The Vietnamese government is shifting from an early ban on cryptocurrency payments to actively developing comprehensive regulations. By 2025, the government has requested relevant departments to propose regulations on crypto assets and sandbox mechanisms by the end of the year, providing space for innovative applications. The recently passed Digital Technology Industry Law more clearly states that crypto assets can be considered legal property and offers policies such as tax incentives and entrepreneurship subsidies. This demonstrates Vietnam's determination to embrace blockchain and the digital economy, which will help attract innovative enterprises and retain local talent. However, it is also necessary to strengthen anti-money laundering, security regulation, and fraud prevention simultaneously to ensure the healthy development of the market. If it can effectively balance innovation and risk, Vietnam has the potential to become one of the core countries for cryptocurrency development in Southeast Asia.