🌏 Macroeconomic & societal reasons
- 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.