Vietnam's cryptocurrency policy remains cautious, lacking a formal legal framework for digital assets, although trading and ownership are not explicitly prohibited. The State Bank of Vietnam (SBV) prohibits the use of cryptocurrencies as payment, warning against risks such as fraud and volatility. However, Vietnam has a thriving crypto community, ranking among the leading countries for adoption. The government is exploring blockchain technology for economic growth while maintaining strict control over speculative trading. Recent discussions suggest potential regulatory developments to balance innovation and risk, but for now, Vietnam remains in a gray area: neither fully embracing nor openly banning cryptocurrencies, leaving investors to navigate an uncertain landscape.