Vietnam’s Ministry of Finance has proposed fines of up to VND 2 billion (~USD 78,600) for market manipulation activities in the crypto asset sector, including spreading false information, collusive trading, and using multiple accounts to create fake supply and demand. Additionally, individuals who fail to open accounts and transfer their crypto assets to licensed custody and trading platforms could face penalties ranging from VND 100–200 million (~USD 3,900–7,800).

However, several uncertainties remain in the draft regulation, such as how tokens that are only traded on decentralized exchanges (DEXs) will be governed, or whether airdropped tokens will be subject to taxation. This marks the first time Vietnam has officially defined crypto market manipulation and proposed a penalty framework modeled after securities regulations—an important step in establishing a legal foundation for managing digital assets.