On June 14, the National Assembly of Vietnam approved the "Law on the Digital Technology Industry," which establishes regulatory oversight for the industry. This was reported by local media.
The law divides digital assets into two categories: virtual and cryptocurrency.
Virtual assets are a form of digital assets used for exchange or investment. They do not include securities, digital analogs of fiat currency, or other financial instruments defined under the law.
Cryptocurrency assets are digital assets that use encryption technology to verify transactions and ownership rights. Like virtual assets, they explicitly exclude securities, digital fiat currency, and other financial assets within the existing legal framework.
The provisions of the document will come into effect on January 1, 2026. They will contribute to "digital transformation, paving the way for sustainable growth of domestic technology enterprises, their deep integration into the global market, and the establishment of new positions for Vietnam on the world stage."
The government is now tasked with developing specific business conditions and oversight mechanisms for these market segments.
The document also includes cybersecurity measures and anti-money laundering provisions that comply with international standards.
In addition to cryptocurrencies, the new regulations indicate Vietnam's desire to become a hub for digital technologies.
The law aims to increase the share of domestic production in the fields of AI, semiconductors, and infrastructure through the adoption of strategic measures and targeted support policies. Enterprises with foreign investments are encouraged to transfer technology and cooperate with local companies. As part of the incentives, they will be offered a reduction in income tax for several years.
"Thanks to this step, Vietnam has become the first country in the world to adopt a separate law specifically dedicated to the digital technology industry," said the government of Vietnam.
Let us remind you that in October 2024, the government of Vietnam adopted the National Strategy for the Application and Development of Blockchain Technology for the next five years.
