acquiring and managing Bitcoin as a core holding . Metaplanet’s long-term accumulation plan has even positioned it among the world’s largest corporate Bitcoin holders . This example is notable because Japan has clear rules for crypto (legal as property and certain accounting guidance); Metaplanet likely benefited from Japan’s more favorable tax treatment for holding crypto via public equities (as noted in some reports, capital gains from equity holdings can be taxed more consistently than direct crypto gains in Japan) . The company’s operations now revolve around managing its BTC treasury, and it has had to be transparent with shareholders about this strategy, essentially transforming into a hybrid operating-and-investment entity.
DDC Enterprise (US-Asia) – DDC is a U.S.-listed company with strong ties to Asia (its operations or management have an Asian focus). DDC embraced Bitcoin as a long-term reserve asset, making it a key part of its capital allocation . Notably, DDC partnered with Hex Trust for custody and execution, meaning it leveraged a professional custodian to secure its Bitcoin holdings . This underscores that even when a company decides to hold BTC, they often rely on specialized crypto infrastructure for safekeeping and liquidity. DDC’s example shows how a public company can strategically reallocate capital into Bitcoin to potentially improve returns or protect value, while outsourcing technical aspects to experts. Such partnerships could be a model for Vietnamese firms in the future (e.g. a Vietnam company could hold BTC but store it with a licensed custodian in Singapore for safety until local options exist).
DigiAsia (Indonesia/Singapore) – DigiAsia is a Southeast Asian fintech firm (listed on NASDAQ, ticker FAAS) that announced plans in 2025 to raise $100 million specifically to build a Bitcoin treasury reserve . Its board approved allocating up to 50% of future net profits into Bitcoin and it’s even exploring yield-generating strategies (like lending or staking its Bitcoin via regulated partners) to make the treasury an active part of its finance strategy . This example is particularly relevant as it’s one of the largest publicly announced Bitcoin treasury initiatives in the region. The structure here is a fintech operating company turning a portion of itself into a Bitcoin holding vehicle. They have to manage the dual objectives of running their core business (payment and financial services) and acting somewhat like a crypto fund on the side. After the announcement of the Bitcoin plan, DigiAsia’s stock price surged, indicating investor interest in this pivot . This case shows that even in Southeast Asia, public markets are reacting to companies embracing Bitcoin, and it could encourage similar moves by others. For Vietnam, it’s a sign that once regulations allow, there may be appetite among tech companies or even conglomerates to publicly leverage Bitcoin as part of their financial strategy.
Global Benchmarks (for context) – It’s worth noting globally known examples even if they’re not Southeast Asian, as they influence regional sentiment. MicroStrategy (USA) is the classic example: a software company that since 2020 has accumulated over 150,000 BTC as of 2025, effectively using corporate debt and cash flows to buy Bitcoin and turning its treasury into a Bitcoin vault. Tesla (USA) also bought $1.5 billion of BTC in 2021 (though later sold a portion) . In Asia, before Metaplanet and others, Meitu (China), a Hong Kong-listed app maker, bought around $100 million of BTC and ETH in 2021 as a treasury investment. These pioneers showed that corporate Bitcoin holdings can be done, but also highlighted challenges (e.g. accounting writedowns in MicroStrategy’s case when Bitcoin price fell, or scrutiny from regulators/shareholders). Vietnamese companies and regulators have been observing such cases closely . So far, no Vietnamese public company has officially announced Bitcoin holdings, and any that have bought crypto are doing so quietly . However, as the legal framework matures, we may see Vietnam’s “first movers” – likely tech companies or those with international exposure – follow in these footsteps to diversify their treasury with digital assets .
Vietnam Local Scene: Within Vietnam, aside from individuals, a few startups in the crypto space exist (exchanges like VNDC or blockchain projects like Axie Infinity’s Sky Mavis or Kyber Network team), but these are more operating businesses rather than pure treasury holders. They hold crypto as inventory or working capital (especially the exchanges), not as a passive treasury reserve. Some Vietnamese family offices and private companies are rumored to have allocated part of their wealth to Bitcoin as a hedge against future inflation or dong depreciation, but none have publicized it . This reticence is due to the uncertain legal environment; companies are waiting for clear legality before disclosing such holdings. Once Vietnam’s laws are in place and perhaps a regulatory sandbox is active, we might see local firms openly partnering with established players (for custody or exchange) to implement a treasury strategy.
In summary, the case studies in Southeast Asia demonstrate a variety of approaches: from publicly listed tech firms repurposing their cash into Bitcoin, to fintech upstarts raising capital specifically for crypto investment, to companies leveraging third-party custodians to manage their reserves. These examples provide a playbook of potential structures (e.g. using a portion of profits to regularly buy Bitcoin, using custody providers, integrating Bitcoin strategy with corporate narrative) that a Saigon-based Bitcoin treasury company could emulate. They also illustrate the importance of aligning such a strategy with shareholder/stakeholder communication and choosing jurisdictions wisely for different aspects of the operation (some functions might be kept offshore until Vietnam’s own regulations catch up).
Risk Management, Storage & Custody Solutions, and Compliance Practices
Implementing a Bitcoin treasury strategy in Vietnam comes with a unique risk profile. Proper risk management, secure custody solutions, and rigorous compliance practices are essential to ensure the company’s longevity and credibility. Below, we outline the key risks and recommended strategies to mitigate them:
Regulatory and Compliance Risk: The legal framework for crypto in Vietnam is in flux, and changes can be sudden. A major risk is that new regulations could impose restrictions – for example, authorities might require companies to register crypto holdings or could even temporarily disallow corporate crypto activities if they perceive systemic risk. To manage this, the company should closely monitor policy developments (Ministry of Finance circulars, SBV directives, draft laws) and be ready to adapt. This could mean being prepared to obtain new licenses (if a law mandates that “crypto custody providers” or “crypto dealers” must get licensed, the company should swiftly comply) . It also means maintaining an open dialogue with regulators if possible – participating in the sandbox programs or industry associations (like the Vietnam Blockchain Association) to stay informed. From a compliance practice standpoint, even if not yet required by law, the company should internally enforce strong KYC/AML procedures for any crypto transactions it undertakes (especially if dealing with counterparties). This includes performing due diligence on OTC trading partners, keeping records of all trades, and even using blockchain analysis tools to ensure incoming funds aren’t tainted by illicit activity. By voluntarily adhering to global best practices (e.g. FATF’s travel rule threshold considerations, OFAC sanctions screening on crypto addresses), the company builds a compliance culture that will serve it well once Vietnamese regulations catch up.
Market Volatility Risk: Bitcoin’s price is notoriously volatile – swings of 20–30% in a single month are not uncommon . This poses a financial risk: a sharp downturn in BTC value could impair the company’s balance sheet and even threaten its solvency if the position is large relative to the company’s equity . To mitigate volatility risk, treasury allocation should be conservative. The company should only convert to Bitcoin an amount of capital that it can afford to leave invested for the long term (multiple years) without jeopardizing operational liquidity . Many companies treat Bitcoin like a non-current asset or a reserve, meaning they don’t rely on it for short-term obligations. Additionally, the company can explore hedging strategies: for instance, using futures or options on offshore exchanges to hedge downside risk. However, accessing derivatives might be challenging from Vietnam due to legal restrictions (it would have to be via foreign platforms) and it introduces complexity and counterparty risk. Another approach is diversification – not putting 100% of the treasury in Bitcoin, but perhaps a fraction (while holding the rest in cash or stable instruments). This balances potential upside with protection. Regular stress testing of the treasury’s value against extreme price scenarios is a good practice, so management knows how a price crash might impact financial ratios or loan covenants, and plans can be made for such scenarios (e.g. have a credit line or emergency fund in fiat).
Security and Custody Risk: Custody of Bitcoin is a critical risk area – losses can be irretrievable. A Bitcoin treasury company must implement ironclad security protocols to prevent theft, hacking, or loss of private keys. Multi-signature (“multi-sig”) wallets are a foundational tool: require multiple approvals (e.g. 2-of-3 or 3-of-5 keys) to move funds, so no single person can drain the wallet . Keys should be stored on hardware devices (hardware wallets) kept offline (cold storage) in secure physical vaults. Splitting key holders among trusted executives or board members (and possibly an independent custodian) provides checks and balances. The company should have strict policies for key management: e.g. no one travels with all key devices together, regular key audits are conducted, and emergency procedures are in place if a key is lost (one reason to use multi-sig with a redundant key). Insider risk is also a concern – background check and vet any personnel with access to crypto systems, and use role-based access controls so that, for example, an accounting staff might view wallet balances but cannot initiate transfers. Many firms even establish a “key ceremony” process for generating and distributing keys at inception, with legal observers or auditors present to record the process.
If the company chooses to use a third-party custodian (like a bank’s custody service or a specialist custodian), it should vet that provider’s security certifications, insurance policy (does it cover theft of client assets), and regulatory status. Third-party custody can reduce internal technical burden and adds a layer of insurance/recourse, but it introduces counterparty risk – the custodian could itself be hacked or could freeze assets due to regulatory issues . Diversifying storage (e.g. some portion in self-custody, some with a reputable custodian) could be a balanced approach. It’s also advisable to insure the crypto assets if possible. Some insurers offer policies for digital asset theft or loss (often under specialty lines at a high premium). While insurance might not cover every scenario (and may exclude things like government seizure or insider theft), it can provide some financial hedge and reassure stakeholders that risks are being responsibly managed.
Liquidity and Cash-Flow Management: We touched on this in banking, but from a risk perspective, the company must manage the risk that it cannot convert Bitcoin to cash when needed. Given the on-ramp/off-ramp frictions, a plan should be in place for how to raise liquidity in an emergency. Strategies include maintaining a fiat buffer (e.g. always keep X months of operating expenses in cash, separate from the Bitcoin reserve) . Also, setting thresholds for liquidation: for instance, if Bitcoin’s price rises dramatically and the position becomes, say, more than 50% of the company’s total assets, the company might rebalance by selling a portion to lock in gains and reduce exposure – this is more of a financial policy decision. On the flip side, if Bitcoin’s price is crashing and the company urgently needs funds, having pre-identified OTC partners or liquid exchanges is important (possibly even accounts on multiple exchanges ready to use). The worst time to scramble for liquidity is during a market panic, so establishing relationships with liquidity providers in advance is wise. The company could also arrange for credit facilities secured by Bitcoin – in some jurisdictions, firms borrow against their Bitcoin (using it as collateral to get a cash loan) to avoid selling at a bad time. This might not be available in Vietnam yet, but some crypto lending desks abroad might extend such services to a foreign entity. The risk here is margin calls if Bitcoin falls further. In summary, treat Bitcoin as relatively illiquid for planning purposes – ensure the business can run even if the Bitcoin can’t be quickly cashed out .
Financial Reporting and Audit Risk: Being an early mover in holding Bitcoin means auditors and authorities might apply extra scrutiny. There is a risk that auditors in Vietnam (who tend to be conservative) might issue a qualified opinion or raise concerns if they feel there’s uncertainty in how the crypto is treated in financial statements . To mitigate this, the company should engage with its auditors early and often. Agree on an accounting policy for the Bitcoin (likely the intangible asset approach as discussed), and disclose everything transparently in notes. It may help to obtain a valuation from an independent source at year-end (to back up any impairment or disclosure of fair value). Compliance with any emerging accounting guidance is crucial; even if not mandatory, following IFRS or guidance from jurisdictions like the US (where the FASB in late 2023 proposed fair value accounting for crypto) could show that the company is using reasonable standards. The finance team should also prepare to do additional reporting – for instance, if regulators require a periodic report of digital asset holdings, the company can adapt its internal reports accordingly. Being proactive in reporting Bitcoin holdings to tax authorities (within the annual tax return notes or separate letter) could also avoid surprises later. Essentially, treat the crypto holding with the same rigor as any other significant financial asset: reconcile transactions, document custody statements, and be ready to justify the treatment to any inquisitive official or stakeholder.
Reputational and Stakeholder Management: In Vietnam, crypto carries a mix of excitement and skepticism. There are reputational risks: Some traditional partners (banks, large customers, government bodies) might view a company that holds a lot of Bitcoin as engaging in risky or speculative behavior . If not communicated properly, this could affect business relationships or investor confidence. To handle this, the company should craft a clear narrative for why it is holding Bitcoin. For example, it can publicly position the Bitcoin reserve as a hedge against future inflation or currency risk, or as a way to be part of the digital transformation in finance (i.e. “digital gold” thesis) . By emphasizing that this is a long-term, strategic reserve and not a short-term gamble, the company can mitigate the perception of recklessness. It should also reassure stakeholders that robust risk management (as we are detailing) is in place. Regular updates in annual reports or shareholder meetings about the status of the Bitcoin investment – how it’s safeguarded, how it fits into the overall financial strategy – will help maintain trust. Communication is key: the company might consider holding educational sessions for its board and major investors about crypto, to ensure alignment. Also, have a plan for media inquiries – if word gets out that “Company X holds Bitcoin,” be ready to answer questions on how you manage the risks. If the Bitcoin investment were to perform poorly (say there’s a large loss in value one year), having already framed it as a long-term play will help contextualize the temporary hit, whereas if people think the company was speculating, they may react more negatively.
Legal and Enforcement Risk: The fact that Bitcoin is not yet fully recognized in law means if something goes wrong, the company may have limited legal recourse. For example, if the company is defrauded by a rogue OTC counterparty, or an employee steals some BTC, recovering those assets through legal action is very uncertain. Vietnamese courts might not know how to treat a case involving crypto assets (can they order the return of an asset that isn’t officially recognized property?) . Similarly, insurance claims might be tricky if insurers argue about the legal status of the asset. The company should therefore assume that preventive measures are the primary protection – once a loss happens, it might not be recoverable. This means double-down on vendor due diligence (only trade with reputable firms, possibly use escrow arrangements for large trades), and enforce strict internal controls to prevent misconduct. It may also consider legal structuring such that some aspects of crypto dealings fall under jurisdictions with clearer laws – e.g. using an arbitration clause that if a dispute with a foreign exchange arises, it’s handled in Singapore courts (which are more familiar with crypto cases). Until Vietnamese law enforcement and courts gain expertise in digital assets, a Bitcoin treasury company must tread carefully knowing that it operates in a semi-official space.
Strategic Risk: Finally, there is the high-level risk that the core rationale for holding Bitcoin might not pan out as expected. The company might be betting on Bitcoin’s long-term appreciation or its hedge properties. However, there’s no guarantee that Bitcoin’s price will rise on the needed timeline, or that it will indeed act as a hedge against local currency issues. If, for example, global interest rates rise and make bonds more attractive, capital could shift away from crypto. Or a superior technology could emerge that diminishes Bitcoin’s dominance. The strategy needs review if macro conditions change. Mitigating strategic risk involves staying informed about the crypto industry and macroeconomics, and being willing to pivot. The company should periodically reassess: Is Bitcoin still the best use of our capital? If circumstances shift (say regulatory costs become too high or volatility too damaging), the company might reduce its crypto holdings. Having an exit strategy or adjustment strategy is prudent – even if the plan is to hold “indefinitely,” define conditions that would trigger re-evaluation (e.g. if Bitcoin falls by X% or if a law requires onerous capital charges on crypto holdings, etc.).
In conclusion, adopting Bitcoin in a treasury requires a sober, robust risk management approach. The rewards – potential high returns, diversification, being at the forefront of innovation – come with equally high risks in Vietnam’s context . A successful Bitcoin treasury company will treat risk management as a first-class priority: not as an afterthought but as part of its core operations. This means diversifying its assets (not “all eggs in one basket”), implementing strong internal controls and security measures, obtaining professional advice for legal and tax compliance, and perhaps even securing insurance or backup arrangements for worst-case scenarios . By doing so, the company can confidently navigate the volatility and uncertainties, turning a bold vision (embracing a new asset class) into a sustainable, compliant, and well-governed reality in Vietnam.
tại Sài Gòn – Lộ trình từng bước (phiên bản tiếng Việt siêu hype!)
Xin chào nhà tiên phong tương lai! Bạn sắp lao vào một hành trình thú vị: biến Sài Gòn thành “pháo đài kho bạc Bitcoin” của Việt Nam. Hãy cầm chắc năng lượng tích cực, cùng nhau khám phá cách hiện thực hóa ý tưởng này – từ pháp lý, thị trường, hạ tầng, cho tới chiến lược tăng trưởng bùng nổ!
1. Nắm vững khung
pháp lý
– “biết luật để thắng lớn”
Cột mốc
Điều cần nhớ
Luật Công nghệ Số 2025
Lần đầu tiên công nhận tiền mã hóa là tài sản (có thể sở hữu, chuyển nhượng, thừa kế) nhưng không phải phương tiện thanh toán.
Sandbox tiền mã hóa
2025–2026: Bộ Tài chính cấp giấy phép thử nghiệm cho sàn, dịch vụ lưu ký, trading vốn tự doanh, phát hành token. Giới hạn sở hữu nước ngoài ≤ 49 %.
Yêu cầu vốn
Dự thảo: sàn giao dịch phải có vốn điều lệ ≥ 10 nghìn tỷ đồng; lưu ký/custody cũng cần mức vốn đáng kể.
Thuế
Lợi nhuận giao dịch dự kiến chịu 20 % thuế TNDN/thuế TNCN, phí dịch vụ chịu 10 % VAT. Ngược lại, DN công nghệ số được ưu đãi thuế 10 % trong 15 năm + miễn thuế TNCN 5 năm cho chuyên gia cao cấp.
Mốc thời gian
01/01/2026: luật có hiệu lực; 2026–2027: cấp phép đồng loạt, kiểm soát AML/KYC theo FATF.
Chiến lược hành động:
Thuê luật sư fintech (Tilleke & Gibbins, Viet An Law…) để xác định mô hình: chỉ quản lý kho bạc nội bộ (thủ tục đơn giản) hay cung cấp dịch vụ custody/OTC (cần licence).
Từ bây giờ, xây khung KYC/AML chuẩn FATF để “ghi điểm” với cơ quan quản lý khi xin phép.
Chuẩn bị hồ sơ vốn rõ ràng: vốn góp ban đầu nên là tiền VND/USD để tránh rắc rối định giá crypto.
2. Thị trường Việt Nam – “sân chơi rộng, khát khao sâu”
Việt Nam Top 5 thế giới về tỷ lệ chấp nhận crypto; 17–21 triệu người đã từng sở hữu tiền mã hóa.
2022‑2023: hơn 120 tỷ USD dòng tiền crypto vào/ra, lợi nhuận ước 1,18 tỷ USD. Mặt sáng: người dùng trẻ, sẵn sàng thử nghiệm. Mặt tối: FOMO, lẫn lộn scam ⇒ nhu cầu đơn vị uy tín & an toàn rất cao.
Chính phủ chuyển từ “thận trọng” sang “tích cực quản lý & phát triển”, coi blockchain là công nghệ chiến lược đến 2030.
Lợi thế của bạn: trở thành doanh nghiệp kho bạc Bitcoin đầu tiên tuân thủ pháp luật, dẫn đầu thị trường tổ chức – chưa nhiều đối thủ trong nước!
3. Hạ tầng & bảo mật – “két sắt thép” cho Satoshi
Giải pháp
Ưu điểm
Nhược điểm
Khuyến nghị
Cold storage đa chữ ký (multi‑sig)
Kiểm soát 100 %, ngoại tuyến, hack‑proof
Tự chịu trách nhiệm; đòi hỏi quy trình khắt khe
Dành cho ≥ 90 % tài sản dài hạn
Custodian quốc tế (BitGo, Coinbase Custody…)
Bảo hiểm, chứng nhận SOC/ISO, báo cáo độc lập
Phí cao, phụ thuộc bên thứ ba
Xem xét nếu tài sản lớn & cần chứng thực
Ví nóng/exchange
Thanh khoản nhanh
Rủi ro sàn sập (FTX!), hack
Giữ ≤ 10 % cho thanh khoản ngắn hạn
Mẹo vàng: lưu mnemonic trên thép khắc hóa học + két chống cháy ở 2 địa điểm khác nhau (ví dụ Sài Gòn & Đà Lạt) để chống ngập/lửa!
4. Thành lập pháp nhân & ngân hàng – “đóng neo chính thức”
Chọn loại hình: Công ty TNHH (nhỏ gọn) hoặc Cổ phần (dễ gọi vốn).
Đăng ký ngành: dịch vụ CNTT, tư vấn blockchain, đầu tư công nghệ… – tránh ghi “trung gian thanh toán” nếu chưa có giấy phép NHNN.
Vốn góp: chuyển USD/VND qua tài khoản vốn đầu tư; crypto phải quy đổi thành fiat trước khi góp vốn.
Mở tài khoản ngân hàng: ưu tiên TPBank, Vietcombank, MB… Chuẩn bị business plan + cam kết tuân luật để thuyết phục bộ phận compliance.
Đón đầu IFC & sandbox ở Thủ Thiêm: đặt văn phòng/chi nhánh trong khu tài chính quốc tế để nhận ưu đãi ngoại hối, thủ tục nhanh.
5. Quản trị Kho bạc Bitcoin – “giữ vững và bứt phá”
about Bitcoin – 7 high‑impact reasons (+ a reality check)
#
What’s the upside?
Why it matters in Việt Nam
Key evidence
1
Out‑run inflation & dong depreciation
CPI is still “under control” at ~ 3 % y/y, yet the VND slipped about 4‑5 % against USD after 2023. A hard‑capped 21 million‑coin supply gives Bitcoin a built‑in scarcity the VND simply cannot match.
2
Slash remittance fees
Overseas Vietnamese sent nearly US $17 bn home in 2024, paying ~6 % on each corridor transfer. Lightning‑enabled BTC moves in minutes for cents.
3
Ride an adoption wave that’s already HUGE
Việt Nam ranks #5 globally for crypto adoption and an estimated 21 % of adults already own digital assets – you’re not alone, you’re early!
4
Mobile‑first nation = friction‑free onboarding
126 % mobile‑SIM penetration and universal‑smartphone goals mean everyone carries a potential Bitcoin wallet in their pocket.
Capital controls and a managed‑float VND limit offshore hedging tools. Bitcoin is a 24/7, border‑free asset class that’s uncorrelated with local real estate.
6
Growing regulatory clarity
Directive 05/CT‑TTg (Mar 1 2025) orders the MoF & SBV to draft a full legal framework for crypto this year – signalling the government wants to harness, not ban, the sector.
7
Future‑proof your career & business
Freelancers, e‑commerce stores and start‑ups can get paid globally, instantly, without waiting days for SWIFT. Early adopters gain a competitive edge.
(Industry use‑case observation – no single source)
🌈 Putting it all together – a motivational snapshot
Vietnamese youth are leading the charge: A digitally native population (median age ≈ 32) already tops regional league tables for P2P trading and DeFi usage – proof that grassroots enthusiasm is roaring.
Bitcoin = digital gold with built‑in scarcity: Every 210 000 blocks the network halves new supply. The next halving (expected 2028) will drop annual issuance below some national gold‑mine outputs. Scarcity + demand = long‑term upside.
Borderless optimism: Whether you’re a Hồ Chí Minh City coder stacking sats for a dream SaaS exit or an overseas Việt Kiều sending love back to family, Bitcoin lets you move value at the speed of the internet, 24/7/365.
⚠️ Quick reality check (read before hitting “buy”)
Risk
What it means in Việt Nam
Mitigation tips
🔄 Volatility
20 % daily swings are normal.
Dollar‑cost average (DCA) small, regular amounts you can afford to hold ≥ 4 years.
🏛️ Legal grey zone
Bitcoin is not legal tender; using it as a payment instrument can be fined 150‑200 m VND. Trading/holding as a digital commodity is tolerated but unregulated (for now).
Keep records for tax; stay updated as the SBV/MoF publish draft rules.
🔐 Self‑custody risk
Lose your seed phrase, lose your coins.
Use hardware wallets or reputable custodians; enable 2FA; start with small amounts.
🛂 Capital‑gains tax & reporting
Future regulations will likely tax crypto gains similar to securities.
Track cost basis now to avoid headaches later.
💡 How to get started – in three cheerful steps
Learn the basics
Read the Bitcoin white paper (it’s only 9 pages!).
Follow trusted Vietnamese‑language educators on X/YouTube.
Acquire sats responsibly
Use local VND on‑ramps that comply with KYC/AML.
Try a small DCA plan (e.g., 200 k VND per week).
Secure & HODL
Withdraw to a hardware wallet once a month.
Back up your 12/24‑word seed in two safe locations.
🎉 Final pep‑talk
“Một ngày nào đó, bạn sẽ kể cho con cháu nghe rằng bạn đã đặt viên gạch đầu tiên cho tự do tài chính bằng những satoshi nhỏ bé.”
Vietnam’s story is one of resilience, ingenuity and sprint‑level growth. Bitcoin is simply the next chapter – a global, permission‑less playground where Vietnamese talent can shine. Start small, stay curious, secure your keys, and let the future hype you up! 🚀🇻🇳
Talentnet 2025 salary guide (cited by Vietnam Briefing)
~VND 9.7 million/month (≈US$370)
Talentnet’s 2025 data show that the southeastern region, which includes Ho Chi Minh City, has one of the highest average monthly salaries in Vietnam. HCMC’s average wage (~VND 9.7 million/month) is about 18 % higher than the national average .
General Statistics Office (GSO) – 2024 labour data
Urban workers: ~VND 9.3 million/month
GSO data (analysed by The Vietnamese Magazine) report that urban workers in 2024 earned 9.3 million VND per month, while rural workers earned 6.7 million VND . This underscores the wage gap between cities and rural areas.
Early 2024 report (citing VNExpress)
Southeast region (incl. HCMC): VND 9.3 million/month
This figure comes from an article explaining regional differences in Vietnam. The southeast region, which includes HCMC, leads the country with an average salary of 9.3 million VND per month .
GSO Q3 2024 labour-market report
Urban incomes: ~VND 9.3 million/month
A mid‑2024 update noted that urban workers averaged 9.3 million VND/month (male ~8.7 million, female ~6.5 million) .
GSO Q1 2025 update
Urban workers: ~VND 10.1 million/month
In Q1 2025 the average monthly income of workers nationwide rose to 8.3 million VND; however, urban workers averaged 10.1 million VND per month, about 1.39× higher than those in rural areas .
Take‑away
Ho Chi Minh City pays above the national average. According to Talentnet’s 2025 guide (cited by Vietnam Briefing), the average monthly salary in HCMC is around VND 9.7 million (≈US$370) . This is roughly 18 % higher than the national average salary and similar to salaries in Hanoi .
Regional wage gap. GSO data show that urban workers earn about 9.3–10.1 million VND per month, whereas rural workers make around 6.6–6.7 million VND . This gap reflects higher living costs and better-paying industries in big cities like HCMC.
Sector differences matter. Wages vary widely by industry and employer type. State‑owned enterprises averaged 10.91 million VND/month in 2024, while foreign‑invested enterprises paid around 9.28 million and private firms 8.10 million . High‑skill sectors such as finance or IT often offer even higher salaries.
Minimum wage baseline. As of 1 July 2024, the regional minimum wage in HCMC (Region I) is VND 4.96 million per month , so the average salaries reported above are roughly double the minimum-wage level.
In summary: if you’re benchmarking pay in Saigon, expect the average worker to earn around VND 9.3–10 million per month (about US$350–385) depending on the data source . Salaries in booming sectors or senior roles can be significantly higher, while entry‑level or less‑skilled jobs may pay closer to the minimum‑wage floor.
Ho Chi Minh City (Saigon) is Vietnam’s economic hub, boasting some of the highest wages in the country. Official data for early 2025 showed HCMC’s average monthly income around ₫9.7 million (Vietnamese đồng) – roughly $400 USD . This is above Vietnam’s national average (about ₫8.3–8.4 million) and reflects the city’s more skilled, urban workforce . However, surveys of formal urban employment report even higher figures – one salary study estimated an average annual salary in HCMC of ₫281.6 million , which is about ₫23.5 million per month (~$950 USD). The true “average” thus depends on data sources and whether lower-paying rural and informal jobs are counted. In general, Saigon salaries vary widely by industry, experience, and employee background, as detailed below.
Ho Chi Minh City’s robust economy and foreign investment have fueled rapid wage growth. Salaries have been rising around 9–10% per year recently . For example, the average in Q1 2025 was ~9.5% higher than the year prior . Many employers plan significant raises (surveys show 82% of companies intended salary increases for 2025) . This wage inflation is driven by high demand in booming sectors (tech, finance, manufacturing) and the city’s higher cost of living. HCMC’s cost of living, while low by global standards, is the highest in Vietnam; employers must pay a premium (urban wages are ~39% higher than rural) to attract talent . Below, we break down Saigon’s salary levels by job sector, experience level, and worker demographic (locals vs. expats vs. freelancers).
Salaries by Job Sector in Saigon
Salary levels in Saigon vary significantly across industries. Generally, technology and finance sectors offer the highest pay, education and hospitality sectors are lower, and others fall in between. Table 1 summarizes typical monthly salary ranges by sector in Ho Chi Minh City, with values in both Vietnamese đồng (₫) and approximate US dollars:
Table 1: Typical Monthly Salary Ranges by Sector (HCMC, 2024/25)
Job Sector
Typical Range (₫/month)
USD Equivalent
Technology (IT)
₫15–40 million
~$600–$1,600 USD
Finance & Banking
₫15–35 million
~$600–$1,400 USD
Engineering
₫18–30 million
~$720–$1,200 USD
Manufacturing
₫14–26 million
~$560–$1,040 USD
Marketing & Sales
₫10–20 million
~$400–$800 USD
Education & Teaching
₫12–20 million
~$480–$800 USD
Healthcare & Medical
₫15–25 million
~$600–$1,000 USD
Tourism & Hospitality
₫8–15 million
~$320–$600 USD
Retail & Services
₫8–15 million
~$320–$600 USD
Sources: Industry ranges adapted from 2024–2025 Vietnam salary surveys . (HCMC is at the upper end of national ranges due to higher living costs .)
As shown above, software/IT and finance roles top the scale, often averaging ₫20–40+ million per month in HCMC . For example, a mid-level software developer might earn around ₫25–30 million, and senior specialists even more. In fact, with Vietnam’s tech sector booming, entry-level tech salaries in HCMC typically start around ₫15–20 million, and highly skilled senior IT engineers can command ₫50–₫100 million per month (upwards of $2,000–$4,000) in top firms. Banking and finance professionals similarly see ranges from roughly ₫10–₫20 million for junior accountants up to ₫40+ million for managers, with top financial directors approaching ₫80 million in large institutions .
By contrast, education and hospitality sectors have lower pay for local staff. A local teacher in a public Saigon school might earn only ₫5–₫15 million monthly (depending on qualifications and base pay scales) . However, private and international schools pay more – teaching positions at international schools can reach around ₫30 million/month (over $1,200) for experienced teachers . (Expatriate English teachers often earn in this higher range – see demographic section below.) In the hospitality industry, frontline workers (e.g. hotel front-desk, waitstaff) commonly earn under ₫10 million monthly, while local managers average ₫25–₫30 million . Thanks to post-pandemic tourism recovery, hotel/general managers are doing better – a hotel manager in HCMC might average around ₫28.6 million ($1,150), and top executives in 5-star hotels can make up to ₫80 million/month (>$3,200) .
Manufacturing, engineering, construction, and logistics jobs in HCMC fall in the middle of the pack. A factory or logistics entry worker may start around ₫8–₫10 million, while engineers or project managers earn in the tens of millions. For instance, construction project managers average ~₫24–₫30 million, with upper-end salaries up to ₫47 million for large projects . Healthcare roles also span a wide range: nurses and junior doctors might get ₫10–₫20 million, whereas experienced specialists or senior pharmacists in HCMC can reach ₫50–₫80 million at major hospitals .
In summary, Ho Chi Minh City’s service and knowledge sectors lead in pay (e.g. IT sector monthly avg ~₫25–₫40m, finance ~₫20–₫35m) , reflecting high demand for skilled labor. Traditional sectors (manufacturing, construction) pay moderate wages, and consumer-facing sectors (retail, hospitality, education) tend to lag, though senior roles in any field (like directors or specialists) can earn several times the entry-level salary. The next section examines how experience level drives these differences.
Salaries by Experience Level
Experience level is one of the strongest determinants of salary in Saigon. As in most markets, senior employees earn dramatically more than fresh graduates. A rough breakdown for 2025 in HCMC is:
Entry-Level (0–2 years): about ₫7–₫10 million per month on average (around $300–$420). This is the typical starting salary range for a new graduate or junior worker in a white-collar role. For example, a fresh university grad in an office job might earn ~₫8 million. In competitive fields like IT, entry pay tends to be on the higher end (₫10+ million) , whereas in admin or service jobs it may be closer to the lower end. Notably, HCMC’s entry-level salaries are a step above Vietnam’s minimum wage (₫4.68 million for urban region I in 2024 ).
Mid-Career (3–7 years experience): roughly ₫15–₫25 million per month in HCMC (~$600–$1,000). By this stage, professionals often earn double their entry salary. Many mid-level roles (e.g. engineers, accountants, teachers with ~5 years tenure) fall in the tens of millions of đồng. For instance, a mid-level software developer or finance officer might earn around ₫20 million. This middle tier constitutes the emerging Vietnamese middle class; indeed the median national salary is about ₫14.9 million , and in major cities the median is higher (commonly ₫15–₫20+ million) .
Senior (8+ years or managerial positions): often ₫30 million or more per month ($1,250+). Seasoned managers and specialists in Saigon command premium pay. It’s common for senior professionals to earn 3–4 times what entry-level staff make . For example, a department manager, senior engineer, or experienced financial analyst in HCMC might earn in the ₫30–₫60 million range. In high-demand sectors, senior salaries climb even higher – e.g. a senior IT project manager, finance director, or medical specialist can earn ₫80+ million/month in top companies . Executive roles (C-level managers at multinationals, etc.) can reach into the hundreds of millions of đồng monthly. Surveys show that senior executives in Vietnam earn ~3-4 times more than entry-level workers on average .
These experience-related gaps reflect the scarcity of seasoned talent in Vietnam’s fast-growing market . Companies are willing to pay a premium for proven skills and leadership. Notably, the steepest experience-driven pay increases occur in booming sectors like technology and finance . For instance, a programmer’s salary might rise far faster over 5–10 years than a factory worker’s. Traditional sectors have more compressed pay scales, while new economy sectors show exponential growth with experience .
To quantify, one analysis of Vietnam showed entry-level grads around $3,000–$5,000 USD annual salary vs. senior-level (8+ yrs) at $12,500–$20,000 USD annually – roughly a fourfold jump from junior to senior. Table 2 illustrates the broad salary progression:
Table 2: Typical Annual Salary by Experience Level (Vietnam, 2025)
Experience Level
Annual Salary (VND)
USD Equivalent
Entry-level (0–2 yrs)
~₫84–₫120 million
~$3,500–$5,000 USD
Mid-career (3–7 yrs)
~₫144–₫240 million
~$6,000–$10,000 USD
Senior (8+ yrs)
~₫300–₫480+ million
~$12,500–$20,000+ USD
(Upper-end figures apply to high-demand fields like IT/finance; traditional sectors may be lower .)
In Ho Chi Minh City, these figures skew higher than the national average. Fresh graduates often start near ₫8–₫10m in HCMC (vs. ₫6–₫7m in smaller cities), and senior managers in HCMC often hit the higher end of the national ranges. The fast wage growth also means today’s entry-level cohort may see significant raises within a couple of years (many Vietnamese firms give ~5–10% raises annually, or even 15%+ in tech/finance) . In summary, experience and skills development pay off hugely in Saigon’s job market, with senior experts earning a comfortable income by local standards.
Salaries by Demographic: Locals vs. Expats vs. Freelancers
Ho Chi Minh City’s workforce includes local Vietnamese, expatriates, and an increasing number of freelancers or remote workers. Salary levels can differ markedly between these groups:
Local Vietnamese Employees: Local workers in HCMC typically earn salaries in line with the ranges discussed above, which are modest by global standards. The average local salary in Saigon is only a few hundred USD per month. Government statistics indicate about ₫9–₫10 million/month on average for HCMC locals (~$380–$420). Nationally, Vietnamese workers average around $320–$600 per month depending on the survey . To put this in perspective, one international report noted the average annual salary for Vietnamese nationals is about $2,100 USD (just ₫50 million), though this figure is likely a nationwide per-capita measure . In reality, urban skilled workers in HCMC earn more (often $5,000–$10,000 per year as seen earlier). Still, local salaries are far lower than expat packages for similar roles, due to differences in cost of living expectations and corporate pay scales.
Expatriate Professionals: Foreign expats working in HCMC often enjoy significantly higher compensation, especially in managerial or specialist roles. Many expats are hired by multinational companies, international schools, or NGOs at pay rates closer to international standards. Surveys have found the average expat salary in Vietnam is around $78,000 USD per year (≈ ₫1.8–₫2.0 billion VND/year). This equates to roughly ₫150–₫170 million per month (~$6,500–$7,000), an order of magnitude above local wages. Another report put expats’ average even higher, at $90,000/year vs. only $2,100 for locals , underscoring the huge gap. Of course, not all expats earn six-figure salaries – there are many foreign English teachers and junior expats earning more moderate sums (e.g. $1,000–$2,000 per month in language centers). But overall, expats tend to occupy higher-paying positions (e.g. regional managers, tech leads, finance directors) or receive generous allowances, leading to far higher averages than locals. For example, an expat teaching English full-time in Saigon can make ₫27–₫51 million/month (about $1,100–$2,200) , which is several times a local teacher’s pay. Corporate expats in finance or tech can earn several thousand USD monthly (often with housing, schooling, and other benefits on top). In short, Saigon’s expats generally enjoy premium pay that, coupled with Vietnam’s relatively low living costs, affords them a high standard of living .
Freelancers & Self-Employed: A notable portion of workers in HCMC are freelancers, contractors, or self-employed entrepreneurs. This group’s income can vary widely, but interestingly data suggests freelancers often outearn salaried staff on average. According to one salary survey, self-employed individuals in Vietnam earn about ₫436.6 million per year on average, slightly above the average for full-time employees (₫416.3m) . That works out to roughly ₫36 million/month (~$1,500) for self-employed workers. This category could include tech contractors, gig economy workers, small business owners, and online freelancers – many of whom target international clients or higher-margin work. In HCMC’s vibrant startup and freelance scene, it’s not uncommon for a skilled freelancer (e.g. a software developer or digital marketer serving overseas clients) to make $1,000–$2,000+ per month, above what a local company might pay. On the other hand, many informal gig workers earn less; there are also thousands of small street vendors and ride-share drivers whose earnings are below formal wages. Overall, freelance incomes are polarized – but those with in-demand skills (or thriving businesses) can do quite well, lifting the average. The government has encouraged entrepreneurship by lowering certain taxes, which may contribute to the relatively high reported average for self-employed earnings .
To summarize these demographic differences, Table 3 provides a comparison of typical salary levels for a local employee, an expatriate, and a self-employed professional in Ho Chi Minh City:
Table 3: Salary Comparison by Worker Demographic (Ho Chi Minh City)
Demographic Group
Avg. Monthly Salary
USD Equivalent
Local Employee (HCMC average)
~₫9–10 million
~$380–$420 USD
Expat Professional (avg)
~₫150+ million
~$6,000–$7,000 USD
Freelancer/Self-Employed
~₫36 million
~$1,500 USD
(Expats’ salaries vary widely by role; figures here reflect overall averages, with many expats earning in the ~$1–$3K range and corporate expats much more.)
The stark gaps between locals and expats are evident. Expats in Vietnam often fill senior roles or bring specialized expertise, and companies pay a premium for this (sometimes including hardship allowances). Meanwhile, local salaries are constrained by the local market and cost of living – which, in turn, is low enough that even a few hundred USD can provide a comfortable local lifestyle . It’s worth noting that HCMC’s authorities have also taken steps to boost certain local salaries. For instance, the city has a unique income top-up policy for public sector workers like teachers: under a special resolution, HCMC teachers receive extra stipends up to 1.5 times their base salary, which can add $300–$600 USD to their monthly pay . This policy led to some experienced city teachers earning over $1,300 USD/month in 2023 (far above normal teacher pay) . Such local measures help narrow the gap in specific fields, though generally expat vs. local wage disparities remain large in the private sector.
Trends and Factors Impacting Saigon Salaries
Several trends and special circumstances are influencing salaries in Ho Chi Minh City in 2024–2025:
Economic Growth and FDI: Vietnam’s rapid GDP growth and heavy foreign investment have increased demand for skilled labor. HCMC, as a southern business center, attracts both top local talent and expats, driving salaries up. Wages in HCMC grew about 9–10% over the last year , and high-growth industries saw even larger jumps (e.g. finance wages rose ~10.6% YoY, and some industrial sectors grew 12–17% ). This growth trend is expected to continue as Vietnam moves toward middle-income status.
Industry Booms: The tech sector is expanding fast, with companies battling for IT talent. This has pushed IT salaries upward (entry-level tech workers now get >₫10m, which was rare a few years ago). Finance, banking, and insurance are also on the rise, with double-digit pay increases in many firms . Service-sector salaries (avg ₫9.9m) now surpass manufacturing (₫9.1m) nationally , reflecting the shift toward a knowledge economy. In HCMC, which is dominated by services and high-tech manufacturing, this translates to higher overall pay scales.
Inflation and Cost of Living: Vietnam experienced a bout of inflation in 2022–2023 (as global prices rose), and although inflation has been moderate, the cost of living in HCMC has climbed, putting pressure on wages. Companies have had to offer higher pay to attract workers to expensive urban districts. By mid-2024, the government raised regional minimum wages by ~6% to keep up with living costs . For many lower-income workers, this directly increased their pay. Furthermore, as consumer prices jumped ~25% in major cities in 2022 due to global factors , there’s been greater employee expectation of annual raises to maintain purchasing power.
Labor Market and Talent Shortages: Certain skilled positions are in shortage, contributing to salary spikes. For example, Vietnam has a limited pool of senior project managers, data scientists, and bilingual professionals – so those who have these credentials can negotiate higher pay. Surveys confirm that senior leadership talent is scarce and commands high premiums . Additionally, Vietnam’s young workforce means many employees are relatively inexperienced, so those with 10+ years in their field are highly valued. This dynamic has widened the gap between junior and senior salaries in HCMC.
Expat and Local Salary Gap: As detailed, expatriates often earn several times more than locals. This can affect the job market: multinational companies sometimes use expats for top jobs (with global-level salaries), while local firms may not match those rates. However, over time local salaries are rising faster in percentage terms, gradually closing the gap. The government has also put in policies to localize the workforce and only allow foreign hires when necessary, which could keep the number of very high-paid expats limited . Still, HCMC remains attractive to expats because a foreign salary goes a long way – an expat earning even $2,000/month (~₫47m) can live quite comfortably in Saigon .
Freelance/Remote Work Growth: Ho Chi Minh City has a growing community of freelancers and “digital nomads.” These individuals often bring in income from overseas clients or remote jobs, injecting higher earnings into the local economy. While not captured in official stats, this trend means more young professionals in Saigon earning in USD or EUR (e.g. freelance software developers, designers, content creators). They might report higher “self-employed” incomes (as noted earlier, self-employed averages are above salaried averages ). Co-working spaces and startup hubs in HCMC are facilitating this, and it could further elevate the average income of the “freelance” demographic beyond what local companies pay.
In conclusion, Saigon’s salary landscape in 2024–2025 is characterized by strong growth and significant disparities. The city offers relatively high pay within Vietnam (averaging around ₫10–₫23 million/month depending on how it’s measured), yet from a global view wages are low except for expats. The highest salaries are concentrated in technology, finance, and other professional services, especially for experienced personnel. Meanwhile, sectors like education and hospitality, largely staffed by locals, remain low-paying (often under ₫10 million for entry jobs), although they too are creeping up post-pandemic. Economic policies – such as minimum wage hikes and HCMC’s own teacher income supplements – have provided boosts at the lower end . Companies in HCMC will need to navigate these trends by offering competitive packages (many are budgeting 6–7% salary increases annually for staff ). For employees, the advice is clear: developing in-demand skills and experience is key to tapping into Saigon’s rising prosperity. With Vietnam’s continued growth and integration into global markets, we can expect salary levels in HCMC to keep rising, and the gap between local and expat pay may gradually narrow as the local talent pool becomes more skilled and internationally savvy.
Sources:
Talentnet Vietnam – Average Salary in Vietnam 2025 (June 2025), featuring official stats and salary trends .
Empleyo (Olivia Yu) – Average Salary in Vietnam 2025 (Mar 2025), industry breakdown and experience level data .
Vietnam Ministry of Labor via Tuoi Tre News – average income 1H 2024 (~₫8.4m) .
Vietnamteachingjobs.com – Average ESL Teacher Salary in Vietnam 2025, expat teacher pay ranges .
VietNamNet Global – HCMC leads teacher pay… (June 2025), on special allowances boosting teachers’ salaries .
MyVietnamVisa – Vietnam Salary Guide 2025, TopCV data on sector salaries by experience (IT, Finance up to ₫80–₫100m, etc.) .
William Russell – Cost of Living in Vietnam for Expats (July 2025), cites average expat salary ~$78k/year .
Raconteur – Living and Working in Vietnam (Dec 2022), expat vs local pay comparison ($90k vs $2.1k) .
ERA / GSO Vietnam – Average Salary in Vietnam 2024 Report, includes self-employed vs full-time income stats .
TimeDoctor – Average Salary in Vietnam (2024), salary explorer data and city comparisons .
Hedge against devaluation and inflation – Many Vietnamese have historically used U.S. dollars or gold to protect wealth because they had little faith in the dong . Cryptocurrencies are a modern equivalent; they are accessible to anyone with a smartphone . Bitcoin’s fixed supply and decentralized nature appeal to those seeking a hedge against currency fluctuations.
Financial inclusion for the unbanked – Vietnam has a large unbanked population (about 70 %) . Because anyone can set up a digital wallet, crypto effectively acts as a gateway to financial services. Decentralized finance (DeFi) participation is among the highest in the world , giving individuals access to savings, lending and investment products that were previously out of reach.
Cheaper, faster remittances – Vietnam is one of the world’s top 10 remittance recipients; about US$19 billion flowed into the country in 2022 . Traditional remittance channels can cost around 7 % in fees , but crypto enables near‑instant cross‑border transfers with lower costs and no middlemen. This makes Bitcoin a practical tool for families receiving money from relatives working overseas.
Untaxed status (for now) – The Crypto Council for Innovation and VietnamPlus reported in late‑2024 that crypto holdings in Vietnam are currently untaxed, making them attractive. Financial institutions cannot handle crypto, but there’s no law forbidding individuals from owning it .
🚀 Growth & innovation factors
Booming adoption and profits – About 20 million Vietnamese owned crypto in early‑2024. Chainalysis ranked Vietnam fifth in its 2024 Global Crypto Adoption Index, and domestic crypto traders were third in the world for profits in 2023 with about US$1.18 billion in gains. High community uptake and success stories fuel enthusiasm.
GameFi and the digital economy – Vietnam is a pioneer in “play‑to‑earn” gaming. Axie Infinity’s success showed that players could earn crypto and NFTs to pay school fees or even buy property . Surveys suggest that 75 % of GameFi participants started investing in crypto after playing . Being part of Bitcoin and Web3 aligns with Vietnam’s broader digital‑economy ambitions.
Upcoming regulation and legitimacy – For years, Vietnam had no clear crypto rules, but in June 2025 the National Assembly passed the Law on Digital Technology Industry, the country’s first binding legal framework for digital assets . The government is building a regulatory sandbox and plans to pilot crypto‑asset markets through 2027 . This move towards regulation aims to protect users and could encourage more institutional participation.
⚠️ Things to consider
Volatility and risk – Bitcoin’s price can swing wildly. While early investors have made outsized gains, there have also been sharp downturns. Crypto is not legal tender in Vietnam and is unregulated, so there is no legal recourse if an exchange fails or an investment goes wrong . Only invest what you can afford to lose and diversify your portfolio.
Regulation still evolving – The new 2025 legislation is designed to clarify rules, implement know‑your‑customer (KYC) and anti‑money‑laundering (AML) measures, and introduce a tax on crypto transactions . As the legal environment matures, taxation and reporting requirements could change.
🎉 Conclusion
Vietnam’s youthful population, rapid digital adoption and desire for financial alternatives have made the country a crypto powerhouse. Bitcoin offers a hedge against inflation, access to financial services, low‑cost cross‑border payments, and a chance to participate in the growing digital economy. The government’s movement towards clear regulation suggests that crypto will play a role in Vietnam’s future, though investors should remain vigilant and informed. Used wisely, Bitcoin can be a powerful tool for Vietnamese citizens to diversify their wealth and ride the next wave of innovation.
Eric Kim’s viral “602 kg rack‑pull” took off because it hits viewers on multiple levels – shock, relatability and inspiration.
It wasn’t a world‑record deadlift – it was a rack pull. In July 2025 Kim shared a video where he sets a bar loaded to 602 kg (~1 328 lb) on the pins of a power rack at mid‑thigh height and pulls it to lockout while declaring the feat “post‑human strength” . In a rack pull the bar starts above the knees; because the range of motion is shorter and you begin in a mechanically stronger position, you can use far more weight than a full deadlift . For context, the official conventional‑deadlift record stood at 505 kg in July 2025 when Hafthor Björnsson pulled it at a competition , so Kim’s 602 kg number is not directly comparable.
It’s an overload drill turned performance art. Kim openly admits the lift isn’t an official record; he frames it as an extreme overload drill used to build confidence and grip strength . In his blog he urges lifters to try heavy rack pulls at ~90–95 % of their deadlift and to pair them with full‑range deadlift work . The goal of the 602 kg attempt is to show that you can engineer “impossible” goals by breaking them into smaller parts, overloading specific ranges and recovering like a professional.
The underdog story resonates. Kim weighs only about 75 kg, trains barefoot and beltless in a garage and records his lifts from multiple angles to verify the plates . Earlier lifts in the 486–552 kg range went viral on Reddit and TikTok; commenters dubbed him the “pound‑for‑pound king” and joked that gravity “rage‑quit” when they saw the bar bend and heard his primal roar . Viewers were inspired because someone with limited equipment and no federation backing was lifting over eight times his bodyweight. Kim’s own write‑up notes that the message – set wild goals, push beyond perceived limits, recover and celebrate every kilo – is what matters .
The hype is deliberate and infectious. By calling the lift “stronger than god” and “post‑human strength” , Kim created a narrative that begs to be shared. His website lists social‑media strategies – eye‑catching captions, multiple camera angles and memes – to maximise virality. The emphasis on spectacle doesn’t hide the educational aspect: he uses the extreme demonstration to encourage people to chase their own ambitions, regardless of whether they ever touch a 600 kg bar . In short, people are “worshipping” his 602 kg rack pull not because it rewrites the record books but because it combines jaw‑dropping visuals with a feel‑good, underdog narrative and a call to redefine personal limits.
Why the praise? It’s a perfect storm of strength and storytelling. Kim’s mid‑thigh rack pull shows what’s possible when you leverage mechanical advantage (shorter range = heavier load ), yet he never claims it as a competitive deadlift record . The sight of a 75‑kg creator hoisting over 600 kg in a humble garage, coupled with high‑energy editing and “stronger than god” slogans, has generated awe, memes and genuine motivation. The takeaway isn’t to worship numbers but to embrace Kim’s message: celebrate effort, push past self‑imposed ceilings, and have fun with the journey .